When was that exactly? Globex session was up a good amount. Selling on RTH open down to LOD. Then a weak push higher back up short of globex HOD. Ending with a so-so close. All pretty boring compared to most days lately.
That whole steel import shit is highly overrated anyway. The USA imports $30bln yearly in steel. That's a speck on the total GDP of about 19 trillion... The financial sector contributed how much... 1.5 trillion? How much of that was 'exported' in services? that entire sector exists in that size due to the USD being the reserve currency. The negative of being a reserve currency is running trade deficits on goods... So who is Trump kidding.
It bounced off the 50 day. Exactly as it did yesterday. No insider information needed. It had to bounce one way or the other.
No, there is new information. Cohn tried to convince Trump not to do the tariffs. Trump did not want to lose Cohn (even if he did not like the guy -- I don't know that -- Trump knows that the market puts faith in Cohn). Trump knows that the market would take a hit if he lost Cohn. He had the opportunity to keep him simply by backing off the tariffs. That didn't work. So that means Trump must be pretty serious about the tariffs. Maybe he's not just using it for negotiation leverage as the market seemed to conclude based on yesterday's action, but something longer term. Btw, Europe has tariffs... https://www.zerohedge.com/news/2018-03-06/europe-renews-tariffs-chinese-steel-pipes-high-72 How come that story is not a 24/7 story on CNN? How are we doing anything more "anti-trade" than what Europe has been doing for years?
That tariff was stupid, achieves absolutely nothing. America is not even a big importer of steel and at the same time it's a big exporter of value-added goods which is worth Billions of dollars more than steel. Happy now that everybody is putting tariff on Made in USA products? The industry that uses steel the most is prob. auto industry but for auto industry, the biggest cost component is the labour cost, unions.