There is way too much going on out there for a blogger to try to summarize without sounding like a goddamn sports announcing play-by-play caller. Oil this, Huawei that, Trump the other thing… but here is one other thing that does matter. The consumer is still driving services while industry eases. Thing 1 (consumer-driven services) is among the most laggard economic indicators out there.
Meanwhile, Trump has been all over Twitter (even on Mr. Bush’s memorial day).
Dear Mr. President… this lame pap is not cutting it.
Maybe you can beat up Mr. Powell some more. Maybe some Fed officials that see things your way can swallow some microphones and whisper sweet nothings and pleasure the market.
Or just maybe the market is doing what it is supposed to do, which at this moment is GRIND.
I have no clue about whether the Trump/China trade war is a net positive or negative for the US, economically. I think there are some very good aspects to it for the US in the long run. But in the short run I know that the Semiconductor industry for one, has been vigorously lobbying for moderation and/or alteration of the current tack by the bull in a China shop.
Personally, I’ll let the market’s support parameters decide whether we are to remain in the Grind (a new and highly technical condition I’ve recently invented for inclusion in the TA handbook) or go bearish for the big play. As yet, it’s unresolved and so I am mostly sitting on my hands letting it play out.
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