The SPY gaps to new highs today but something feels off with VIX futures green on the day. I think there is some definite fear before the Trump meeting with Xi because that has the potential to go very poorly and send our market into a tailspin. Once that passes if everything is ok I expect the VIX would collapse and we’d cruise into year end as we heard today there would be no inflation data next month. We’re in a great spot now, if earnings from the megacaps come in strong next week and at worst Trump can agree to another extension with China if he doesn’t get the deal he wants, we will be fine. What worries is that potential where Trump doesn’t get a deal then goes on a long rant online which causes a big selloff, we’ve seen it happen a few times, so I try to keep an open mind about a worst case scenario here. For that reason alone I think you should be taking some things off into next thursday.
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