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05/17/2018 ES Trade Plan Worksheet

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May 172018
 

Yesterday’s Oil report surprised, showing a 1.4M reduction in US oil supplies.  Brent crude has climbed to $80/barrel, a price not seen since November 2014.  Market focus will be on another round of trade negotiations between the US and China.  China’s Vice Premier Liu He and US Treasurer Secretary Steve Mnuchin meet in a summit in D.C. today.  economic calendar is light with focus on Philly Fed and weekly Claims @ 8:30am EST.  Cisco is down over 4% pre-market after slightly beating expectations but with a lukewarm forecast in the middle of analysts’ range.  On deck today are WMT, JWN, JCP, and AMAT.  Volatility continues to shrink, however comments from the US/China summit could change that today.  Size bias is leaning short on light overnight volume into the US session open.

 

 Posted by at 7:23 am

05/16/2018 ES Trade Plan Worksheet

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May 162018
 

North Korea is threatening to pull out of a meeting with Trump scheduled for June 12 in Singapore.  The US is pushing for total denuclearization which North Korea continues to balk at.  North Korea issued the statement “If the US is trying to drive us into a corner to force out unilateral nuclear abandonment, we will no longer be interested in such dialogue and cannot but reconsider our proceeding to the DPRK-US summit.”  The US Supreme Court earlier this week lifted a ban on sports betting in New Jersey.  The decision is causing a lot of activity in the sports business world including potential sports-betting mergers and a $2.2B purchase of the NFL Carolina Panthers by hedge fund billionaire David Pepper.  The dollar continues to inch higher as yesterday’s Retail Sales number were solid and expectations are set the Fed will raise rates sooner rather than later.  The economic calendar focus is Permits and Housing Starts @ 8:30am EST, Industrial Production @ 9:15am EST, and Oil @ 10:30am EST.  Earnings today include CSCO, M, JACK, and TWO.  Volatility continues to remain muted with higher probability for a pickup to the downside rather than the upside.  Size bias is leaning long into the 8:30am EST housing numbers.

 

 Posted by at 6:56 am