Hello traders everywhere. After all of the tough talk on tariffs and looming trade war, it seems that China and the U.S. both agree that they need to work together. The news came out today that the two countries are in fact negotiating behind closed doors despite the shouting match in the media.
All three indexes are on the rise today after having a disastrous close to last week with the DOW leading the charge erasing Friday's losses and trading 500+ points higher.
Facebook Inc. (FB) continues to come under pressure after the Federal Trade Commission said it has an open, non-public investigation into the company's privacy practices. It hit a session low of 149.02 in early trading and remains down 3% on the heavy trading volume.
Bitcoin continues to come under pressure and is trading back below 8,000 and looking to test the low set in early February of 6,801.47. However, bitcoin ETFs have gotten a vote of confidence from the CBOE. In a letter to the SEC, the CBOE said that "As the volumes continue to grow, especially on regulated U.S. markets, the overall spot bitcoin market looks more and more like a traditional commodity market and CBOE continues to believe that the spot market is sufficiently liquid to support a bitcoin ETP."
Key Levels To Watch This Week:
S&P 500 (CME:SP500): 2,801.90
Dow (INDEX:DJI): 23,360.29
NASDAQ (NASDAQ:COMP): 7,096.16
Gold (NYMEX:GC.G18.E): 1,328.90
Crude Oil (NYMEX:CL.K18.E): 64.11
U.S. Dollar (NYBOT:DX.M18.E): 88.91
Bitcoin (CME:BRTI): 6,194.46
Every Success,
Jeremy Lutz
INO.com and MarketClub.com
I'm no Trump supporter by any stretch of the imagination, but I still think that China really takes very unfair advantage of us. Trade wars aren't good at all, but the problem is that China's economic posture towards is aggressive. Like an actual shooting war, when you find yourself on the receiving end of aggression, you either have to do something about it or be subjugated. And I think that's just one area where this vaunted globalism of our modern world just ends up failing.