RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

To no surprise May Retail Sales comes in at -0.3% vs and expected +0.2% M/M.  Last week we saw the Univ. of Michigan Consumer Confidence number reach an all-time low of 50.2 (down from 58.4).  So to contextualize this, consumer sentiment is at its lowest point now than when we were experiencing a once in a 100yr Pandemic.

Later today:  FOMC Announcement and an Ad Hoc (panic driven) meeting by the European Central Bank.  The Federal Reserve is expected to raise rates by 75bps (originally 50bps) later today, and we’ll learn more about the future direction/pace of interest rate increases. 

Global equity markets have rallied on the news of an emergency ECB meeting, and Gold prices are beginning to sense “panic” by Global Central Banks, +0.51% on the day. 

SP500 +0.81%

10yr Yield 3.37%

Gold +0.51%

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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. John made his move to the commodity industry at the end of 2005, and began his path at Lind Waldock, at the time the largest retail brokerage division worldwide. John did his undergraduate work at Robert Morris University in Pennsylvania from 1999-2003, where he was a 4 year varsity basketball letterman.  A self-professed “Macro Trader”, John uses a multi-factor fundamental and “quantamental” trading model in distinguishing market cycles based upon the accelerations or decelerations of growth and inflation metrics. His technical and quantitative approach is heavily reliant upon trend and market range analysis via a custom built standard deviation system in helping him make probability-based market decisions. John is an avid reader of all things pertaining to finance, and behavioral economics. Click here to sign-up for John Caruso's Trading Coach Insights. Daily information and insight on all futures marketsin ranging from metals to equities.
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