Hello traders everywhere. Overall the stock market was having a good week and was looking to close near record highs, but alas the potential for the implementation of tariffs totaling over $200 billion on Chinese goods has once again spooked the markets. News surfaced to today that President Trump has instructed his aides to go ahead with his China tariff plan. This move comes despite U.S. Treasury Secretary Steven Mnuchin's attempt to restart talks with Beijing to resolve the trade war that we are in.
The S&P 500, DOW and NASDAQ will all post weekly gains of around +1%, +.70%, and +1% respectively after bouncing back from weekly losses last week.
Even though the dollar is higher today, it's trading lower for the week losing -.44% on the week. Crude oil has backed off the weekly high of $71.26 to trade in the $68 range after experiencing a rash of hurricane buying mid-week as hurricane Florence was barreling down on the Carolina's but quickly sold off those highs. Gold is relatively unchanged for the week and is currently trading around the $1200 level.
Bitcoin is putting up a good fight and staying above the $6000 level and currently trading at $6475 posting a weekly gain of +4.85% gaining back a little of -13% loss last week.
Key Levels To Watch Next Week:
S&P 500 (CME:SP500): 2,864.12
Dow (INDEX:DJI): 25,754.32
NASDAQ (NASDAQ:COMP): 7,873.93
Gold (NYMEX:GC.Z18.E): 1,197.60
Crude Oil (NYMEX:CL.V18.E): 67.94
U.S. Dollar (NYBOT:DX.U18.E): 95.68
Bitcoin (CME:BRTI): 6,117.30
Every Success,
Jeremy Lutz
INO.com and MarketClub.com
Almost everyone knows trump is in it for himself no one else. His own party knows how bad he really is, look at all the ones that left or were fired because he didn't want to listen to what they said and he didn't he make logical moves. He Is the fake President. He's the load mouth that always wants everyone to believe him no matter right or wrong (which is mostly wrong). All the wrongdoing in office or out and he still believes he's the best President ever lived. Self-centered egotistic.
Questions:
Can Trump ALONE decree these tariffs, or does he need some congressional input/agreement?
Is there a grace period until tariffs become operative after the "tweet" or official announcement?
Is the WTO involved or will it be involved?
What will happen if and when US agro exports fall or disappear?
What will happen to US manufacturers if supply lines from China are disrupted or products become too expensive?
Finally: Who will blink first?
Lopsided activities between nations always draw the attention of the world's population!
Friends are not friends if one in the group takes advantages from the other friend?