Index Futures Net Changes and Settlements:
Foreign Markets, Fair Value and Volume:
- In Asia 9 out of 11 markets closed higher: Shanghai Comp -0.18%, Hang Seng +1.01%, Nikkei +1.20%
- In Europe 9 out of 13 markets are trading higher: CAC +0.24%, DAX +0.20%, FTSE +0.23%
- Fair Value: S&P +5.96, NASDAQ +32.02, Dow +35.14
- Total Volume: 1.63mil ESU & 5,494 SPU traded in the pit
Today’s Economic Calendar:
Today’s economic calendar includes Retail Sales 8:30 AM ET, Import and Export Prices 8:30 AM ET, Charles Evans Speaks 9:00 AM ET, Industrial Production 9:15 AM ET, Business Inventories 10:00 AM ET, Consumer Sentiment 10:00 AM ET, and the Baker-Hughes Rig Count 1:00 PM ET.
S&P 500 Futures: Roll Over Day RIP
The S&P 500 futures (ESZ18:CME) rallied on Globex Wednesday night into Thursday morning, trading up to 2900.25, and opened the day session at 2899.75. After the 8:30 CT bell the futures chopped around a little, then traded up to a new high at 2912.00 at 9:15 CT, and this is what I said :
Dboy:(10:15:51 AM):sold 2 lots at 2911.50
Dboy:(10:16:25 AM):come on give me a shitty China headline.
One and a half minutes later this headline hit the tape :
(10:17:26 AM):*TRUMP: CHINA IS UNDER MORE PRESSURE THAN U.S. FOR TRADE DEAL.
Once the China headline was out, the ES sold off down to 2902.00, traded sideways, rallied up to 2907.25, sold back off and ‘double bottomed’ at 2902.00, before shooting back up to 2911.75, 1 tick shy of the high at 2912.00. After the pop the ES slowly worked its way back down to the vwap at 2905.50, and then rallied up to another lower high of 2911.00, before trading down to 2905.75. As the MiM reveal showed $82 million to buy the futures sprang higher, printing 2910.25 on the 3:00 cash close, and settling the day at 2910.50, up +17.00 handles, or +0.59%.
I have always said I am not an analyst, nor do I think I am smarter than you. I’m just an old floor guy that has seen very market move / crash since 1985. I know the pits are gone and I know trading is not as easy as the folks on Twitter say it is, but Goddamn, I have to say, I would rather be lucky than smart!
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