Equity

We Have Lyft Off!

Posted 03/29/2019 9:13AM CTJeff Yasak

U.S. stock futures were up overnight as the trade news was a bit upbeat. The Secretary of the Treasury, Steve Mnuchin, tweeted that constructive talks have concluded in Beijing, and he was looking forward to meeting China’s Vice Premier Liu in Washington next week.  The Chinese commerce ministry spokesman, Gao Feng, was also positive stating that both sides are currently sparing no effort in the talks. The investors are also very excited today with ride-hailing company Lyft entering the market today with its IPO. The company is hoping to put upwards of 30 million shares up for sale at an anticipated price of $72 each.  Lyft with a valuation of $24bn is widely preferred to Uber and it’s $120bn valuation.  Uber has been criticized for concerns of passenger safety and sexual harassment. Today’s resistance is 283400 and 284500 while support coming in at 256000 and 254500.

E-Mini S&P 500 Jun ’19 Daily Chart

E-mini S&P 500 Jun '19 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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