Daily Comments

April 22, 2019

S&P

The S&P is barely lower on the session as trades were quick to buy into the lower opening. The big news of the day is the full cancellation of waivers for those buying Iranian crude. This news is helping the oil patch, effectively supporting the S&P. Given the already bullish froth of the market it’s hard to imagine what can stand it the way of new all-time highs. Earning reports have been supportive in that they have’t torpedoed the market and we have a slew more this week including the kingpin, Amazon.
For today, as long as the early lows are held, we should meander higher into the close.

CRUDE OIL

Crude prices are trading sharply higher on news the U.S. is cancelling all waivers for those buying Iranian oil. It’s said both the Saudi’s and UAE have agreed to make up the lost production but it could take some time. Also they really don’t have the capacity to do so. And what if the Iranian get hostile and close the Strait of Hormuz or take action versus the Saudi’s. This is a story that needs additional details so be ready for when they come.
For today, the next upside target is 6800-7000. You can use any downside reversal as a stopping point.

10-YEAR TREASURY NOTES

Treasury Notes are trading lower on the session, right back testing initial support. The treasury market is finding it difficult to mount any lasting rally. As long as equity markets continue to head higher, there’s not a good reason to have any safe haven buying of treasuries.
For today, support at 12222-12226 will be tested and it better hold or else we could head down to 12200. Need a close over 12312 to put the bulls in charge

Futures trading is speculative and involves the potential loss of investment. Past results are not necessarily indicative of future results. Futures trading is not suitable for all investors.

BuyLowSellHigh.net Daily Commentary is published by BuyLowSellHigh.net and John McLane is the editor of this publication. The information contained herein was taken from financial information sources deemed to be reliable and accurate at the time it was published, but changes in the marketplace may cause this information to become out dated and obsolete.

It should be noted that BuyLowSellHigh.net nor John McLane has verified the completeness of the information contained herein. Statements of opinion and recommendations, will be introduced as such, and generally reflect the judgment and opinions of John McLane, these opinions may change at any time without written notice, and BuyLowSellHigh.net assumes no duty or responsibility to update you regarding any changes. Market opinions contained herein are intended as general observations and are not intended as specific investment advice.

Any references to products offered by BuyLowSellHigh.net are not a solicitation for any investment. Readers are urged to contact your account representative for more information about the unique risks associated with futures trading and we encourage you to review all disclosures before making any decision to invest. This electronic newsletter does not constitute an offer of sales of any securities. John McLane and BuyLowSellHigh.net and their officers, directors, and/or employees may or may not have investments in markets or programs mentioned herein.