Still Waiting on China News

Markets drifted again Wednesday ending flat in the SPY and DIA, while the QQQ gained half a percent.  This happened on below-average volume.  At the same time, the VXX gained fell 2.33% and T2122 remains in the mid-range at 66.83. So, while still very near all-time highs, markets are drifting this week as we wait on the next news on a potential phase-one China trade deal.

In the news, as expected, the Fed left rates unchanged and again said it would take a major shock before they raised rates.  However, there was no more news on the China Trade deal.  Even so, more talking heads and CEOs say they expect a phase one deal prior to prevent any new tariffs on China.  The FAA also said that 737 Max recertification will not be completed until sometime in 2020.  (The latter hit BA hard at the open, but it recovered all day.

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The major economic news Thursday includes Nov. Core PPI and Weekly Jobless Claims (both at 8:30 am).  The only earnings of note are ADBE, AVGO, COST, and ORCL, all after the close.  However, just as earlier in the week, all of this is likely to be overshadowed as we inch closer to the Dec. 15 “New Tariffs on China” deadline.

Overnight, Asian markets were all in the green, but wide-ranging (NIKKEI up 0.14%, but Hong Kong +1.31%).  In Europe, markets are mixed, but most are green.  As of 7:30 am, U.S. futures are just on the green side of flat.

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Impeachment (and related distractions) remain the main domestic story. In Europe, they are waiting on the outcome of today’s UK election. And the whole world continues waiting on the next twist in the China Trade War. So, markets may drift even more today. However, no matter what chart we get, that’s the market we have to trade.  Continue to take profits, move stops, plan your trades, and trade your plans. 


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