“There is no put.” Scott Bessent March 26, 2025
In the news
China took umbrage to Howard Lutnik’s statements about the US China specific H20 AI chips for export on CNBC last month, “We don’t sell our them our best stuff, we don’t sell them our second best stuff, not even our thrid best stuff.” According to the FT this morning various Chinese reg agencies have restricted the importation of them.
Existing home sales due lower at 10:00
In the markets
Stocks recovered after an early spill in predictable trading on Wednesday. High prints on the opening on high volume, which was absorbed 45 minutes later, 70 S&P handles lower.
Here is the Wednesday S&P chart in 15 minute data at 3:15 PM EDT. Let’s see what happened in the next chart.
It did have its obligatory pop, but it got smacked in the post-close, and with the machines turned off for the night, no further trading occurred.
Then around 7:30 AM, NY resumes selling. It is likely the same buyers will defend the market again today but the mood is more doubt than froth.
Up next this morning, a look at gold developing under the POC instead of above it, “let it bleed” in Ukraine and oil, Bitcoin developing at the lows of its range, and culture forecasting events not following them in vibe.
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