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    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 25 FEBRUARY: | ASX to rise | Dow tops 32,000 for the first time | Mobile payments company Peppermint Innovation gets set to relist into a red-hot fintech market |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 24 FEBRUARY: | ASX drops 0.9% as tech, telcos, miners dive | Fatfish Group subsidiary Abelco posts record full-year profit | China stocks drop; Hang Seng slumps 2% on report of stamp duty hike |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 24 FEBRUARY: | ASX futures pare losses | US stocks turn mixed as buyers rush in | Fortescue’s green hydrogen vision for iron and steel takes a leap forward |

    PEAK ASSET: AFTERNOON WRAP 23 FEBRUARY: | ASX gains 0.9% buoyed by miners and banks | Crowd Media beds down investment in Aflorithmic Labs as part of AI collaboration | Financials lift China stocks, but policy tightening worries persist |

    PEAK ASSET: MORNING WRAP 23 FEBRUARY: | ASX to rise as commodities extend gains | CleanTeQ demerges water business, to focus on battery metals |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 22 FEBRUARY: | ASX slips 0.2% as AUD hits 3-year highs | Zenith Minerals has drill bit turning at Red Mountain in hunt for commercial gold deposit | Chinese blue-chips dip on high valuations, policy tightening fears |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 22 FEBRUARY: | ASX to slip | Wall St steady, $A surges | These ASX stocks want a piece of the $US300 billion hydrogen sector |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 19 FEBRUARY: | Weekly gain eroded after 1.3pc market fall | K-TIG sets sights on US$800b global carbon steel market with disruptive welding technology | China, Hong Kong stocks drop as policy tightening fears weigh |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 19 FEBRUARY: | ASX to drop | Wall St slides on labour market weakness | High tin prices have lit a fire under Stellar Resources and its peers |

    Trending Tags

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    • feedid-60
    • feedid-62
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    • feedid-66
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    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 25 FEBRUARY: | ASX to rise | Dow tops 32,000 for the first time | Mobile payments company Peppermint Innovation gets set to relist into a red-hot fintech market |

    Cabrera Capital Daily Game Plan

    Cabrera Capital Daily Game Plan

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 24 FEBRUARY: | ASX drops 0.9% as tech, telcos, miners dive | Fatfish Group subsidiary Abelco posts record full-year profit | China stocks drop; Hang Seng slumps 2% on report of stamp duty hike |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 24 FEBRUARY: | ASX futures pare losses | US stocks turn mixed as buyers rush in | Fortescue’s green hydrogen vision for iron and steel takes a leap forward |

    The Cotton Row Journal, week of 22-26 Feb

    NASDOG.com: NASD- 2nd chart- High of day rally sess. LC-JM

    NASDOG.com: NASD- 2nd chart- High of day rally sess. LC-JM

    Cabrera Capital Daily Game Plan

    Cabrera Capital Daily Game Plan

    PEAK ASSET: AFTERNOON WRAP 23 FEBRUARY: | ASX gains 0.9% buoyed by miners and banks | Crowd Media beds down investment in Aflorithmic Labs as part of AI collaboration | Financials lift China stocks, but policy tightening worries persist |

    PEAK ASSET: MORNING WRAP 23 FEBRUARY: | ASX to rise as commodities extend gains | CleanTeQ demerges water business, to focus on battery metals |

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    OP: Rotten Wood in the Market

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    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 25 FEBRUARY: | ASX to rise | Dow tops 32,000 for the first time | Mobile payments company Peppermint Innovation gets set to relist into a red-hot fintech market |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 24 FEBRUARY: | ASX drops 0.9% as tech, telcos, miners dive | Fatfish Group subsidiary Abelco posts record full-year profit | China stocks drop; Hang Seng slumps 2% on report of stamp duty hike |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 24 FEBRUARY: | ASX futures pare losses | US stocks turn mixed as buyers rush in | Fortescue’s green hydrogen vision for iron and steel takes a leap forward |

    PEAK ASSET: AFTERNOON WRAP 23 FEBRUARY: | ASX gains 0.9% buoyed by miners and banks | Crowd Media beds down investment in Aflorithmic Labs as part of AI collaboration | Financials lift China stocks, but policy tightening worries persist |

    PEAK ASSET: MORNING WRAP 23 FEBRUARY: | ASX to rise as commodities extend gains | CleanTeQ demerges water business, to focus on battery metals |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 22 FEBRUARY: | ASX slips 0.2% as AUD hits 3-year highs | Zenith Minerals has drill bit turning at Red Mountain in hunt for commercial gold deposit | Chinese blue-chips dip on high valuations, policy tightening fears |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 22 FEBRUARY: | ASX to slip | Wall St steady, $A surges | These ASX stocks want a piece of the $US300 billion hydrogen sector |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 19 FEBRUARY: | Weekly gain eroded after 1.3pc market fall | K-TIG sets sights on US$800b global carbon steel market with disruptive welding technology | China, Hong Kong stocks drop as policy tightening fears weigh |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 19 FEBRUARY: | ASX to drop | Wall St slides on labour market weakness | High tin prices have lit a fire under Stellar Resources and its peers |

    Trending Tags

    • FEEDID-6
    • FEEDID-51
    • FEEDID-44
    • FEEDID-31
    • FEEDID-21
    • FEEDID-16
    • FEEDID-36
    • FEEDID-10
    • feedid-56
    • feedid-58
    • feedid-61
    • feedid-59
    • feedid-60
    • feedid-62
    • feedid-63
    • feedid-65
    • feedid-66
  • Charts
    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 25 FEBRUARY: | ASX to rise | Dow tops 32,000 for the first time | Mobile payments company Peppermint Innovation gets set to relist into a red-hot fintech market |

    Cabrera Capital Daily Game Plan

    Cabrera Capital Daily Game Plan

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 24 FEBRUARY: | ASX drops 0.9% as tech, telcos, miners dive | Fatfish Group subsidiary Abelco posts record full-year profit | China stocks drop; Hang Seng slumps 2% on report of stamp duty hike |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 24 FEBRUARY: | ASX futures pare losses | US stocks turn mixed as buyers rush in | Fortescue’s green hydrogen vision for iron and steel takes a leap forward |

    The Cotton Row Journal, week of 22-26 Feb

    NASDOG.com: NASD- 2nd chart- High of day rally sess. LC-JM

    NASDOG.com: NASD- 2nd chart- High of day rally sess. LC-JM

    Cabrera Capital Daily Game Plan

    Cabrera Capital Daily Game Plan

    PEAK ASSET: AFTERNOON WRAP 23 FEBRUARY: | ASX gains 0.9% buoyed by miners and banks | Crowd Media beds down investment in Aflorithmic Labs as part of AI collaboration | Financials lift China stocks, but policy tightening worries persist |

    PEAK ASSET: MORNING WRAP 23 FEBRUARY: | ASX to rise as commodities extend gains | CleanTeQ demerges water business, to focus on battery metals |

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    NASDOG.com: Corn, What Changed Today?

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    NASDOG.com: Stocks Getting Serious; Quick Word on Beans

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    NASDOG.com: Full For a Bull

    NASDOG.com: Full For a Bull

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Home Commentary

OP: Wall Street Welcomes Biden

Danny Riley by Danny Riley
Thursday, January 21, 2021
in Commentary, MrTopStep, News
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OP: Wall Street Welcomes Biden
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Market Review

GLOBEX

(ESH20:CME) GLOBEX Session(ESH20:CME) Day Session 
High 3812.75Opening Print: 3815.50
Low: 3792.75High 3852.50
Volume: 180,000Low: 3811.25

ES Settlement 3833.50

Total Volume 1.3 M

S&P 500 Futures Recap – Trade Date January 20, 2021

Chart by AMS Trading Group

New All Time Highs

After trading in a 23.00-handle overnight range, the S&P 500 futures opened Wednesday’s cash session at 3815.50, traded the daily low of 3811.25 in the opening minutes, and then reversed to rally through the morning into the noon hour, printing a mid-day high of 3847.25.

The afternoon was range-bound, and the ES reached the daily high of 3852.50 just after 2:30 before settling at 3844.50, up 55.50 handles on a total volume of 1.3 million contracts traded. In terms of price action, it was all about buying the low on the open and holding until late in the final hour.


Economic Calendar


Closing Prices


In the Tradechat Room

MiM

Despite the markets churning higher all day, the MIM was a bit more negative for Inauguration day. Pre-MOC, the MiM was about 1.4B to sell with a symbol lean of around 70% to the sell-side. At the MOC it was larger with a 68% lean and that started the only real selling of the day for the next 10 minutes.

Questions?  Please email me: Marlin@mrtopstep.com

Get the skinny when we get it:  Join the MiM. 


Covid Corner:

Top Worst
Top Best

Our U.S. dashboard is pretty much unchanged from yesterday with the counts staying the same but SC moves to stable and VI (Virgin Islands) moves to rising.

Wear your masks!
Stay at least 10 feet behind someone wearing a mask! (Particularly in a checkout line)
Stay home!
Take your Vitamin D!


Chart of The Day


Our View

Wall Street Welcomes Joe Biden As 46th President Of The United States

Trading is an ever-changing game, the tools that we used to use to make money no longer work and the new tools only last as long as the next coder can code it. I for one am not afraid to say it, the trading game isn’t in the futures it’s in stocks. Yesterday, Wall Street welcomed Joe Biden as the next president of the United States. Leading the patriotic rally was Netflix that closed up 17%. The Dow Jones rose 258 points or 0.80%, the S&P 500 finished up 52.94 points or +1.4% and the Nasdaq Composite closed up 2% or 260 points. Earnings have been coming in better than expected. According to FactSet, results have been better than expected with 88% of the companies beating estimates. I have said it a few times and I will say it again; the idea that there was downside risk leading up to the Biden inauguration was a ‘falsehood’.  Over the years I admit to falling for some of this BS stock market forecasting but I am not falling for the ‘disinformation’. In fact, @realtraderdave has taught me to buy into the bad news headlines. As long as the government printing presses are rolling 24-7 we are obliged to ‘buy the pullbacks’. I know we sometimes forget but this should be front and center in our trading toolboxes. 

Yesterday MSFT closed up $7.78, AMZN closed up 142.50, GOOGL closed up 96.82, the list goes on and on. Several traders I speak to say stocks are up too much and they are waiting for a pullback to ‘get long’ but the sell-offs are few and far between and if you don’t react quickly the train leaves the station without you. It’s a tough game no matter what anyone says. 

Our view, who’s to say the ES isn’t going to 3900 or higher? I think the odds favor selling a gap up open today or the first rally above the open (it may take a few minutes) and buying the pullbacks. I know the markets are on new all-time highs but I don’t think the Biden stock market rally is over just yet.  Lastly, Covid-19 cases have dropped in 48 of 52 states with only NY and MA showing increases. 

Danny Riley is a 39-year veteran of the CME  trading floor. He ran one of the largest S&P desks on the floor of the CME Group since 1985.

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. Decisions 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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