RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

Indices

Stocks Up Despite Senate Uncertainty

Posted 01/19/2018 8:28AM CT | Bill Dixon

The trend higher is continuing this morning with the four major indices all posting small gains heading into the opening bell.  We had some mixed earnings results yesterday afternoon, but I’m not sure we saw anything negative enough to actually stop the upward momentum.  While much of the up move can be attributed to the business friendly stance Washington has taken, it appears the Senate may have some trouble coming to an agreement that would avoid a government shutdown.  Perhaps it is just posturing, but we’re getting dangerously close to our first shutdown since October of 2013.  Considering how often it comes up and how rarely it occurs, I’m guessing we avoid the shutdown.  Aside from that, news is pretty light today.  Consumer sentiment and the Baker-Hughes rig count are about all we’ll see today, so barring any surprises or more news that we’ll actually see a government shut their doors for a bit, I think the trend will remain your friend. 

E-mini S&P 500 Mar ’18 Daily Chart

e-mini_s&p_mar18_daily_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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