The Dow is up 300 points, accelerating in the last few minutes after US officials confirmed China's overnight comments that a phase one trade deal would include tariff rollbacks...

Buy the rumor, buy the second rumor...

(Click on image to enlarge)

Of course, this should be common-sense - was there ever any doubt that a phase one deal would include rollbacks of tariffs? How could they have done a deal otherwise? Notably, the deal remains unsigned...

Interestingly, the odds of a trade deal are actually below Tuesday's highs...

(Click on image to enlarge)

Source: Bloomberg

Notably, the market is now pricing less than one rate-cut by The Fed by then end of 2020...

(Click on image to enlarge)

Source: Bloomberg

Don't forget, greed is good, and extreme greed is better...

(Click on image to enlarge)

Source: CNN