RJO FuturesCast

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Equity

Stocks Up on Retail Sales

Posted 10/16/2020 8:55AM CTJeff Yasak

U.S. Stock futures are up this morning after a strong retail sales number and very promising news on a Covid-19 vaccine from Pfizer.  According the U.S. Census Bureau “Advance estimates of U.S. retail and food services sales for September 2020, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $549.3 billion, an increase of 1.9 percent (± 0.5 percent) from the previous month, and 5.4 percent (± 0.7 percent) above September 2019. Total sales for the July 2020 through September 2020 period were up 3.6 percent (± 0.5 percent) from the same period a year ago. The July 2020 to August 2020 percent change was unrevised at up 0.6 percent (± 0.2 percent). Retail trade sales were up 1.9 percent (± 0.5 percent) from August 2020, and 8.2 percent (± 0.7 percent) above last year. Non-store retailers were up 23.8 percent (± 1.6 percent) from September 2019, while building material and garden equipment and supplies dealers were up 19.1 percent (± 2.1 percent) from last year.”

Also, this morning, Pfizer Inc stated that is applying for emergency use of their experimental Covid-19 vaccine that they are co-developing with BioNtech SA.  This could come as soon as the end of November. This is a bit longer than they had first anticipated but it will be filed once two months of safety data are compiled per FDA rules. This news had Pfizer shares trading up 53% in the premarket.

Support today is 345000 and 341500 with resistance showing 351000 and 352500

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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