Morning Update

“It is only when we truly know and understand that we don’t know … and had no way of knowing, that we know we have to find out what we don’t know.” – Marshall J. Jones

All about headline risk with US/CHina and Powell on deck 3 out of 5 days. The key questions remains if this China Trade Deal is just going to be one big Buy the Rumor and Sell the News event.
The big questions traders have to ask themselves are: what has changed since the December sell-off (data and guidance actually deteriorating) and what are the chances that any deal is a real and substantial game-changer (not very high).
As always, we remain open to any kind of move, remembering that markets can remain irrational longer than anyone can stay solvent but we continue to believe that markets remain extremely complacent as the o/n ramps continue…
ICYMI please read up on the upcoming addition to the 50 on Markets Video Service.
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Wishing you a great day ahead.

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