Headline of the Day

If you're wondering what happened to this morning's strong rally in the Dow (up triple-digits to down single-digits), here's your answer:

"US Trade Rep Lighthizer Saw Little Progress In Last Week's China Trade Talks"

Ironically, I mentioned to a client just yesterday that Lighthizer is a real risk at this critical juncture. Not that the gentleman doesn't mean what he's saying, it's just that per the comment I made on January 2nd (repeated below), by his own admission he is woefully ill-equipped for the task he's been assigned to: 

In a hearing on Capitol Hill where he was asked to articulate the White House's intentions on trade, he found himself needing to confess the following:

       "I'm not an economist, I'm an attorney." 

 Need I say more?