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The Trump givith and market takeith....

Sooo

On Sunday the American president announced a major breakthrough in is trade confrontation with Xi the president of China.   Since then complete radio silence from both sides, the market today (Tuesday)now seems to believe that there was no agreement to a 90 day moratorium on trade barriers and that American farmers will not actually get the relief Trump told them,  is tweet, that they would get.

Today the makets reaction was brutal; the S&P  is down nearly 3%.  Now there are other issues at hand that take precedent too

-  GM took $3 billion in restructuring provision and that seems to be leading to at least 15,000 job cut...Ford took a $10 billion cut but has not announced any plant closing...yet
-  Lots of US corporate debt was dongraded yesterday...
-  yield curve for the 2&5 is inverted, usually a sign that recession is imminent
-  Trump “announced” that he will cancel the NAFTA to force congress to pass the USMC agreement (all this befor the Christmas break...)

And then there's Trump trade solution which was a temporary truce that seems to have been entirely in his mind, the Chinese have said nothing!  It’s entirely possible that he's loosing his mind, moreover this morning he tweeted “l'm all for tariffs”

So there you go

As for Bitcoin it continues its plunge into the darkness of speculation and irrelevance, not so much a told you so, but still!


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