So What Gives?

If you're wondering why, amid exceptional earnings reports and on balance strong economic data, the market remains in a technical downtrend from the January 26 high:

click to enlarge...


Bloomberg's Arie Shaira -- sympathizing with our chief present concern -- offered a clue this morning:

....we’re all still waiting to see which China trade scenario plays out. If the trip planned by Mnuchin and Lighthizer turns out all for naught and the whole thing goes south (more tariffs imposed, more sanctions re ZTE/Huawei, higher odds of China retaliation, etc.), then it’s almost certain that Apple and the semis will roll over and potentially take the rest of the space with them.

We'd add, per Tuesday's post, that the weaning of the market off of low interest rates no doubt adds to the present angst...