Equity

Stocks Down This Morning

Posted 01/29/2021 9:14AM CTJeff Yasak

U.S. stock futures were down this morning after some negative news from Johnson & Johnson on the effectiveness of its one-shot vaccine to fight coronavirus.  Also, large amounts of speculative trading from the retail sector is also causing concern across the markets with the volatility it is creating.  JNJ released data this morning that their one-shot vaccine option was only showing a 66% effective rate compared to Pfizer and Moderna’s 95% effective rate for their two-shot dose. Robinhood removed some buying restrictions on stocks they had halted yesterday with the “short-squeeze” trades we have seen this week.  This caused GameStop shares to double in premarket trading today after $1billion was received from said investors overnight.  The thought of a continuing rise in these sorts of stocks is causing concern that it will carry over to more industries as funds will have to sell other holdings to raise cash for short positions held.  It will be very interesting to see how this day unfolds.

Resistance is 384500 and 389200 with support showing 372500 and 365000.

E-mini S&P 500 Mar ’21 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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