Stocks Probing for New All-Time Highs

October 12, 2017 3:05PM CDT

The Dow and Nasdaq both printed new all-time highs in the early going of Thursday's session. The mini S&P touched Wednesday's all-time high, but was unable to print a higher price. All three indices are a bit lower heading into the close, but I don’t know that bears will be too encouraged by the slightly red net change readings we’re seeing. Data hasn’t been all that great as of late (Highlighted by last Friday’s Non-Farm Payrolls), but the markets seem to have given it a pass on account of the hurricanes’ effects. With the numbers being given a bit of a pass due to the weather, I think it will take a lot more negative news to shake the indices. Friday's slate includes CPI, Retail Sales, Business Inventories, and Consumer Sentiment. I tend to think good news will be seen as a reason to rally, while bad news will continue to be discounted as a result of the hurricanes. While bad news may not provide a reason to continue higher, I think it will take several substantial misses in economic readings and earnings to turn this over. Traders will also want to pay attention on Sunday morning when Janet Yellen speaks. She’ll be speaking about the global economy, but she may drop some clues as to what will follow the likely rate hike in December.  


Dec '17 Emini S&P Daily Chart

Dec '17 Emini S&P Daily Chart

RJO Futures | 222 South Riverside Plaza, Suite 1200 | Chicago, Illinois 60606 | United States
800.441.1616 | 312.373.5478

The risk of trading futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not indicative of future results. Trading advice is based on information taken from trades and statistical services and other sources that RJO Futures believes to be 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 judgement 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.

This material has been prepared by a sales or trading employee or agent of RJO Futures and is, or is in the nature of, a solicitation. This material is not a research report prepared by RJO Futures Research Department. By accepting this communication, you agree that you are an experienced user of the futures markets, capable of making independent trading decisions, and agree that you are not, and will not, rely solely on this communication in making trading decisions.

Distribution in some jurisdictions may be prohibited or restricted by law. Persons in possession of this communication indirectly should inform themselves about and observe any such prohibition or restrictions. To the extent that you have received this communication indirectly and solicitations are prohibited in your jurisdiction with registration, the market commentary in this communication should not be considered a solicitation.