Alibaba’s Owner Warns U.S.-China Trade War Could Last 20 Years
MrTopStep | Sep 20, 2018 01:53AM ET
- In Asia 10 out of 11 markets closed higher: Shanghai Comp +1.14%, Hang Seng +1.19%, Nikkei +1.08%
- In Europe 9 out of 13 markets are trading higher: CAC +0.22%, DAX +0.17%, FTSE +0.36%
- Fair Value: S&P +6.18, NASDAQ +31.28, Dow +36.27
- Total Volume: 1.86mil ESZ & 9,408 SPZ traded in the pit
Today’s economic calendar includes MBA Mortgage Applications 7:00 AM ET, Housing Starts 8:30 AM ET, Current Account 8:30 AM ET, and EIA Petroleum Status Report 10:30 AM ET.
h2 S&P 500 Futures: Big Overnight And Day Session Rally After Trump Lashes Out About Speeding Up China Tariffs/h2When President Trump spoke about accelerating the Chinese tariffs after Monday’s close the S&P 500 futures sold off down to 2783.25, and by 8:07 Tuesday morning had traded back up to 2904.00. The first print on the 8:30 CT opening bell was 2897.00, followed by a move up to 2906.00. When this headline hit the tape – “CHINA CONSIDERING SENDING VICE COMMERCE MINISTER WANG SHOUWEN TO U.S. FOR TRADE TALKS THIS MONTH INSTEAD OF VICE PREMIER LIU HE-WSJ” – the ES continued to rally up to 2907.50.
After the high the futures pulled back 2901.50, and then made 3 new highs at 2910.00 at 9:45 am CT, 2912.75 at 10:25, and then all the way up to 2916.75, up +20.75 handles on the day, at around 11:10. From there, ES pulled back down to 2910.75, and then came roaring back up to 2915.50, and eventually 2917.75.
Just after 2:00 the ES sold back off down to 2913.75 as the MiM started to show $177 million to buy. As the MiM went to $529 million to buy the ES sold off down to 2911.25. The actual cash imbalance reveal came in at $166 million to buy. On the 3:00 cash close the futures traded 2912.50, and went on to settle at 2912.25 on the 3:15 futures close, up +16.25 handles, or +0.56% on the day.
Get The News You Want
In the end, Monday nights Globex drop was all about sticking the shorts. If you just bought and held you did great. In terms of the ES’s overall tone, it was firm until the MiM started up just before 2:00, and then flipped after the 2:45 cash imbalance. In terms of the days overall trade, over 1.8 Million ES traded, which seems low for such a big move.
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.
Original post
/h2
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.