RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

Daily Futures Trading Update

Futures Market Insight w/John Caruso – 06/19/2019

Posted 06/19/2019 11:17AM CT | John Caruso

Bull and Bear Market

FOMC day today – we’ll know when we know (1pm CST). That’s really all there is to say at the moment, other than the Fed must be explicitly dovish otherwise I expect the equity and bond markets to be disappointed. You could look at Draghi and the ECB’s move yesterday (signaling more stimulus/possible rate cuts) as an attempt to front-run Powell and the Fed today. There’s no doubt that the Fed and ECB coordinate their efforts – though it’d be a major faux pas to say out loud, so I’d think Draghi’s move yesterday is likely foreshadowing a dovish Powell today.  Again, we’ll know when we know. 

The rundown:

Oil- Bounce yesterday ahead of the API report which showed a draw of -812K bbls. We don’t think oil has too much near-term upside as momentum is explicitly bearish – we’d be sellers of oil following a bounce after the 9:30am EIA report. 

Gold- we want to send you the signal, but we’re waiting – the low end of our range continues to inch higher (based on price and volatility) – we’re now carrying a 1324-1360 trading range. 

Dollar- likely going to get direction this afternoon out of the Fed. Remember, when in a G/I slowing environment, the dollar tends to hold a bullish formation as capital flight occurs from outside country’s – we do want to be dollar bears at some point, but we think late summer/early fall will be the best time to short the USD. Again, we’re always data dependent and now at the mercy of the FOMC in terms of Dollar direction. 

VIX- signaling immediate term oversold, coupled with an immediate term overbought signal in U.S. Stocks. This has been a solid indicator of a near-term change in direction in both markets (coupled together). 

Feel free to reach out to John Caruso at jcaruso@rjofutures.com 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.

 

Bull and Bear Market

 

 

Feel free to reach out to John Caruso at jcaruso@rjofutures.com 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.

 

800-669-5354312-373-5286Series 3 Licensed

John Caruso

Senior Market Strategist
Follow John on Twitter @JCarusoRJO. John began his career at Wilshire Quinn Capital, a Wealth Management Firm based out of Los Angeles, California. Prior to becoming a broker he did some individual trading on his own, where he first began to study and interpret different market strategies and ideas. In 2006 John moved over to Lind-Waldock where he began to service clients as a professional broker. He joined RJO Futures in 2011.
Read More