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Blue Line Morning Express (Gold, Oil, Natural Gas, S&P, 10yr)

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E-mini S&P (December)

Yesterdays close: Finished at 2574.75

Fundamentals: The Fed stayed pat yesterday as expected and left the curveballs to the World Series Champs the Houston Astros. The Dodgers played a great season and series as well, but this is also so great for the city of Houston that has been through so much this year. Back to the market. There was no Yellen presser after this one yesterday, but the statement continued to show concerns on inflation and gave a nod to higher gas prices for pulling more than its weight this last quarter. The S&P reached a new all-time high of 2585.50 yesterday before a somewhat disappointing session unfolded. Equity prices pared gains as the Washington postponed the unveiling of the tax-reform bill to today. Whether it gets released today and its reception will play a critical role in this market. Facebook released solid earnings but is under pressure due to the Russia issue. We come into a huge day of earnings and an even bigger back half of the week. Companies from massive to simply $1B are due ahead of the bell; Alibaba, AmerisourceBergen, CIGNA, Exelon and Yum! Brands to name a few. Of course, all eyes will be on Apple after the bell. President Trump is expected to announce Powell for the Fed Chairmanship today. The Bank of England is expected to raise interest rates at 7:00 am CT. We have Jobless Claims at 7:30 am CT along with Nonfarm Productivity. Fed official Dudley is expected to speak at 11:20 am CT. And of course, tomorrow we have Nonfarm Payroll and ISM Non-Manufacturing.

Technicals: Price action is consolidating back into the middle of its range after trading to a low of 2563.50 overnight. Yesterdays open was .....

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Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.

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Bill Baruch is President and founder of Blue Line Futures a leading futures and commodities brokerage firm located at the Chicago Board of Trade. Blue Line’s mission is to put the customer first and bring YOU the best customer service, consistent and reliable research and state of the art technology. Bill has more than a decade of trading experience. Working with clients he focuses on developing trading strategies that present a clear objective for both long and short-term trading approaches. He believes that in order to properly execute a trading strategy, there must be a well-balanced approach to risk and reward.

Prior to Blue Line, Bill was the Chief Market Strategist at iiTRADER which followed running a trade desk at Lind Waldock and MF Global.

Bill is a featured expert on CNBC, Bloomberg and the Wall Street Journal as well as other top tier publications.

Contributing author since 10/6/17 

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