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On Deck: Phase 1, Part 1

01-13-2020

The market was in a bubbly mood, led by the Nasdaq, which gained 0.5% through midday in anticipation of Wednesday's signing of the trade deal, "phase 1, part 1." Perhaps after it's inked we'll find out what's in it. But as we all know, the fundamentals don't really matter currently.

Thick Hopes In Thin Air In the afternoon, speculation in tech stocks intensified even more, as the Nasdaq gained 1% while the Dow/S&P lagged behind. The blowoff we have seen is starting to feel a little like early 2000 to some degree, though that subjective observation is not actionable at this juncture, thanks to the Fed.

Away from stocks, green paper was flat and fixed income was weaker, as were the metals, which lost 0.75%, with the miners a fair bit weaker than gold.