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Pork, Beans, and Stocks

Posted 09/27/2019 9:05AM CT | Jeff Yasak

Stock futures are pointing higher on Friday morning with the U.S. and China planning to resume trade talks in mid-October.  A rally today would help offset the weekly losses for the stock indexes.  The S&P, Nasdaq and Dow were all headed to end the week lower snapping a three-week winning streak.  The hope is that the two countries can end the tariff war which has seen both imposing billions of dollars’ worth of taxes on each other’s imports.  According to the Ministry of Commerce, some Chinese importers have made deals to buy American soybeans and pork to show goodwill before the talks. “A favorable development on the trade front — that would be the biggest catalyst at this point” to drive equities higher, Brian Jacobsen, multi-asset strategist at Wells Fargo Asset Management, told Bloomberg TV. “We seem to be just waiting and seeing” until the high-level U.S.-China talks next month, he said.

Support today is 296400 and 294800 while resistance is showing 299600 and 301200.

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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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