Does Calling Something a Deal Make It So?

A Chinese-US trade deal of some sort seems done. Short on details and not much talk from China. Trump says 55% tariffs for China. Goods will flow both ways. I'd feel better if both sides released official statements.

Is that a good deal that both sides can get behind? What is the deal? Lutnick said there's no text to release and Bessent said China trade negotiations will take a long time.

CPI was great, showing lower inflation than feared. Can inflation rise? Sure, but there's no great sign of it, yet.

I closed some of my hedges on Friday, leaving me just barely net short. I still think down is more likely than up, but not willing to stay wrong. If junk stocks rally more, I'm likely to lose the net short positioning.

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Twitter: @ColinSWP

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