Jim Iuorio says the pullback is real -- but it's not awful. A shakeout isn't necessarily a bad thing because it exposes weaknesses in the system, and we were comfortably at highs. The technical level that worries Jim is still a distance off -- 2825, and he wouldn't be surprised if we test it. The Fed is still sitting on the sidelines, and Jim is constructive on the rest of the year, but there will be a period of turbulence -- and perhaps a buying opportunity as it subsides.
China is on everyone's mind, and political analyst Dan Mahaffee lived and studied there and is one of the Washington experts not just on what plays in DC, but plays in Beijing. No one in Washington, it seems, is comfortable with President Trump's negotiating style, but is conceding it might just work. Moving inside the Capitol Building, there is growing discontent with the Executive Branch's defiance of Legislative Oversight. If the impasses continue, the House may step up the pressure.
We continue the conversation on DC (and back to China) with veteran journalist Mark Hamrick. Mark sees a resurgence of the center in American politics. Does Wall Street care? Mark says he doesn't think so: history tells us the markets do well in Democratic administrations and devoid of radical change, the capital markets chug along.
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