This is serious news, markets will see a 2%++ drop come Monday morning!!!!! This trade war is about to create a crisis!! If China ups their tariffs once again in retaliation of what trump just did the markets are going to be in full market crisis mode! And to think how many times they told us there was going to be a deal! Fu©king liars!!!! Trump will raise tariff rates on Chinese goods in response to trade war retaliation PUBLISHED FRI, AUG 23 2019 5:01 PM EDTUPDATED 4 HOURS AGO Jacob Pramuk@JACOBPRAMUK KEY POINTS President Donald Trump says the U.S. will hike tariffs on most imports from China as his trade war with Beijing escalates. The U.S. will raise duties on $250 billion in Chinese goods to 30% from 25% and increase tariffs on another $300 billion in products to 15% from 10%. Earlier, China announced new tariffs on $75 billion in U.S. goods, and Trump ordered U.S. companies to find an “alternative” to operating in China. https://www.cnbc.com/2019/08/23/tru...ods-in-response-to-trade-war-retaliation.html
Awesome pic!! I have not been that high up, nor stared down between my feet into fog, in WAY too long....
The market reacted to the news on Friday after hours and it didn't go down on it anymore than it did during the day.
Let me see. China buys $100 billion in US goods, the US buys $500 billion in Chinese goods yearly. Now, I am really scared. That China will tariff $100 billion in US goods while, President Trump imposes tariffs on $500 billion in Chinese goods? Yeah, we are going to lose big to the Chinese NOT! Not even close. Nearing maximum pain now. How much longer will China tolerate the pain? Now, it is real!
I'm of the opinion that the market only priced in the morning orange man twitter shitfit. I'm not sure if you were aware but in the afternoon just before market close he announced additional tariffs (25% up to 30% in October). We didn't see a reaction from China (or if we did I didn't). It's possible China is waiting for Sunday to announce their response so the economy nose dives again. I think we will see market open 1-2% down again and hold there. My current strategy is to just play the VXX and earnings. Earnings are uncorrelated with twitter shitfits and the VXX is the only thing that makes sense anymore. We are approaching the second standard deviation of 20 day movement on the VXX so I went short hoping to see it drop significantly before october. I hope I don't get blown out, because I didn't expect him to raise tariffs AGAIN immediately after Powell acted weak.
No, he announced his new tariff increase at 5:01 PM ET, after all markets were closed. We're gapping down tomorrow night at 6PM ET.
I stand corrected, he announced it at exactly 5 PM ET. Weirdly, his Twitter account is set to Pacific Time. It is the damnedest most curious thing on the way these tweets are timed, at times. Heh.
Corrct, it was just after close of Futures trading. But SPY, DIA, QQQ werde still trading and went down to Session lows but did recover very quick and ended only slightly below closing Level. However i See that some cfd brokers with weekend trading (large spread) are pricing in a significant drop (Dow minus 300). Probably due to additional news from China and hong Kong.