Friday, March 1, 2019

This Morning's Log Entry

2/29/19 (7:18am)

A 200+ point Dow move on positive trade news and decent overnight data has faded on a weaker than expected ISM Manufacturing survey and a consumer sentiment reading dropping 2 points for February.

Sentiment, in my view, has to contract as animal spirits have to be constrained by justifiable concerns over the state of the global economy (read the state of global trade, which is now reflecting in the data virtually across the board).

While the market’s negative-to-the-data response this morning makes sense, traders are for the moment missing the fact that such news inspires the powers that be (bigtime!!) to come to a trade deal sooner than later

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