He didn't tweet but held a press conference... immediately he said the deal is not yet on paper, the markets went south closing well off their high. We seen this movie before... IP is supposed to be in the deal, but then it was in last time too... the time the Chinese took out that page
Tuesday will be big. A decent economic cross-section to kick things off. United Airlines, Blackrock, Wolverine (work shoes), Citigroup, JB Hunt, Rio Tinto, Goldman, Schwab and IB. I know they like to look ahead, but the economy is solid AF right now and yoy comps have already been adjusted lower across most sectors. Wednesday will be NFLX. Bfd imo. Who cares. Problem is they are weighted so heavily. The good one Wednesday to look at will be United Rentals (URI). They should come in strong, especially with falling rates. $118 might be a solid buy on that one. So all that said, I'd sell any spike out of the gate tomorrow night as we should get a slight (precautionary) sell-off into Tuesday. Odds are we'll head back down for a bit.
Gametime... Lets let it creep up. Pretty obvious he's spooked about something imo. Posting this stuff a few minutes before the open. Sell 2984.75 ________________________ Donald J. Trump Verified account @realDonaldTrump 6m6 minutes ago CHINA HAS ALREADY BEGUN AGRICULTURAL PURCHASES FROM OUR GREAT PATRIOT FARMERS & RANCHERS! 1,789 replies 1,960 retweets 7,802 likes Donald J. Trump Verified account @realDonaldTrump 9m9 minutes ago ....I agreed not to increase Tariffs from 25% to 30% on October 15th. They will remain at 25%. The relationship with China is very good. We will finish out the large Phase One part of the deal, then head directly into Phase Two. The Phase One Deal can be finalized & signed soon! 668 replies 1,432 retweets 5,125 likes Show this thread Donald J. Trump Verified account @realDonaldTrump 9m9 minutes ago My deal with China is that they will IMMEDIATELY start buying very large quantities of our Agricultural Product, not wait until the deal is signed over the next 3 or 4 weeks. THEY HAVE ALREADY STARTED! Likewise financial services and other deal aspects, start preparing.... 1,068 replies 2,016 retweets 7,413 likes
Long 2975 target 4 points higher. Stop is over 10 points down since I plan to add contracts if trade goes against me.
Obviously this was a profitable trade. The problem here is that support is under 2965 so I needed a bigger stop since market is volatile. I don't feel this is negative risk vs reward since I wanted to add to this trade if we approached support.
Overall, I liked the trade since target was much higher than my normal scalping target. With market volatility, it's easier to make more points than during slow days.
It's not much of a deal, hadly a deal at all. Only Trump thinks its a grate deal... all China did was re-promise what they promised 2 years ago on farmers purchases then did not do, and re-promise what they promised on IP then did not sign... regurgitated deal?
It does not matter to me what your opinion of the trade deal is, what matters to me is how PA responds to the trade deal. The trade deal created PA which produced good setups. Also, if you think the trade deal is bearish, feel free to post your short like I posted my long trade. Remember all trades are based on the bleeding right edge of the chart.