Authored by Peter Tchir via Academy Securities,

Stocks rallied after Jensen hopped on AF1 in Alaska. They rallied several times yesterday on Iran/China headlines, on Boeing selling planes headlines, and other soundbites from the much heralded Xi and Trump Summit.

As discussed in Wednesday’s report China and Trade, we did not have high expectations regarding this meeting. We did feel that the President wanted a deal badly enough, that we would get something to help markets, even though it seemed like China had a marginally better/better hand than the U.S.

What we were not expecting was a perfunctory set of meetings and press conferences.

The President is many things, but perfunctory is rarely one of them.

Perfunctory describes an action carried out quickly, superficially, or carelessly, usually as a routine duty rather than out of genuine interest or care.

It implies a lack of enthusiasm, effort, or thoroughness, often done merely to get a task finished.  (via AI finding the Merriam Webster definition).

With a truly impressive entourage of politicians, political appointees and business leaders, the stage seemed set for something “bigger” than what we got. We often get more market moving social media posts in the middle of the night than we got as part of this historic meeting.

I did not have high expectations, but I was hoping for more than what we got.

I would rather have seen some confrontation and pushing an agenda, than what seemed quite “perfunctory”.

It leaves me (and possibly markets) a little confused.

Have stocks been pumped as high as they can?

What decision does the President make with Iran over the weekend? 

It did not seem like there was any commitment from China to help, and according to at least some comments from the President, China was not asked to help.

Really, not sure what to make of the lack of headlines, but cannot help but think of those souvenir T-Shirts saying My President Went to Beijing and all I got was this Crummy T-Shirt.

It could have been worse.

It could have been a lot better. 

But with bonds under pressure, the affordability issue getting more and more attention, and stocks at all time highs, I think markets needed something more than we got.

Maybe there will be a “surprise” statement or two in the coming days, following up on the meeting, but I am disappointed, and suspect markets are too!