Upward activity towards new highs has been the persistent daily-basis pattern projection (interspersed by fairly minor pullbacks) recently; provided we could get-through the periodic tensions provided by North Korea’s threat ratcheting, and not so much because of overall big-cap market leadership at least temporarily, following the weekend and ahead of the FOMC decision.
President Trump offered to ‘meet with’ Kim Jung Un, at the highest of levels, if the ‘circumstances were right’, and that he’d be honored to do so. I am not at all surprised, given that Trump was probably advised against that, but it’s his style to ‘negotiate not fight’, and at least he can say he walked all the way that he could, should push come to shove.
The media (regardless of obvious political slants they shouldn’t express in a journalistic role) tended to omit parts of the President’s interview and sort of twisted the context of these comments and that matters. It’s especially very worthwhile noting that the ‘context’ was meant to convey joint ‘Chinese / US’ agitation at the North Korean behavior, and not simply Mr. Trump’s view. It’s really the difference between making it look like Trump will be unhappy as contrasted to the implications of basically everyone being unhappy (hence fortified with resolve to sanction or more) if the North does a nuclear test.
Perhaps the use of the word ‘honored’ response, is because ‘official’ DPRK propaganda organs so far ignored the President’s remarks on CBS Face The Nation this Sunday, in which he indeed said he would ‘not be happy’ if the North did another nuclear test, and he also said the China’s Premier would also ‘not be happy’. Again that’s the part all networks left out in their summaries Monday evening, except for the BBC, a more professional take.
Since nothing at all changed in the markets (what did I’ll touch on in video or below); so we need to focus on what could derail the markets; and that’s not the healthcare Bill vote (or not) this week; and it’s likely not even the Fed. It is Asia; and there really was a strong implicit message, that didn’t resonate in Pyongyang. That probably is why he now flat-out offers to feed the ego of the maniacal dictator, with an offer to actually meet. You know what? Trump is doing it right; he isn’t articulate, knows he’s over his head in some ways and at the same time he’s being rational about approaching this, while most in our own media are being disrespectful ‘as if’ this were still a campaign. This has nothing to do with liking or disliking Trump; this is truly National Security and the media should be on the same page, conveying the correct context; not doing their usual schtick of trying to twist everything into US politics.
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