S&P 500 2773.75 -5.91.
The stock market opened on a weak note in the context of a looming trade war before recovering towards the close. Surprisingly, breadth closed positive. Options traders are still betting the upside of the market and we would like to observe more cautiousness from this category of market participants and hedging activity. The retaliation measures China may announce may frighten the stock market in a context of a high risk profile we identified over the last few days.