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BrokersEDGE Morning Futures market newsletter 1-17-18 E-mini S&P, Crude Oil, Gold, Natural Gas, ten year notes

  E-mini S&P (March) Yesterday’s close: Settled at 2783.50 Fundamentals: The S&P traded to 2808.50 yesterday morning and hit our major three-star resistance at 2807. The rally over the holiday weekend was on momentum alone ahead of earnings season and after a strong close to the week that saw JP Morgan gain 1.65% on Friday. As we discussed here yesterday morning, the exuberance coming into the session felt overdone. When this happens, any one thing can quickly spook the market. The looming government shutdown at the end of this week did just that. Talks in Congress hit a snag yesterday...
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BrokersEDGE FX Market recap 1-16-18

  Euro (March) Session close: Settled at 1.23165, up 88 ticks Fundamentals: The Dollar saw renewed weakness on the session after Congress hit a snag in passing a funding bill to keep the government from shutting down at the end of the week. With this the Euro finished the session near its highs. Price action put in a high early Monday morning before retreating about a penny on comments from an ECB source that they are unlikely to remove their bond-buying pledge at their meeting next week. We discussed in Thursday evening’s FX Rundown and Sunday’s Tradable Events this Week...
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BrokersEDGE Livestock wrap up 1-16-18

Cattle Commentary: Cattle futures started today’s session on firm footing but prices faded until the final minute; literally. April live cattle rallied from 119.80 to 120.625 between 12:59 and 1:00pm cst. The final print today came in at 120.425, this was up .975 on the session. February futures finished the session up .775 at 118.15. We continue to have a friendly stance on cattle with April continuing to be our preference. There has been no cash trade to note this week, but packer bids are starting to come in at 118. The bulk of last weeks cash trade came in...
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BrokersEDGE Futures news and research letter 1-16-18

E-mini S&P (March) Last week’s close: Settled at 2788.75 Fundamentals: Global equity markets are in rally mode. The S&P is at a new all-time high ahead of earnings season and seeing strong buying on the Russell 2000 finally breakout (see Russell target below). JP Morgan beat on Friday and gained 1.65%, it has extended another .75% into this morning. Essentially, the entire board except Facebook and GE were green ahead of the holiday weekend and those losses were easily offset by any one of their counterparts. Citigroup is due to release earnings this morning. We also have NY Empire State...
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BrokersEDGE Futures news and research letter 1-16-18 Grain trading

CORN (March) Last Weeks Close: March corn futures finished Fridays trade just 1 ½ cents lower, trading in a range of 4 ½ cents on the day. Funds were estimated sellers of 13,000 contracts (larger volume due to USDA report). For the week March corn futures finished the week down 4 cents, trading in a range of 6 cents. Fridays Commitment of Trader’s report showed funds have a net short position of 222,516 futures and options. Keep in mind that the CoT data is compiled, and funds have likely exceeded their previous record short of 230,556 futures and options. Fundamentals:...
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