Need to Know: A 5% to 10% correction is vital for this stock market, warns Jefferies strategist

Are we nearing a point where we will finally see how much juice is left in this stock market from a trade-deal announcement?

A report that U.S. and Chinese negotiators are hard at work over “multiple memorandums of understanding” for one big agreement gave stock futures a nice bump late Wednesday. But those gains faded into Thursday’s session, which raises the question as to whether the market is finally running out of patience over the seemingly endless talks between Beijing and the U.S.

Another valid question is how do we even know what stocks have “priced in” on that front? Two financial bloggers, Reformed Broker’s Josh Brown and Irrelevant Investor’s Michael Batnick mulled over that topic in a recent video chat.

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