Same Pattern Just A Different Headline, Dip Then Rip

Believe it or not, there’s a company you’ve probably never heard of, which could soon pass Apple as world’s biggest business. A former PhD hedge fund manager gives away the name, ticker symbol, and full analysis for free here…

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Index Futures Net Changes and Settlements:

Foreign Markets, Fair Value and Volume:

• In Asia 7 out of 11 markets closed higher: Shanghai Comp +0.37%, Hang Seng -0.49%, Nikkei +0.22%
• In Europe 7 out of 13 markets are trading lower: CAC +0.10%, DAX -0.11%, FTSE -0.01%
• Fair Value: S&P +0.47, NASDAQ +8.03, Dow -1.63
• Total Volume: 989k ESU & 132 SPU traded in the pit

Today’s Economic Calendar:

Today’s economic calendar includes Weekly Bill Settlement, Jobless Claims 8:30 AM ET, FHFA House Price Index 9:00 AM ET, PMI Composite FLASH 9:45 AM ET, New Home Sales 10:00 AM ET, EIA Natural Gas Report 10:30 AM ET, Kansas City Fed Manufacturing Index 11:00 AM ET, Jackson Hole Annual Economic Symposium, Fed Balance Sheet and Money Supply 4:30 PM ET.

S&P 500 Futures: Headlines Are Made To be Bought

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As bad as the headlines were, and the subsequent selloff, the S&P 500 futures came ‘flying’ back up yesterday. After making a high at 2874.00 on Tuesday, the ES sold off down to 2846.25 on Globex Tuesday night, down -30.75 handles from the high. The benchmark futures then started moving back up.

On Wednesdays 8:30 futures open the ES traded 2859.50, rallied up to 2864.00, pulled back down to 2856.26 at 9:00 am, and then traded up to 2868.25 just after 11:00. After the high the ES pulled back down to 2863.00, rallied up to a lower high at 2868.00, and then sold off down to the vwap at 2860.50 at 1:24.

From there, the ES rallied up to 2866.00 in the final hour before selling into the close, pulling back down to 2860.50, traded 2864.75 on the 3:00 cash close, and settled at 2861.25, up a single tick on the day.

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