Hey, it's Kramer, and this is my morning take on the market from today's

CNBC Investing Club morning meeting.

Okay, so here's what's happening.

All right. Yesterday we had a, what looked to be a bear market rally, and then we found out,

wait a second, Jay Powell stays, it did seem a little bit contradictory versus what the President

said before, but the last, whatever's last carries. And then today, we got a little bit more, we got a little

bit more maybe even of China being better. So you've got the PAL rally, and by the way, just

so people know, it rallied ahead of the PAL. So it's possible that people feel that maybe Peter

Navarro, who's been anti-China, was in charge for a while.

And then PAL is considered to be part of this progressive link along with Bessett.

There are really two camps.

And the camp that says, look, the market matters, rates are lower, stability matters, is in ascendance.

And that's why we're having a route.

Sure.

They wouldn't take a lot of these worst case scenarios off the table.

On China, you did have the president say last night, 145% tariffs won't stay this high.

They'll come down substantially, but it won't be zero.

Report out by the journal this morning says the administration's

considering slashing tariffs to between 50 to 6 percent, excuse me, 50 to 65 percent, also considered

a tiered approach, phasing in levies over time. Amen Javers from CNBC also reporting that anything

done won't be unilaterally, meeting China will also have to bring down their tariffs too as part of negotiations. But we're seeing a lot

of these China-related stocks soar, some of the biggest gainers in the portfolio. Very counterintuitive.

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