Valuation Update

Valuation Update and a new “Fair Value” trading range, futures are extending the late Thursday gains, today investors will see if the year-end bounce can continue, there are a few economic reports including International Trade in Goods (E: -$75.7B), Chicago PMI (E: 62.4) and Pending Home Sales Index (E: 1.5%) but none of those should move markets materially and more.

Trade War Indicator

Today, trader focus is going to primarily be on the mid-term elections although results will not come in until after the close, a realtime trade-war indicator to watch, futures are slightly lower with EU markets this morning on renewed political tensions despite upbeat economic data o/n while US focus turns ahead to the mid-terms and more

Tariff Update (It Was an Important Weekend)

Today focus will be on whether the new tariffs are formally announced, futures are modestly lower, the WSJ had two important trade articles over the weekend. The first stated the Trump administration will implement 10% (vs. (E) 25%) tariffs on Chinese exports, while the second said if that happened, China would cancel the next round of trade talks. Asian markets dropped 1% on the combined stories, but European and U.S. markets are taking a “wait and see” approach and are down only marginally, and more.