Help keep the lights on at the Global Macro Monitor. Contribute any amount based on your perception of our value added by clicking the PayPal donate widget at the right side of the screen. You don’t need a PayPal account just a credit card. Thank you!
The near futures closed over $1,300 for the first time since last June. We will add if Monday’s price can stay and close above $1,300. Markets perceive central banks are caving.
Help keep the lights on at the Global Macro Monitor. Contribute any amount based on your perception of our value added by clicking the PayPal donate widget at the right side of the screen. You don’t need a PayPal account just a credit card. Thank you!
Covering S&P short at 2666. Will revisit.
Update: Put on the short based on shutdown negotiations going sideways. POTUS just caved in spite of tough talk. The government won’t be shut down again. Time to move on.
Next up China negotiations. We expect, at best, a token deal as China won’t cave on technology issues. Trump, much weakened over the shutdown battle, will have to cave again. Probably enough to get market lathered up.
The market also lathered up over WSJ piece on Fed balance sheet. So much ignorance on this issue, including basic data. See our post here.
Upshot: Stocks are bid. Shorts aren’t working.
Going long 5K shares of Semi index, SMH at $96.95. Stop at $94.77.
Taking another facial with S&P short. Market trades like its offside as Trump is going to cave on shutdown. China will sense weakness and play harder, however.
Other trades working well.
May take off S&P short before the close, if not stopped out, depending on market reaction to POTUS presser.
Levering up trading capital only for short-term but market risk mitigated with S&P short.
“…Making money when everyone else is losing is easier said than done.” – Michael Batnick
Bonus
Global Macro Monitor 