Equity

Stocks Lower with Stimulus Talks Stalling Again

Posted 12/11/2020 9:25AM CTJeff Yasak

U.S. stock futures are trading lower this morning with the Covid-19 stimulus talks stalling once again.  There were some positive signs that the bipartisan stimulus deal, roughly 900 billion, was going to pass but they could not reach an agreement on some aspects of the deal.  The stimulus package has largely been priced in the market so any negative news should hit the market harder than a positive reaction to good news.  “There is a nontrivial chance that we get a deal in the coming weeks,” said Jeff Mills the chief investment officer of Bryn Mawr Trust,” if it doesn’t come by late January, when the new congress is sworn in, then I think we could see markets starting to get a bit nervous.”  Without this new stimulus package millions of Americans could lose their unemployment benefits starting the new year.  Weekly jobless claims also increased to 853,000 this past week, the highest since Sept. 19th , as new lockdown orders took its toll on businesses from new corona virus cases.

Support is checking in today at 364000 and 362000 with resistance showing 368000 and 370000.

E-mini S&P 500 Dec ’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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