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A Little Chit-Chat and a Lot of Spending Rallies the Market.

Posted 09/13/2019 9:29AM CT | Jeff Yasak

Stock futures are looking to open higher on Friday with growing optimism on the trade talks between the U.S. and China, along with a domestic retail sales number that exceeded expectations. President Trump calmed the markets Thursday by tweeting, “It is expected that China will be buying large amounts of our agricultural products.” 

China’s Xinhua News Agency corroborated this Friday morning buy saying that “The Chinese government is encouraging companies to buy a certain amount of farm products including pork and soybeans and will exempt these goods from additional tariffs”. A measure of retail sales rose at a better-than-expected rate this month, this was led by sales from internet retailers, building materials and auto dealers.  The Commerce Department reported today that retail sales rose .04% in August doubling the expected .02% gain.

Resistance is setting in at 302100 and 303300, with support being 300000 and 299000.

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Jeff Yasak

Senior Market Strategist
Jeff studied finance at the University of Wisconsin-Madison and at Loyola University. He left the corporate world in 1995 to pursue his dream of working in the financial markets. Jeff's trading career began as a clerk in the S&P 500 pit at the Chicago Mercantile Exchange. This is where he developed a great interest in the options market that led him to the retail futures business. Jeff spent a few years as a broker's assistant before managing clients of his own.
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