Last night around 8 pm EST, Chinese President Xi spoke in response to the ongoing trade war between China and the US. His response was a promise to slash auto tariffs and further open the country’s markets to imports.
Investors and traders took this news and there were no bears in sight. The Dow had continuously struggled to close above 24,000, and today we did, the Dow settled at 24,408.
Trade wars subsided (for now), Facebook handled itself in front of Congress, the fog seems to have temporarily settled, just in time for the Fed minutes which are scheduled for tomorrow April 11th 2 pm EST. What’s the worst that can happen right!? Our trend seems to be headed back to the upside, however, this is only confirmed by a close above Dow 24,800. It appears the market is wanting to get there considering it had every opportunity to take us below the 200-day moving average and stay above it. The market typically moves big in one direction when everyone is getting into the opposite, all it needs is a catalyst. Will the Fed minutes be it? Time will tell, until then stay hedged and be ready. Once this current nonsense shaking the market has passed, we could be headed for new all-time highs!