One last item.
In the last 30 minutes of the day, a leak of EU trade concessions and a US/EU trade deal popped out. Supposedly a trade war with Europe has been averted. The S&P popped 15 handles on the news and bond prices dropped materially across maturities and the Dollar weakened against the Euro. Risk-on was the big macro response at the end of the session. See you
tomorrow
,-Mike
P.S. Facebook beat on earnings but missed on revenues. FB is down 10% in the after hours trading. Nasdaq and S&P futures are down in sympathy. As usual, I would not pass judgement immediately. We need to see what the reaction istomorrow
morning.
