Yesterday evening, I was pissed and irked to see the ES rip higher based on the announcement that the Vice Premier of China would be heading to Washington. Turns out I got all worked up over nothing. The area I’ve tinted shows the spike, which the market has wisely concluded is beyond all measure of unimportant. I’m seriously not sure what these algos are thinking.
The driver this morning was Trump’s speech, which I watched with great interest. I have seen professional comics that were less funny than this speech. On the one hand, it was a droning bore which redefined the level of “monotone” for all time. On the other, it was full of incendiary weapons, not the least of which was urinating directly into the faces of the Chinese trade delegation. Everyone thinks there’s going to be some awesome deal with China. They are deluded.
On a wholly unrelated note, cryptos look ready to crash again. The shelf of support which has held up bitcoin for months is getting badly damaged.