RJO FuturesCast

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Gilead Rallies Stock Market

Posted 04/17/2020 9:37AM CTJeff Yasak

The stock market jumped after a major drug maker presented a promising treatment for patients diagnosed with COVID-19 while policymakers escalated talks of reopening businesses. According to Stat News, a health-care media site, there have been promising results from a drug used to treat COVID-19. This disease has taken the lives of almost 150,000 people world-wide and closed most of the global economy to contain it. Researchers at the University of Chicago Medical Center have reported that they have seen “rapid recoveries” in patients taking Gilead Sciences experimental drug remdesivir in clinical trials.

Even though health officials and lawmakers have been saying that this country’s testing capacities fall dangerously short, President Trump released guidelines for a return to normalcy where coronavirus cases are low. Kristina Hooper, a global strategist at Invesco had said, “There is also positive sentiment being generated by the White House’s plan to begin slowly rolling back lockdown measures.  It seems clear that, as of late, stocks have chosen to look through what is expected to be a dramatic drop in earnings, and forward to a resurgence in economic activity in the not-too-distant future.”

Support today is 278000 and 2730 with resistance showing 284000 and again at 285000.

E-mini S&P 500 Jun ’20 Daily Chart
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Jeff Yasak

Senior Market Strategist
Since leaving the corporate world in 1995, Jeff has established a name for himself as a trusted financial advisor and trading advocate—leveraging his studies in finance from the University of Wisconsin-Madison and Loyola University, 25+ years of experience, and a passion for the industry to guide both novice and experienced traders in pursuit of achieving their own financial reward. Jeff began his career as a clerk in the S&P 500 pit at the Chicago Mercantile Exchange—fostering a deep interest in the options market that eventually drove him into the retail futures sector where he spent several years as a broker’s assistant before taking on clients of his own. Operating at the intersection of strategy and success, Jeff seeks to establish meaningful relationships with clients—synthesizing financial data and offering timely insight that informs critical decision-making surrounding money management and trading activities. Well-versed in the futures, securities, equities, and indices markets, Jeff is uniquely positioned to direct his clients to success. With a carefully cultivated combination of experience and expertise, he is able to connect with clients to better understand their goals and offer sound financial guidance that delivers notable bottom-line results.
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