Markets
Saudi Arabia is today due to unveil “Saudi Vision 2030,” a plan to overhaul the kingdom’s economy in order to reduce its massive reliance on oil revenues, which account for 80% of its income but are taking a battering amidst the plunge in oil prices. Prince Mohammed bin Salman, who at 31 has amassed much power in his young hands, intends to create the world’s largest sovereign-wealth fund with over $2T in diversified assets and to sell under 5% in state oil monopoly Saudi Aramco in an IPO.
In Asia, Japan -0.8% to 17,439. Hong Kong -0.8% to 21,304. China -0.4% to 9,617. India -0.6% to 25,679.
In Europe, at midday, London -0.3%. Paris -0.4%. Frankfurt -0.7%.
Futures at 6:20, Dow +0.1%. S&P flat. Nasdaq -0.8%. Crude -1.2% to $43.19. Gold +0.3% to $1234.
Ten-year Treasury Yield – 1 bps to 1.875%
(Source: Seeking Alpha)
10:30 Dallas Fed Manufacturing Survey
1:00 PM Results of $26B, 2-Year Note Auction
HOD Range Projection = 2091.02; LOD Range Projection = 2074.40; CD2 Maximum Penetration Level = 2101.42; CD2 Maximum Violation Level = 2055.58; Cycle Day 1 Low = 2075.00; 3 Day Central Pivot = 2089.25; 3 Day Cycle Target = 2099.96 10 Day Average True Range = 17.02.
**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.
Today’s Hypotheses: June (M) Contract
*****The levels outlined below are more general framework within a larger range…They are to be used are reference prices from which to consider trade opportunities, not hard trade levels.
Scenario 1: IF price clears and convert 2090 – 2092 zone, THEN upside projects 2096.50 SPOT followed by 2100.00.
Scenario 2: Violation and conversion of Cycle Day 1 Low (2075.00) opens trap door forcing selling targeting 2068.50 followed by 2063.50 – 2060.50 STATX Zone.
Trade Strategy: Our tactical trade strategy will simply remain unaltered…We’ll be flexible to trade both long and short side from Decision Pivot Levels. Continue to focus on Bull/Bear Stackers and Premium/Discounts. As always, remaining in alignment with dominant intra-day force increases probabilities of producing winning trades.
Stay Focused…Non-Biased…Disciplined ALWAYS USE STOPS!
Good Trading…David
“Knowing is not enough, We must APPLY. Willing is not enough, We must DO.” –Bruce Lee
*****This trade strategy report is disseminated for “education only” and should not be viewed in any way as a recommendation to buy or sell futures products.”
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS