Quote of the Day: Where might we be ex the trade issues?

Today's narrative:

The S&P 500 Index erased gains that reached 0.9 percent after comments from Larry Kudlow re-established the White House’s hard line on trade even after President Donald Trump softened his stance. Tech bore the brunt of selling as the White House threatens to limit Chinese investment. 

Jeff Kleintop's analysis jibes with ours:     emphasis mine...

“It’s clearly been acting as a negative on the stock market,” Jeffrey Kleintop, chief global investment strategist at Charles Schwab, said in an interview at Bloomberg’s New York headquarters. “On days or times during the day like earlier today where trade issues appear to be receding, stocks tend to head higher, and I think ex the trade issues that’s where we’d be going.”

Bottom line: At this juncture, the real threat of protectionism holds sway for traders over otherwise bullish general conditions...