Beautiful Letters Aren’t Enough

Add Xi Jinping to the list of luminaries who sent Trump a “beautiful letter” — most of whom were later mocked, scorned or fleeced.  The long and distinguished list includes Barack Obama, Kim Jong Un, Jimmy Carter, Shinzo Abe, James Clapper, Bill Belichick, Princess Di, Hatice Cengiz, et cetera, et cetera…  No word yet on whether Trump and Xi have fallen in love.

Trump hasn’t yet resorted to name-calling, but isn’t it just a matter of time?  It couldn’t be any less effective than the hastily-concocted nonsense which lays out how the increased prices all Americans will pay under increased tariffs will benefit all of humanity — an attempt to spin Trump’s latest failure as a win.

Tariff Man’s latest best words:

Futures are currently off 12 points, paring a 24-pt deficit after VIX sent a shot across the bow at 5:30.
Meanwhile, something happened today that hasn’t happened since December 13: the 10-day moving average crossed below the 20-day moving average.  It didn’t work out terribly well back then.The case for the breakdown of the rising white channel and drop to our 200-DMA target from last week keeps getting stronger.
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