03/18/2019 ES Trade Plan Worksheet

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Mar 182019

It appears unlikely that a US/China summit between Trump and Xi Jinping will happen in April according to sources of the South China Morning Post.  One source said the summit might happen in June.  Preparing the text for a US/China trade agreement is taking more time than Trump had anticipated.

Boeing remains under scrutiny as flight recorder data shows the 737 Max 8 crashes in Indonesia and Ethiopia have “clear similarities.”  Boeing is preparing a software update to better handle “erroneous sensor inputs” which appear to be involved in the chain of events leading into both crashes.

In merger news, Fidelity National (FIS) has agreed to acquire UK-based payment processor Worldpay (WP) for stock and cash valued around $43B, a greater than 13.5% premium to Worldpay’s Friday closing price.  The earnings calendar is light: TLRY, LL, SCS, OSTK.

The economic calendar is also very light: NAHB Home Builders Index @ 10:00am EST.  Volatility for today is a tough call given it’s a low news Monday with the ES working through significant resistance.  We could see a significant move up, or a significant move down, or the ES could settle in and do not much of anything…  Friday’s 2836.50 high and 2817.25 low are the key areas for the ES to clear if there’s to be significant movement today.  No Size bias as Size wasn’t interested in trading overnight.


 Posted by at 6:23 am

03/15/2019 ES Trade Plan Worksheet

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Mar 152019

Trump said yesterday that over the next three or four weeks, the US would know where the US/China trade agreement stands.  Meanwhile the Chinese state media said the US and China have made “concrete progress” on trade pact text after Vice Premier Liu He spoke with US representatives Steven Mnuchin and Robert Lighthizer via telephone.

Facebook (FB) announced their Chief Product Officer Chris Cox and WhatsApp business development leader Chris Daniels have resigned as Facebook is shifting their focus to a “privacy-focused social platform.”  Broadcom (AVGO) is up nearly 5% after beating expectations.  Adobe (ADBE) is down over 2% and Oracle (ORCL) is down over 3% after lowering second quarter guidance.  Boeing (BA) is also down again after announcing they would pause delivery of their 737 MAX planes.

The SEC sued the German automaker Volkswagen (VLKAY) for perpetrating “a massive fraud” during the diesel emissions scandal.  Volkswagen had announced they were cutting 5K to 7K jobs as they move away from gas powered vehicles to focus on electric.

The economic calendar focus is 10:00am UoM Consumer Sentiment.  Minor reports include Empire State @ 8:30am EST, Capacity Utilization and Industrial Production @ 9:15am EST, UoM Inflation Expectations and JOLTS @ 10:00am EST.  Volatility remains steady.  The 2825s-2834s area of technical resistance remains as a barrier for the bulls to work through.  No Size bias as Globex trading was light.


 Posted by at 6:49 am