After tumbling last night as headlines hit that the SEC rejected another nine Bitcoin ETF applications, cryptocurrencies have stabilized (for now). Additionally, a broad crackdown on crypto in China has not triggered wholesale selling.
One day after the the S&P500 bull market set a new duration record, at exactly 0.01 Washington Time on Thursday, the U.S. imposed tariffs of 25% on $16 billion worth of imports from China, sending the US dollar sharply higher across the board.
"...when news was floated on Thursday and Friday that China is discussing 'coming to the table' to resolve the trade dispute, that was just the headline needed to spark a robot-driven 'buying' spree... It reminded of the movie 'Up', and how easily distracted markets have become."
In a move that is certain to prompt immediate response by Trump, China released the proposed retaliation list to US tariffs, announcing it will impose differentiated tariffs on $60 billion in US goods.