Headline of the Day

Stocks just caught a nice flurry of buying on the following headline, taking the S&P 500 to within a virtual tick of its all time high:

"U.S. And China Are Close To Finalizing Some Sections Of Trade Deal"

This is consistent with our short-term thesis (marginal new high [on anything trade, Brexit or Fed] amid suspect technical and, in our view, bearish fundamental backdrops).

Also worth noting this morning is a rally in gold; i.e., for the moment, continuing to question the fundamentals underlying the equity market...