Another "trade deal" mini rallyDow pares sharp losses after Trump says trade deal with China is closer
APPLE re-opens Crash Window, bears on the prowl
Posted 02 November 2018 - 01:36 PM
Equities extended losses in early afternoon trading after White House economic advisor Larry Kudlow reinforced earlier reports that President Trump did not direct the Cabinet to draft a trade deal with China. The Dow fell as much as 301 points at its lows of the day.
"There's no massive movement to deal with China," Kudlow told CNBC's "Halftime Report. " "We have already put out asks to China with respect to trade."
"We're doing a normal, routine run-through of things that we've already put together and normal preparation," he said. "We're not on the cusp of a deal."
When asked whether the president explicitly requested his top advisors to drum up a trade deal, Kudlow said "no."
Bloomberg reported earlier on Friday that Trump had asked officials to prepare a draft for a U.S.-China trade deal. Three senior administration officials told CNBC that there was not indication of an imminent trade deal with China.
Apple fell after the company's iPhone shipments for last quarter missed estimates. The company also offered light guidance and announced major changes to its reporting structure. These were enough to overshadow stronger-than-expected earnings and revenue.
Stocks initially surged after the Labor Department said the U.S. economy added 250,000 jobs last month. Economists polled by Refinitiv expected an addition of 190,000. Wages, meanwhile, rose 3.1 percent on an annualized basis in October for the first time since the recession.
Posted 02 November 2018 - 01:38 PM
Yep. SPX 2700 is a key support level
JP Morgan's chart expert says if the S&P 500 can stay above 2,700, the market comeback is for real
- Consistent S&P 500 closes above the 2,700 level could signal a sustained market rally, J.P. Morgan says.
- “After a couple failed attempts to rebound from a bullishly developing technical setup last week, this week's move tentatively has more staying power,” technical market strategist Jason Hunter says.
- J.P. Morgan strategist Marko Kolanovic also predicted a comeback and says a “short squeeze," as hedge funds and other active managers reposition, could undo October’s market damage.
Posted 02 November 2018 - 01:40 PM
SHORTS must be every careful about the attempt to rally the market in the last hour of trading this week.
There will be several attempts, you must get out of the way & join the rally..... go with the market...