What else can I say? Wilbur is being honest and we don’t like that. We want to hear nice things and ideas that are aspirational. Futures dipped on these comments.
Commerce Secretary Wilbur Ross said Thursday the U.S. is “miles and miles” from a trade deal with China.
“Frankly, that shouldn’t be too surprising,” Ross said in a “Squawk Box” interview. The U.S. and China have “lots and lots of issues,” Ross continued, and the Trump administration will need to create “structural reforms” and “penalties” in order to resume trade relations with Beijing.
“We would like to make a deal but it has to be a deal that will work for both parties,” he said. “We’re miles and miles from getting a resolution.”
Watch oil, bonds, HYG.
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iow, he said it so his friends could buy China before the imminent deal is announced forthwith & henceforth
Did he learn that from GS?
Interesting that the market hasn’t cratered even with the bad China trade headlines the last 2 days.
The market is impervious to bad news.
Contrary to popular belief, Trump is actually a terrible deal-maker/negotiator. Hell, Nancy and Chuck have already kicked his ass on the shut-down. He will cave on that too. Watch.
Because there’s too much pressure on Trump–everyone knows he will back off in the end. He will agree to lift sanctions in return for Chinese commitments to reduce the trade deficit, and otherwise kick the can down the road about IP theft and the hard stuff. China will win.
Correct–only talk of rainbows and unicorns allowed!
Sold UPRO -14 cents. I have no clues about what I do next.
Have we ever come to a conclusion about Mnuchin’s Christmas Weekend present> Was he intentaioanlyl trying to cause a bottomming panic or just another clueless Cabinet member?
Either way, I don’t think Ross’s flub was intentional. As the Commerce Secreatary, he doesn’t want the blame, so he is prepping the markets for bad news to come.
Also, the market moves today are irrelevant to everyone except for daytraders. Witness the calendar:
Today: INTC
Tuesdya afternoon: AAPL (Tueday morning: Verizon (V))
Wednesday afternoon: FB+MSFT:
Thursday afternoon: AMZN
For non-techies:
Wednesday afternoon: Visa (V) -> consumer spending
Thursday morning: GE -> credit market
Friday morning: XOM + CVX -> oil
Strap in, motherf*ckers
I’m pretty sure Mnuchin motivated the financial industry (de facto PPT) to prop up the markets. He is also clueless, but it doesn’t take brains to ask the Oligarchs for help. The big question is what he had to give in exchange for that help.
That implies that there realy *was* a liquidity concern, which woudl contradict the reports form the days after.
Not necessarily. The markets are being pushed higher by a thin cross section, who have more cash than the markets can handle. If they lose confidence, down we go.
There is something worth watching, the C&H pattern on the S&P, and, aside from being of limited duration, looks very good.
But how high could it go? 10% seems like quite a stretch. And it’s likely been noticed by every trader on the planet.
95% cash and glad to sit there.
IQ looks good here.
There seems to be some TDS here regarding anyone associated with the administration. Anyway, I doubt that Ross is the hapless “flubber” y’all assume he is.
Just noticed …Juice excepted from above comment …as his cynicism is directed properly.
I assume Ross is an unprincipled thief, not a moron.
ORI has another dollar lower today.
SOXSed in the balls!