Daily Futures Trading Update
Futures Market Insight w/John Caruso – 05/08/2019Posted 05/08/2019 2:01PM CT |
U.S. Treasuries have had a great week….thus far. We want to continue to allocate the USTs when yields bounce to the top of our range – currently 2.54%(top of range) on the 10yr yield. So today, with yields approaching the low end of our range (2.42%), you start trimming gains. USTs remain our favorite long position in macro today.
Equities: I’m interested in the Nasdaq’s to be honest – we do own some as of late yesterday as the Composite hit the low end of our range yesterday, we’ll buy the dip for a trade. Implied volatility is at massive premium in the S&P 500 (+96%) WITH the VIX signaling immediate term trade overbought. VIX has moved to bullish trend, so whatever we do in equities on the long side will be brief. The trend line in the S&P 500 is still firmly intact (2819) – however the immediate term “trade” line has snapped.
China: Shanghai Index is back to bearish trend -10% m/m as tariff increases loom but negotiations are ongoing.
Yen: the USD/JPY has now moved to “bearish” trend (bullish Yen futures). We’ll be buying dips here back to the low end of our range in the Futures (top end of the USD/JPY.
ES (bullish) 2876-2924
10yr yield (bearish) 2.42-2.54%
VIX (bullish) 1398-2098
Gold (bullish) 1269-1299
USD/JPY (Bearish) 1.0969-1.1146
Feel free to reach out to John Caruso at firstname.lastname@example.org or 1-800-669-5354 if you’d like to get a 2 month free trial of our proprietary trade recommendations by email.
Also, be sure you sign up for our exclusive RJO Futures PRO simulated demo account here.
RJO Futures PRO Simulated Account includes:
- -$100K simulated trading capital
- -Live Streaming Quotes and Charts to help you test out your trading abilities in real-time.
- -Access to our Professional Trading Desk for advice and free daily research.