Futures Tumble After Trump Says "Better To Wait Until After The Election" For China Trade Deal

Welcome to the funhouse.

On Tuesday morning, President Trump tells reporters in London that his administration is progressing "very well with China right now" in formulating a trade deal. Futures jump on the news then fade it hard. Then moments later, he punks all the algos and crushes the upward momentum when he spills the beans that there is actually no trade deal in sight. 

  • TRUMP SAYS WE ARE DOING VERY WELL WITH CHINA RIGHT NOW
  • TRUMP SAYS CHINA TRADE DEAL IS DEPENDENT ON WHETHER I WANT TO MAKE IT
  • TRUMP SAYS I HAVE NO DEADLINE ON TRADE

Equity futures in Europe and the US slide after Trump says, "better to wait until after the election for the China trade deal. 

  • TRUMP SAYS PROBABLY BETTER TO WAIT UNTIL AFTER THE ELECTION FOR THE CHINA DEAL
  • TRUMP SAYS WE WILL SEE WHETHER THE CHINA DEAL IS GOING TO BE RIGHT
  • TRUMP SAYS I HAVE NO DEADLINE ON CHINA DEAL AND IT MIGHT BE BETTER TO WAIT UNTIL AFTER NOVEMBER 2020 ELECTION

Futures tumbled on the news...

... with the entire US equity complex sliding on the news that a trade deal could occur after the 2020 election. 

USD/CNH soars .30% on Trump's comments to the highest level since Oct.

We finally figured out Trump's E Mini S&P500 target: 3100 

A record short VIX reflects a vicious unwind could be nearing.