In many ways, today’s session has been a microcosm of the week – a slumping market finds a way to hit the brakes, and when the pullback stalls, buyers emerge.  It would be something else if the market finished higher going into an August weekend with more unknowns than usual, but the action in the last hour is something to remember.  There are buyers out there, but there isn’t always urgency.

We began the session with speculation the White House would delay the exemption process for American companies doing business with Huawei.  Later, during an impromptu news conference, President Trump said American wouldn’t allow Huawei any breaks.  Trump said, “We are not going to do business with Huawei. ... And I really made the decision. It’s much simpler not doing any business with Huawei. ... That doesn’t mean we won’t agree to something if and when we make a trade deal.”  

Moments ago, Treasury said the process is still on going. I think there will be a carve out on the way to an eventual deal, which will include Huawei.   Some of the stocks under pressure from this news are buys, soon, so make sure to add them to your watch list.

I’m impressed with the session and the week.  Have a great weekend.