Daily Game Plan from Cabrera Capital

Charts, Commentary, News

Tuesday, October 22 , 2018


DATA/HEADLINES:   10:00ET Existing Home Sales; 1:00ET $40B 2 Year Note Auction

UK PM Boris Johnson will find out later this evening whether he has any chance of getting his Brexit deal through Parliament. In Canada, Prime Minister Justin Trudeau won a second term. Japanese markets stayed closed Tuesday for a holiday. UK PM Johnson: Need To Leave The EU With Our New Deal On October 31 – Government Accelerating Preparations For No Deal Brexit.

TODAY’S HIGHLIGHTS:   McDonalds Tumbles After Missing Earnings, US Comps

Companies reporting earnings include Biogen, Centene, Chipotle, Discover Financial, Equity Residential, Fifth Third, Harley-Davidson, Hasbro, Interpublic, Kimberly-Clark, Lockheed, McDonald’s, NextEra Energy, Nucor, P&G, Paccar, PulteGroup, Quest Diagnostics, Regions Financial, Sherwin-Williams, Texas Instruments, Travelers, UPS, United Technologies, Whirlpool…

EQUITIES:   BIIB +40.9% (+$91.5); Biogen Soars on Plans Aducanumab BLA in 2020 After FDA Talks / • STMP +24.8% (+$18.9); UPS to Offer Discounted Shipping Rates to Stamps.com Customers / GNC +17.3% (+$0.36); GNC’s Chinese Backer Said to Mull Buyout / HOG +6.5% (+$2.42); Harley- Davidson Cuts Full Year Capital Expenditure Forecast / PG +4.8% near all-time high

December E-Mini S&P is +0.07% pre-market; NQ +0.26%; RTY +0.03%. SPX held initial support at  2996 yesterday and was firm in quiet, low volume move. NYSE Advance/Decline making new highs is an overall positive for the market tone (chart two). For today look for initial strength in SPX above 3008, to test 3021 area. A break of 2990 would likely see hourly momentum turn negative. 

David Wienke

Cabrera Capital Markets, LLC 

As always, please use protective buy and sell stops when trading futures and options.

Disclaimer: Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. Any decision to purchase or sell as a result of the opinions expressed in the forum will be the full responsibility of the person(s) authorizing such transaction(s). BE ADVISED TO ALWAYS USE PROTECTIVE STOP LOSSES AND ALLOW FOR SLIPPAGE TO MANAGE YOUR TRADE(S) AS AN INVESTOR COULD LOSE ALL OR MORE THAN THEIR INITIAL INVESTMENT. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

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Dave Wienke (99 Posts)

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