Summers Declares China A Currency Manipulator

Index Futures Net Changes and Settlements:

Foreign Markets, Fair Value and Volume:

• In Asia 9 out of 11 markets closed lower: Shanghai Comp -1.56%, Hang Seng -0.67%, Nikkei -0.65%
• In Europe 13 out of 13 markets are trading higher: CAC +0.92%, DAX +0.54%, FTSE +0.11%
• Fair Value: S&P -0.25, NASDAQ +7.40, Dow -47.86
• Total Volume: 3.06 million ESU & 765 SPU traded in the pit

_{*As of 7:00 a.m. CST}

Today’s Economic Calendar:

Today’s economic calendar includes the 8-Week Bill Settlement, Redbook 8:55 AM ET, JOLTS 10:00 AM ET, and James Bullard Speaks 1:05 PM ET.

S&P 500 Futures: #ES Sinks More Than 6% Since Making Its 3022 High Last Tuesday

During Sunday nights Globex session, the S&P 500 futures (ESU19:CME) printed a high  of 2933, a low of 2883.50, and opened Monday’s regular trading hours at (RTH) at 2885.00, down 48.50 handles from Friday’s settlement. 

It was not a good day for stocks, to say the least, nor was it a good day for the global markets. News of China devaluing its currency in an effort to offset tariffs, and also their suspension of purchasing any more U.S. agricultural products send the markets in a tailspin.

The ESU got killed, settling down nearly 3% on the day, and the mighty Nasdaq closed down a whopping 3.5%. The only real relief came after 2:00 CT when the futures took a break to do some back-and-fill, and rallied 30 handles off the 2820.50 low.

When the MiM reveal came out showing more than $1 billion to sell MOC, the ES once again started to trade lower, and would go on to print 2844.00 on the 3:00 cash close, and 2828.50 on the 3:15 futures close, down over 100 handles on the day.

In terms of the markets overall tone it was disgustingly bad.  Every up tick was sold. In terms of the days overall volume, just over 3 million ES futures contracts traded, higher than we’ve seen in a while.

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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.}