A Red Sweep has much clearer implications for markets than any other outcome.
The China theme is dead for now despite carrots aplenty still dangled. Options markets are not at all going berserk over US election risk.
US economy is fine. US stocks, all-time highs. China and election are wildcards.
Traders will be glued to Bloomberg tonight as the latest Chinese news drops.
The Spectra Markets Trader Handbook and Almanac is back and better than ever.
Almost feels like we’re already bored of the China Reopening: Part X theme.
The US still seems to be in soft landing mode, and China’s stock market is not the economy.
JOLTS and NFP show the economy is resilient. Manufacturing ISM is < than useless.
Jobs analysis and why it will be the Chinese economy, not the Chinese stock market that drives copper, AUD, and other proxies.
The Chinese Whatever It Takes experiment has begun. Results will take a while.
Catch up with Brent Donnelly and Macro Alf every week on The Macro Trading Floor. Listen as they discuss themes that are moving markets, highlight important trade ideas, and get to the bottom of what’s going on in macro.
John Mauldin, Chairman
Mauldin Economics
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