Quotes of the Day: China -- at this point -- isn't biting...

Like I said in this morning's video, despite the fact that no China to U.S. phone calls took place as claimed over the weekend, the market is treating it as near-term bullish nonetheless, as it signals the President's willingness to deal.

Problem, at least at this point, is, China isn't biting:

"I have not heard of this situation regarding the two calls that the U.S. mentioned in the weekend." "Regretfully, the U.S. has further increased the tax rate on China's exports to the U.S. This extreme pressure is purely harmful to both sides and not constructive at all."   Chinese Foreign Ministry spokesman Geng Shuang

"China did not and will not surrender. Playing the old tricks of bullying and maximum pressure, the U.S. administration has escalated the trade tensions repeatedly and tried to coerce China into accepting its irrational demands."   Xinhua (China's state-run media)