iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
19,125 Blog Posts

MERRY XMAS AMERICA — THE TRADE WAR HAS BEEN WON AGAIN

There are many reasons as to why we’re going to rally today and some of you are so jaded, and cynical, you will not believe it’s possible. But rest assured, we’re going to rally from here, and more.

The news is as expected, more Chinese trade war victories.

The rundown.

China’s commerce ministry said in a statement Liu had spoken to Mnuchin and Lighthizer on Tuesday morning, Beijing time, on a pre-arranged telephone call.

“Both sides exchanged views on putting into effect the consensus reached by the two countries’ leaders at their meeting, and pushing forward the timetable and roadmap for the next stage of economic and trade consultations work,” the ministry said.

In comments reported separately by China’s Foreign Ministry, the government’s top diplomat, State Councillor Wang Yi, said if China and the United States cooperated, it would benefit the whole world.

“If China and the United States are antagonistic, then there are no winners, and it will hurt the whole world,” Wang told a forum.

The United States should look at China’s development in a more positive light, and constantly look to “expand the space and prospects for mutual benefit”, he said.

Source: BBG

Bloomberg News said the proposal would cut the tariffs to 15 percent from 40 percent, citing people familiar with the matter. China raised tariffs on U.S. autos to 40 percent in July in retaliation to U.S. tariffs.

Why we permitted this fuckery to continue in China for so long is another question. But the bottom line is this — the fucker of a market reversed hard off the lows yesterday and closed up. The candleFAGS point to a hammer reversal day and I do agree — it’s a very bullish technical pattern. We’re very likely to get a major hollow candle today, followed by 2-3 additional up days inside of this range — up to $280 on the SPY.

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6 comments

  1. ferd

    Bah. Decent chance that this is it for now and there’ll be no hollow candle.

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  2. numbersgame

    I can see it both ways. Although a rally *seems* overdue, hitting the top of the box for the 4th time in a row seems optimistic.

    Also, speaking of hammers, look at how AAPL, NFLX, and AMZN moved right after the open. I added a long position in APPL to hedge my shorts, just in case.

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    • irma vep

      Dear Mr. Fly,

      You are offering Capstone to see your students and cadets through this.

      I presume the circumstances which feed a major market correction are never identical. For me, first it was the dot.com & 9/11 correction, then the Sub-Prime Lending correction. I feel we are due for a 25% correction at least but will it manifest itself as the 2000-2002 correction or will it be contracted into a shorter span of the eventual 2008 correction. It should happen in 2019. I think they’ll have used enough fuel to fan the smoke, burn the candle, tilt the mirrors not to mention have the political timing, and privy information that mere mortals lack.

      I just realized I’m talking with a trader mentality, not a saver mentality. What should we name it: The World Trade correction,(no. that harkens back to a truly sad surreal doomsday)The Tariff War correction…The China Connection correction….

      Very interesting and concise: http://www.berkshirehathaway.com/2017ar/2017ar.pdf

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  3. irma vep

    They’re just writing love letters to each other at this stage. How long is, this first act, of the infinite dialogue.

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  4. roundwego

    Add to faz

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  5. roundwego

    No Xmas in Europe, migrants don’t like xmas, it rubs it theit face how poor and fucked they are. And then it ruin’s it for everyone.

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