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Stocks Rally to Kick Week Off | RJO Futures

Posted 02/13/2017 3:04PM CT | Bill Dixon

Stock indices are all higher heading into the close of business for Monday.  The S&P, Dow, and Nasdaq are all up over .5% with just 40 minutes left in today’s trading session.  The moves, once again, have made new all-time highs.  Many are citing President Trump’s promise to unveil a tax plan that will feature tax cuts within the next few weeks as a reason to have a positive outlook for the near future.  Starting tomorrow, we have some pretty important news events that should influence direction moving forward.  Following PPI tomorrow morning, Federal Reserve Chair Janet Yellen will begin her semi-annual monetary policy testimony before the Senate Banking Committee.  This will be a two day event, and various other “Fed Heads” will be speaking throughout the course of the week.  Traders will be focused on their dialogue to help form opinions about the potential March rate hike.  As of now, Fed Funds are showing just a 17% chance of a hike.  While we’re not expecting a hike in March, it appears the odds of a June hike are currently sitting at 69%.

 

Emini 240 min Chart

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Bill Dixon

Senior Market Strategist
Bill began his career working with a firm of technical commodity traders specializing in the treasury and metal markets. In 2006 he moved over to Lind-Waldock as a broker. Bill joined RJO Futures in 2011.
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