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Blue Line Futures - Morning Express

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Morning Express

As you know, our report goes out each morning to clients and Free Trial subscribers berfore 7:30 am CT. Enjoy our Fundamnetals below. But please register for a Free Trial of 1 or all 4 of of our Blue Line Express daily commodity reports in order to get all of our great insight; Techinicals, Fundamenals, and proprietary Bias and Levels. E-mini S&P, Crude, Gold. Contact our trade desk, we cover more - Treasuries, Nat Gas, Copper etc -312-278-0500 or

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E-mini S&P (June)

Yesterdays close:Settled at 2840.50, up 10.75

Fundamentals:Deja vu, equity markets are melting higher again this morning and not on any fresh favorable news. The global landscape is stable and tomorrow the Federal Reserve is expected to confirm a dovish narrative with little to no plans to hike this year (more emphasis on the no plans). They plan to end a streak of quarterly hikes and provide a timeline to finish unwinding their balance sheet. The Federal Reserve is in the drivers seat, they will essentially end their tightening cycle tomorrow and nothing else seems to matter. Not an elusive China trade deal that took a step backwards in recent weeks, not Brexit chaos and certainly not first quarter earnings growth projected to come in at -2.5%.

This morning, ZEW Economic Sentiment data in both Germany and the Eurozone was less-pessimistic than expected; whoever said pessimism was a bad thing. In the U.S, we look to January Factory Orders. Will it come in below expectations for the fourth month in a row? Will it contract for three out of those four? We will find out at 9:00 am CT.

Technicals:Both the S&P and NQ are higher this morning and price action confirms yesterdays breakout close. The next level of resistance in the S&P comes in at ...Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.

Crude Oil (May)

Yesterdays close:Settled at 59.38, up 0.56

Fundamentals:WTI Crude Oil is higher this morning and staring down the barrel at $60 for the first time since November 12th. A broadly strong risk-environment around the globe has helped keep a path of least resistance higher during this seasonally bullish time of year. However, the heavy lifting has come from Saudi Arabia. Not only have they followed through on promises to reduce both production and exports, they have promised to do more. Furthermore, yesterdays comments from the Saudi Oil Minister that they are still working to relieve the glut emphasizes their patience which in turn has continued to invigorate the bull case. Inventories will come into the picture as the day develops and the private API survey is due at 3:30 pm CT.Yesterday, Bill Baruch spoke with Bloomberg to discuss Oils current landscape.

Technicals:Price action is flirting with our major three-star resistance upside target at 59.63 and has come within an eyelash of achieving $60. While we have been upbeat and fairly Bullish in Bias Crude over the last month, we ...Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.

Gold (April)

Yesterdays close:Settled at 1301.5, down 1.4

Fundamentals:Gold is higher this morning after somewhat of a disappointing second half to yesterdays session. Regardless of such, the metal has not fundamentally or technically done anything wrong and patiently awaits the Federal Reserves policy statement and projections on Wednesday. Treasury prices have taken a sharp U-turn from overnight action and this could trickle-in to stop Golds firm start, however, a softer U.S Dollar is helping to offset this. January Factory Orders are due at 9:00 am CT and this will be closely watched to set a tone across Gold, Treasuries and the Dollar today.Bill Baruch spoke on this trio yesterday with Bloomberg as we eye the Fed Wednesday.

Technicals:Gold is testing major three-star resistance for the fifth consecutive session, trading out above it for the second time in a week. Needless to say, todays close will be crucial. Still, there is solid headwind with key resistance coming in at ...Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.

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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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About the author

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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