Index

U.S and China trade relations are the underlying catalyst but there are a number of themes from Wednesday’s Fed meeting to economic data and drama in Washington that have kept Friday’s post-Nonfarm rally in check.
Yesterday was a bit of a disappointment for the oil futures bull camp as price action failed to achieve $60 and reversed all early gains. Stock index futures get non-farm payrolls.
Risk-sentiment is snapping back this morning on trade hopes after Bloomberg reported the U.S and China as moving closer to agreeing on the amount of tariffs to roll back.
Bullish momentum from the U.S-China trade narrative, stronger than expected earnings and looser Federal Reserve policy has powered the S&P and NQ to a fresh record each day this week.
Considering the smoke in mirrors jawboning we’ve become accustomed to over these last two years of negotiations, although for face value China’s announcement is a considerable positive, we must still take it with a grain of salt until there is further proof.
U.S futures benchmarks are experiencing the healthiest of healthy pullbacks. Price action slipped from record highs early yesterday in this low volume environment.
What a resilient market. From domestic drama in Washington to a dissipating interim “Phase One” trade deal and we still have a fresh record closing high on our hands.
Eurodollar option trades we are monitoring today. This structure caught our attention, as being an interesting value trade that was being executed.
Both the S&P and NQ set fresh record highs ahead of President Trump’s address at the Economic Club of New York. However, his comments lacked the positive jawboning on U.S-China trade that was expected and price action dissipated into the afternoon.
U.S benchmarks snapped back after the open yesterday to pare Sunday night losses. The tape remains firm ahead of the bell today with a speech from President Trump at the Economic Club of New York in focus. The speech is scheduled to begin at 11:00 am CST .