“Faith consists in believing when it is beyond the power of reason to believe.” – Voltaire
As discussed, it’s hard to understand why anyone would want to be aggressively long risk in this kind of environment. Escalating trade tensions, event risk in the Middle East, difficult situation with Russia, more turmoil from Washington, weaker back-end September seasonals, buyback blackout period… just to name a few things. Markets remain extremely complacent.
All about the Chinese response to the latest round of tariffs and overall follow-through today. Let’s see what we get.
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Wishing you a great day ahead.