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
19,840 Blog Posts

The Fuck You Mean ‘Hold the Champagne’?

Update on Champagne pouring:

THE PRESIDENT TOLD ME ON FRIDAY THAT ‘PHASE 1’ OF THE DEAL WAS COMPLETE. I was supposed to get another big breasted rally to motorboat in. Instead, Nasdaq futures are down 30 on news that Chinese state media is tossing a wet towel on what was agreed during the meetings. The fuck you mean?

Chinese state media appeared cautious about celebrating the partial U.S.-China trade deal, and warned Washington to “avoid backpedaling.”

The U.S. has suspended a tariff increase to 30% from 25% on at least $250 billion in Chinese goods that were set to take effect on Tuesday. A tariff hike implemented in September was not rolled back and plans for another hike just before the the Christmas holiday on Dec. 15 remain in place.

“While the negotiations do appear to have produced a fundamental understanding on the key issues and the broader benefits of friendly relations, the Champagne should probably be kept on ice, at least until the two presidents put pen to paper,” wrote China Daily, the official Chinese state-owned English newspaper.

So do you mean to tell me Trump was fibbing? I refuse to believe it.

While it’s true, it’s early going and shit can change fast. It’s also true I am long and strong and totally exposed to the market winds — which are blowing east Mr. Dickens. This is not complicated. All things rest on this singular news item. Should we come to find out there is no trade deal to be had — we’ll sink lower until Trump figures out a way to tweet something bullish.

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4 comments

  1. roguewave

    Lying is ok, if it’s in “the national interest”

    Extortion, open threats, yawn, is quite acceptable by our fine Senator’s. At least they are elected officials.

    “If you take this on, you can expect a high level of scrutiny from regulators not only on Libra-related payment activities, but on all payment activities.”

    https://www.schatz.senate.gov/imo/media/doc/Signed%20Letters%20re%20Libra%20to%20Patrick%20Collison,%20Ajaypal%20Banga,%20and%20Alfred%20Kelly.pdf

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  2. numbersgame

    If the market is so close to ATHs, shouldn’t we have mre stocks hitting 52-week highs and fewer stocks hitting 52-week lows? This rally is shallow.

    Also, why is everything (including comments and the sidebar) in italics?

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    • alty

      52 wk new high – new low readings are better than they were in August. If they were worse / accelerating lower I could see the significance. NYSE still posting positive differentials daily.

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      • numbersgame

        In August, when the market was much lower…

        However, since the last ATH was recent, perhaps that is the reason for the discrepency. Perhaps a more useful indicator is how many stocks are within 5% of their 52-wk high.

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