11/17/2017 ES Trade Plan Worksheet

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Nov 172017

Along with Cisco yesterday, Walmart came in with strong earnings, encouraging the bulls to take the ES near its 2594.50 all-time high once again, the first gain in 3 days.  The Nasdaq closed at a new record high of 6793.  The Gap is up 9% in pre-market on strong earnings; ANF and FL report today.  The US House passed their version of tax reform, so now it’s up to the Senate where a tax reform bill is expected to be more difficult to pass.  The Senate tax reform version includes repeals to parts of Obamacare which a few Republican Senators do not support.  The economic calendar includes Building Permits and Housing Starts @ 8:30am EST.  Volatility to the upside should be subdued, it most likely will be tough for the bulls to move into the 2600s today.  Size bias is long into the US session open.


 Posted by at 6:53 am

11/16/2017 ES Trade Plan Worksheet

 Pre-market Commentary  Comments Off on 11/16/2017 ES Trade Plan Worksheet
Nov 162017

Tax reform remains in focus as the House is scheduled to vote on their version today.  The tax legislation is expected to pass.  Meanwhile Sen. Ron Johnson (R-WI) became the first Republican to openly oppose his party’s tax legislation which will make it more difficult for tax legislation to make it through the Senate.   Corporate earnings continue to beat expectations with CSCO the latest yesterday also projecting a rosy outlook in cloud computing growth.  Wal-Mart (WMT) reports this morning.  Also reporting today are VIAB, AMAT, BBY, and GPS.  The economic calendar includes Claims and Philly Fed @ 8:30am EST and Industrial Production @ 9:15am EST.  It was nice to see the pickup in volatility continue yesterday (from a day-trader perspective).  There’s still plenty of elbow room to the 2594.50 all-time high, but expect volatility to shrink as the bulls climb higher.  No Size bias this morning as overnight Size volume was mixed.


 Posted by at 7:05 am