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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 2911.50, up 2.00

Fundamentals:U.S benchmarks jumped late last night after GDP, Industrial Production and Retail Sales data from China all beat expectations. The string of good reads should not come as a surprise; China has consistently unleashed stimulus measures through the first quarter and they certainly dont want to post bad numbers amidst negotiating the substance in trade talks with the U.S. It remains to be seen if this is a dead cat bounce in global growth or if there is a budding tailwind. Flash PMIs from Europe and the U.S are due tomorrow and will help give insight. The one thing we do feel confident in is that its unlikely China is done bolstering its economy through fresh stimulus measures.

Earnings are the lifeblood of stocks and overall, they have been pleasant. Morgan Stanley is up 2% premarket after beating expectations. The banks broadly bounced back from Mondays losses and are set to open better today. Yesterday, after the bell, Netflix disappointed but has clawed back into the green at the onset of todays open. Apple and Qualcomm have made friends and not truly at the expense of Intel as they announced an exit from the high-cost 5G smartphone business; both Intel and Qualcomm are holding on to gains of 4% and 8% premarket. The NQ has poked out to new swing highs while the S&P and Dow are so far contained below theirs.

The Healthcare ETF XLV finished lower by 2% yesterday. The sector could play an important role today. Bill Baruch joined CNBCs Trading Nation to discuss UnitedHealth and Johnson & Johnson after earnings.

This morning, we look to Trade Balance data at 7:30 am CT and February Wholesale Inventories at 9:00 am CT. Philadelphia Fed President Harker speaks at 11:30 am CT and St. Louis Fed President Bullard speaks at 11:45 am CT.

Technicals:Price action stayed contained in both the S&P and NQ yesterday but right here we said the NQ was breaking out of what was arguably a two week long consolidation and we find it immediate-term bullish above our level 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 64.05, up 0.65

Fundamentals:Crude Oil solidified its low early in yesterdays session and the uptrend continue. Larger drawdowns in both Crude and Gasoline from the private API inventory boosted prices ahead of the electronic session and stronger than expected data out of China added a tailwind. API reported -3.1 mb Crude, -3.56 mb Gasoline, +2.33 mb Distillates and -1.56 mb as Cushing. This was a compose draw of 4.33 mb, only a slightly larger than the EIA expectations but this was another large headline draw for Gasoline during this seasonally bullish time of year. Analyst expectations for EIA today are for -1.2 mb Crude, -2.133 mb Gasoline and -0.846 mb Distillates; a composite draw of 4.179 mb. Production data will also be key and in the headlines as the OPEC alliance begins a two-day meeting.

Technicals:Price action never closed below major three-star support at ...Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.

Gold (June)

Yesterdays close:Settled at 1277.2, down 14.1

Fundamentals:Two attacks in four session and Gold is below the 1280 floor. On the bright side, its not falling apart and holding ground fairly well. Better than expected data from China last night has lifted the Yuan and the metals sector broadly. The base metals are leading, but Silver is beginning to follow. The better data deters safe-haven demand and Treasuries are under pressure again, however, the Yuan strength is helping to offset this for Gold. U.S Trade Balance data was better than expected this morning, but the larger focus will be on February Wholesale Inventories, factoring into Q1 GDP, and a pair of Fed speakers. Philadelphia Fed President Harker speaks at 11:30 am CT and St. Louis Fed President Bullard speaks at 11:45 am CT.

Technicals:We must maintain the Neutral view on Gold in which we have held since a failed test to 1306.4. Gold is not falling apart; it arguably already has. Minor support comes in at yesterdays low of 1275.5, today is a higher low. However, the longer it stays below 1280.8, larger the probability because that the metal tests our next major three-star support 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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