CNBC’s Jim Cramer is warning against trading stocks on the roller coaster of U.S.-China headlines as the two countries restarted high-level talks aimed at ending their 15-month-old trade war on Thursday.

Markets are “hostage to events that are not only totally out of our hands, but I think totally out of the president’s hands,” Cramer said on “Squawk on the Street.”

“I am describing an unfathomable market,” he declared, “where if you have conviction, you are out of your mind,” meaning fundamental cases for buying or selling are useless.

In the flip-flopping between trade talk pessimism and optimism, the latter was winning on Wall Street in midday trading.

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