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The market jumps higher on every single rumor and Trump tweet that a “deal” to end the China trade war is imminent (which seems to have happened at least a dozen times this year). Macro Tourists are sure that every time a “deal” is near, it’s the next great catalyst for “stocks.”

Our Washington, D.C-based Macro Policy Analyst J.T. Taylor throws cold water on that Old Wall headline.

He puts it bluntly in the clip above:

“There is no deal.

There has been no discussion between the two parties since May or June. This ‘interim deal’ simply gets us back to where we were in May.”

While we try to keep politics out of the process at Hedgeye, CEO Keith McCullough adds that having this information gives an important “texturing” of the situation.

“We’re not going to make decisions on the quads based on political views, but it certainly contextualizes the risk. When you take something like, ‘We have a deal,’ we’d like to define ourselves what that means, as opposed to taking CNBC’s word for it.”

Watch the full clip above for more.

China Deal? Don't Hold Your Breath - early look