Chart of the Day

The market’s in rally mode this morning on news that China, despite the hits it’s taken this week from the U.S. (blacklisted companies, restricted visas and threat of capital controls), is coming tomorrow with a “limited” offer on trade.

Specifically, Chinese negotiators are coming with $10 billion worth of ag purchases in hand while asking for a ceasing of all pending tariff increases in exchange.

Like I said in this morning’s video, $10 billion isn’t much. This chart shows it:

Amazing how just the slightest hint of anything, even remotely, optimistic around the U.S./China trade mess can kick the algorithms into buy mode.

Chart source: Bespoke Investment Group


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