The S&P 500 is headed higher, but a trade deal won’t save Chinese stocks

Unlike President Trump, I don’t believe that the Federal Open Market Committee has gone “crazy,” and neither do I believe that the trade war wasn’t a factor in last week’s stock-market decline, which felt eerily similar to what we experienced in February.

I think the culprits are both the Fed and recent trade frictions plus the proliferation of high-frequency trading, which has resulted in algos trading with other algos and has left human traders scratching their heads for any rhyme or reason in the superfast moves in the major indexes last week.

That is what happens when you let computer programs chase fractions of a cent at the speed of light.

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