Index Futures Net Changes and Settlements:
|S&P 500 (ESM18:CME)||2643.25||-75.00||-2.83%|
|Dow Jones (YMM18:CBT)||23,963||-764||-3.18%|
|Nasdaq 100 (NQM18:CME)||6692.00||-192.00||-2.86%|
|Russell 2000 (RTYM:CME)||1543.90||-40.20||-2.60%|
Foreign Markets, Fair Value and Volume:
- In Asia 11 out of 11 markets closed lower: Shanghai Comp -3.38%, Hang Seng -2.45%, Nikkei -4.51%
- In Europe 12 out of 12 markets are trading lower: CAC -1.36%, DAX -1.45%, FTSE -0.60%
- Fair Value: S&P +1.93, NASDAQ +18.19, Dow -4.08
- Total Volume: 2.5mil ESM, and 797 SPM traded in the pit
Today’s Economic Calendar:
Today’s economic calendar includes Raphael Bostic Speaks 8:10 AM ET, Durable Goods Orders 8:30 AM ET, New Home Sales 10:00 AM ET, Neel Kashkari Speaks 10:30 AM ET, Robert Kaplan Speaks 11:30 AM ET, and the Baker-Hughes Rig Count 1:00 PM ET.
S&P 500 Futures: #ES This Isn’t 2017 Folks
Yesterday started with the major European indices down over 1%, dragged down by tech shares, and the S&P 500 futures down -1.15%. On Globex, total volume was 315,000 S7P 500 futures contracts. On the 8:30 CT bell the ES traded 2687.00 and immediately dropped down to 2681.00. From there, the ES shot up to 2693.50, pulled back, and traded up to 2698.25 around 9:15 am. After the high, several big ‘tech sell programs’ hit the Nasdaq 100 futures dragging, the ES all the way down to 2677.75, down 40.25 handles, or -1.46%, and then down to 2672.50.
At 10:20 a headline came out that said “DOWD IS SAID TO RESIGN AS TRUMP’S LEAD LAWYER”, and the ES traded down to a new daily low at 2663.25. The futures then moved back up to 2678.25, sold off down to a higher low at 2671.00, and ratcheted up to 2691.75. As the MiM went to $1.3 billion to sell at 2:44 the ES traded down to 2652.25, and then down to 2642.00 when the 2:45 cash imbalance came out showing $2.4 billion for sale. After the imbalance the ES rallied up to 2652.00, sold off down to 2643.75, traded 2648.25 on the 3:00 cash close, and went on to settle at 2643.75, down -2.73%.
All I am going to say is, here is a copy of yesterday’s view:
Our view is that we lean to buying the early weakness and selling the rallies. Right now the pattern that sticks out the most is one thing… failed rallies. Will that change? It could, but it seems like the markets are just waiting on the next bad headline.
United States Steel Corporation (NYSE: X)
Look at the U.S. Steel Corp. charts. One would think the stock would be going up, but its not. The first chart is a monthly, and the second chart is adaily. The stock was trading $46.00 in early march, and as of yesterday, made a low at 34.48 and closed at $34.50, down -$4.26, or -10.99%, down 1.96% year to date. Metals ETF’s had their worst trading day in a year and a half on trade concerns. This may be a temporary bump in the road, but on March 9 JP Morgan raised its stock target price of U.S. Steel Corp from $48.00 to $69.00, and the trade wars are just starting.
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