Whippy trade From Risk on to risk off due to headlines from China. Initial headlines earlier this A.M. saw China take a firm stance in regards to trade “China says will take countermeasures on U.S. Moves” BBG . Then shortly after 6:00 A.M. China took a conciliatory tone saying,” I hope we can solve trade dispute thorough negotiations” and went on to say that “Trump and Xi in touch via meetings, phones and letters” Risk On Buy Spoos! 54 handle range in Spoos, 100+ range in NASDAQ and Almost 300 tick range in Dax whippy indeed.

  Bonds on the other are a touch off session highs but solidly still in the green. The big story I believe is that 30 year yields at all-time lows and printing below 2%! Crazy. Stock markets breathing a sigh of relief regarding trade talks but bonds still not giving all clear, a heavy dose of U.S. economic data this morning may change as Retails sales and Unit labor costs are the 7:30 highlights

Crazy move in JPY this morning one  experts explanation  “One news service reporting that the big 80 pip spike in the JPY overnight may have been caused by trader error, with 4079 contracts traded followed by 3333 cars in the next few minutes. Simultaneous drops in the Bunds and US Treasuries. No real catalyst to explain the moves.

 WalMart fantastic earnings these earnings and they boosted forecast a very pleasant surprise. Dollar a bit softer as is yen Gold down a bit and Oil -1%, Copper steady.