BT 4, 8/7/19

https://stockcharts.com/h-sc/ui?s=SPY

Monday SPY gapped down 292-->283 -3% +175% volume, Tuesday bounce to 287 +80%, today 10:09 am, testing 281.72 low +300%. First half hour is most emotional trading, last hour much less so. Will watch close with interest but pattern is volume heaviest on down days.

Wall Street Journal, Wednesday, August 7, 2019, by Michael Wursthorn

https://www.wsj.com/articles/global-stocks-fall-sharply-as-u-s-china-spat-over-yuan-escalates-trade-war-11565057744

Chinese yuan news induced bounce, only a bounce thus far

WSJ, 8/7/19, by Nathaniel Taplin

https://www.wsj.com/articles/china-isnt-manipulating-the-yuanits-waiting-out-trump-11565088689

First paragraph, great summation--”China’s leaders appear to have concluded that they won;t secure an acceptable trade deal with President Trump. What they can do is try to weather the next 18 months while inflicting maximum political damage--and hope a weaker U.S. economy delivers a new president.” Bakes’ Take--the election is in 15 months, the stock market will discount any weakness prior to that, the stock market picks the President, again.