E Market Briefing For Wednesday, June 13

The Status Quo Is Over - or so it seems; whether in geopolitics (with by the way an indirect message conveyed to Iran by virtual of the historic and much debated Singapore deal with North Korea), or in the Trade realm.  

A multiplicity of issues confronting the world just now have barely moved the markets; which has been shuffling around amidst the preamble to the Summit; the fallout from Quebec's G7 gathering; and shouting matches so beyond-the-pale, that I suspect might have contributed to Larry Kudlow's heart attack.  

 

  

Last night I said 'shame' on Peter Navarro for the terminology he used in reference to Canadian Prime Minister Trudeau (even Trump in this case was respectful by comparison); and at least he apologized for that today. Knowing Larry Kudlow has worked on both sides of the aisle and on Wall Street, with an internationalist tone by the way, I suspected his stress may have been pushed over the edge by Navarrow who is more isolationist in the opinion of many; and certainly less polished in his phraseology.  

Now that everyone tries to ascertain where 'Kim Jung Un's head' really is, we can move on to the Fed Meeting or maybe reconciliation with Canada. A lot of political capital was spent both unwinding our trading relationships (in hopes they actually don't unwind); and on motivating North Korea quite frankly to realize they had a choice of 'peace or war', not more intimidation such as they practiced (and bamboozled) through many Administrations of both political parties for decades.  

 

  

 

Trump got him in a room (or the reverse if you believe it was more setting a 'floor' that sustains the Kim dynasty.. with his sister in the wings..) with a legitimacy they never had before). I don't believe President Trump has an ulterior motive with North Korea; and really view his reference within a key speech in Singapore to introducing 'commerce' as part of the solution.  

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