Jan 112018
 

And on the 7th trading day, the bulls said “this has been a good year, let’s rest”; and thus came to pass the first stock down day of 2018.  Or maybe the small drop had something to do with Trump’s renewed threat to withdraw from NAFTA which has US auto manufacturers in a tizzy over additional political complexity for their supply chain which is heavily dependent on Canada and Mexico.  Bond markets have stabilized after China called rumors they would stop purchasing US debt as “fake news”.  The economic calendar focus is PPI and Claims @ 8:30am EST.  The 2760 all-time high is within today’s potential range and could easily be tested and/or probed.  Expect bullish volatility continue to contract.  Size bias is a divergent short into the 8:30am EST numbers, however the overnight Size volume was lighter than the past few days so I’m not giving the bias much weight.

 

 Posted by at 7:18 am

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