Here we go again.
It's day 2 of 90-day trade negotiations but that doesn't stop the market from ignoring TERRIBLE Industrial Production numbers out of Germany which paints a very ugly picture for the Euro Zone and Samsung just beat Apple by a mile, saying their Q4 operating profits will decline 29% but those look great compared to LG, who are warning their profits can slip 80% for the quarter. Q4 is, by the way, the biggest quarter of the year for these companies.
Of course, these are not American companies and American traders are famous for their "not in my backyard" attitude about profit warnings (or human rights violations or disease or poverty or starvation…) so the Dow (/YM) Futures are up 200 points, regardless, and then we'll all be "shocked and surprised" when a US tech company warns that things are slowing. At least the good news for Apple (AAPL) is that they aren't losing any market share – it's just a crap market at the moment!
Trump has a TV event scheduled for 9pm this evening about "Border Security" and then Thursday he will also spreak live from the border and it's widely expected that he will bend (or break) the Constitution and declare a National Emergency in order to move funds and resources to build his wall, over the objections of Republican and Democratic Congresspeople. Invoking "National Security" measures is what all dictators do when they wish to consolidate their power. Before Hitler was Chancellor in 1933, Article 48 of the Weimar Constitution was invoked more than 100 times and when the Generals seized power in Argentina in 1976, they invoked Article 23 of Argentina's Constitution and then used it like a club whenever they needed to trample some human rights.
After a coup in 1973, the new Government in Chile declared a State of Emergency that lasted for 15 years and Myanmar declared one as recently as 2012, imposing emergency powers to segregate the Muslims leading to many "disappearances". Make no mistake, there is no "National Emergency" here, Trump is declaring an emergency to punish another branch of the Government for…