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Friday, April 26, 2024

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  1. phil

    Good morning and wheeee!  

    Back to good old 2,640 so this whole week didn't matter – which is generally how I like my vacations to go (though usually not up and down 100 S&P points:

    Senator Sasse sums up yesterday's action very well:

    “Hopefully the President is just blowing off steam again but, if he’s even half-serious, this is nuts.”

    Sen. Ben Sasse

    “China is guilty of many things, but the President has no actual plan to win right now,” Sen. Ben Sasse, R-Neb., said in a statement.

    “He’s threatening to light American agriculture on fire. Let’s absolutely take on Chinese bad behavior, but with a plan that punishes them instead of us. This is the dumbest possible way to do this,” he said.

    Sasse’s home state of Nebraska could be particularly hard-hit by retaliatory Chinese tariffs against U.S. agricultural exports.

    Earlier Thursday, Trump inflamed fears of a trade war with an announcement that he was seeking $100 billion in tariffs on top of the $50 billion already proposed for certain goods from China. Futures markets immediately slumped on fears that the move will make the already jittery stock market even more volatile.

     

    Reports @realDonaldTrump doubling down on China tariffs will tank markets for 2 reasons: 1) a trade war looks more likely and 2) it underscores that this is a president who thrives on confrontation and turbulence, traits sure to unnerve markets that prefer comity and stability

    Once again, the President engages in a policy that only helps Russia – yet no arrests will be made…

    We're still waiting for Non-Farm Payrolls (should be good, about 200,000) but now we have to see if the WH can walk back Trump's new statement but then that just makes him look out of control and unstable – not such a good thing.  Also, we have Consumer Credit at 3pm, that's likely to show some strain.

    Don't forget, we expected to drift around 2,640 into earnings – this is just a very rough way of doing it!  

    It's the same lines we were playing 6 weeks ago! 

    Probably longer – that's just one example I found…



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