Kudlow on China

In an Interview on Fox News he had some Bearish china Comments

  • “We will See if China implements deal
  • China making a big mistake in Hong Kong
  • Trump is so Miffed at China that Trade deal not as Important to him
  • China must comply with auditing standards

Not all bad news some cheer leading for Economy as well:

  • U.S. now pivoting towards reopening
  • He sees a lot of Greenshoots of Economic Growth

SPX trading above 3000 and the 200D MA, even with negative china Comments and the NDX trading weaker vs her peers was not enough to push SPX much below 3000. CBOE Put/Call ratio Closed Friday at .57 down from the peak of 1.28 in mid March. Intra-day moves saw the ratio dip to .55 a whisker away from multi month lows,currently trading .69. Lower the number= Bullish sentiment prevailing. Today’s Economic Calendar was filled with better then expected data,so another Plus for the Bulls .S&P Hotel index +7%,Airlines +12% Casinos +7%,virus proxy’s all doing well today

Long end of Yield Curve shows yields higher then shorter end 10s +4 Bps,20s +7.5 bps and 30’s s +6.8Bps 2s and 5 year yields + 1 bps Bunds having an ugly day down 90 ticks and trading in a wide range of 115 ticks. 2 year auction went okay Bid to cover lower then last month but still respectable as it is above the last 5 auction averages.

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