I come in this morning I would expect to See SME features down one what a half Percent you're seeing a lot of trade Issues how do you view it well I think There's a couple of things first is Nobody really expected the deal to be Much of a deal to begin with and so Having it pushed off is just perhaps Getting rid of some uncertainty so That's a good thing and then the second Thing is is that when we look into 2020 Is there going to be as much of an Escalation of trade tensions as we saw In 2019 certainly not so in fact not Having a deal be done through two out Three out of 2020 Some uncertainty off the table and That's a good thing so you actually look At what we've learned about that last Like 12 hours not bad like trades not Great but we knew that six-month right No it's just not any worse and it's Maybe we have stabilization well I think It's that we you know it's not gonna be Was worse next year as it was this year Okay so the headwinds are not as bad Next year as this year and and we'll Stop seeing tweets about China and that Would be a good thing I mean how do you See it I'm not sure I totally agree with That I mean you have seen futures under Pressure certainly this morning and Volatility picking up a little bit look Everything has been so quiet lately we
Haven't heard a lot of headlines around Trade right and investors are Potentially recognizing how badly they Can get whipsawed by making asset Allocation and investment decisions Based on these tweets right so there is Some idea here that we're waiting for More news and maybe investors aren't Quite as reactionary but there's also Been a lot of positive sentiment around Trade priced into the markets like the S&P 500 is up now over 27 percent Year-to-date right and a lot of that has Been based on not only the Federal Reserve providing a lot of liquidity in The market but also this positive Sentiment on trade so a lots been priced In well and I think that it probably Wasn't appropriately priced in either by The way and you know anybody who's Expecting another Fed cut next year it's Probably pricing that in and Appropriately and anybody who's Expecting a real deal with China was Also inappropriately I think there was a Lot of you know expectation hope hype And Lake Wobegon
