Well, they said today’s OpEx would contain a lot of nonsense (that wasn’t the exact word; it actually rhymed with “truckery”), and they were not kidding. As of this moment, everything’s green, with equity markets up anywhere between 1% and 2%. The reason? Soybean purchases, of course!
More precisely, the China Trade Deal – – which was cited 3,398 times last year as a reason to buy stocks – – actually turned out to be totally meaningless. Indeed, only a tiny sliver of the promised purchases transpired. But now, the Chinese are promising – – honest, for realz this time – – to actually honor the meaningless agriculture agreement and buy stuff from U.S. farmers. Which explains why you should pay even higher prices to buy stock from Netflix and Amazon.
In any case, irrespective of the reason made, it worked, and the mean, green, bear-eating machine continues. Here’s what the ES looks like since late last year:
(more…)