Ready for G20?
Stephen Guilfoyle, contributor for Real Money, is.
Guilfoyle broke down what he's watching ahead of the summit and the sidelines meeting between President Donald Trump and Chinese President Xi.
"G20 is what we have to watch that. Then of course tensions with Iran. I mean we saw the swoon in the market. Then when it looked like the president might opine on the situation with how the market came in all the way, basically to flat from [Wednesday's] close and when he kind of offered the Iranians are way out by saying, maybe it was a loose cannon, the market figured, okay, we're probably not about to do anything crazy," said Guilfoyle. "And the market came back from that. As far as G20, this is the biggest negative overhang for the market. I mean GDP, the future, global GDP almost depends on the United States and China coming to some kind of understanding. I don't think they can come to a realistic thought out comprehensive solution anytime soon. I think they might decide, hey, you need a break. I need a break. Let's come to some kind of limited deal that investors, the media and algorithms will buy into and allow us to proceed from there. But I do think it "is a risk and I think that's why even on such a euphoric response to the Fed, we can't go all in."