Yesterday, Fitch downgraded U.S. Credit from AAA to AA+. The last time U.S. credit was downgraded was by S&P on Friday August 5, 2011, after the close, from AAA to where it stands today at AA+. On Monday, E-mini S&P futures finished -7.2% and settled at 1111.25. In the next session, overnight, E-mini S&P futures traded to a low of 1077, but finished the day +5.44%. In fact, to the August 31st peak E-mini S&P futures gained as much at 14% from that low. On October 11, 2011 that low was tested and rejected. The stock market has never looked back!
Added selling pressure showed up today from another hot private ADP Payroll survey at 324k jobs versus 189k. They also revised June’s blowout of 497k down nearly 10% to 455k. Remember, Nonfarm Payroll for June came in at 209k versus 225k expected. To make matters worse, the ADP survey does not include wage growth data, meaning there is little context here.
A big week is still getting underway with ISM Non-Manufacturing due at 9:00 am CT Thursday, and July Nonfarm Payrolls due at 7:30 am CT.
www.tradingview.com/cme/
CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs
Disclaimers
*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
Added selling pressure showed up today from another hot private ADP Payroll survey at 324k jobs versus 189k. They also revised June’s blowout of 497k down nearly 10% to 455k. Remember, Nonfarm Payroll for June came in at 209k versus 225k expected. To make matters worse, the ADP survey does not include wage growth data, meaning there is little context here.
A big week is still getting underway with ISM Non-Manufacturing due at 9:00 am CT Thursday, and July Nonfarm Payrolls due at 7:30 am CT.
www.tradingview.com/cme/
CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs
Disclaimers
*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.