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Trump’s China Move

The opinions expressed by columnists are their own and do not necessarily represent the views of Townhall.com.
AP Photo/Evan Vucci

Moments ago, President Trump posted a tweet with a single word and exclamation point (see above). 

Chinese aggression has increased dramatically as the world has galvanized to demand answers on the origins and misinformation of the coronavirus outbreak.  Even the United States Congress has united to condemn China with 413-1 vote to sanction the nation over its treatment of its Muslim minority community. Still, China has made its big move on Hong Kong, and now the United States must push back. The only question is to what degree.  Investors are cool with action, but nothing that will derail Phase one of the trade negotiations.


Meanwhile, the news the White House decision would have to wait until today derailed yesterday’s rally attempt.

There were other yellow flags, including the action in airline stocks and Boeing. Boeing (BA) shares were surging on news 737 Max production would resume in Washington state, but those gains slipped into the final moments of trading as airline stocks made even more dramatic reversals.

Why that is more problematic is the CEO of American Airlines (AAL) said bankruptcy was off the table for the carrier, and yet, the stock could not maintain gains.  It didn’t help that America announced it would have to layoff 30% of workers in management and support, as it operates as a much smaller business. 

Delta (DAL) made similar comments.

Technical View

CP Note: My key resistance/breakout point for the S&P 500 (aka the market) is 3,130 and it has not broken through it.  That is a yellow flag.  It must happen soon, or we could see a pullback.  I think the breakout has to happen next week.

Earnings Parade Winding Down with Bang


Monster earnings winners

  • JWN
  • WSM
  • VMW
  • ZS
  • MRVL

Earnings decliners

  • COST
  • CRM
  • OKTA
  • ULTA (the only real disaster on earnings front)

Portfolio Approach

We have adjusted weights in the model portfolio.

Today’s Session

Investors have flocked back to those Covid-19 winners including:

  • Zoom (ZM)
  • DocuSign (DOCU)
  • Nvidia (NVDA)
  • Wayfair (W)
  • Beyond Meat (BYND)

The overall market is holding up well and this has been a strong week for stocks.

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