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Futures

Striking Options: 10/19 Equities and Treasuries


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This video is from CME Group and is being posted with CME Group’s permission. The views expressed in this video are solely those of the author and/or CME Group and IB is not endorsing or recommending any investment or trading discussed in the video. This material is for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IB to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


15039




Technical Analysis

Blue Line Grain Express: Corn, Soybeans and Wheat


Check out yesterdays “2 Minute Drill” on our YouTube channel: Blue Line Futures YouTube

CORN (December)

Session Close: December futures closed right where they had opened, trading in a 3-cent range.  Funds were estimated to have been buyers of 1,000 contracts on the day. 

Fundamentals: The market found some positive news yesterday in the export sales.  Export sales came in at 1,254,900 metric tons, this was above the top end of expectations at 1,100,000 metric tons.  Although the print was good, it was only good enough to keep sellers at bay, and not good enough to invite new buyers into the market.  Additional supportive news came from Informa Economics, they lowered their 2018 planting forecast from 91.88 million acres to 90.46 million acres.  Harvest activity will continue to be monitored here in the states, weather has been favorable and should be through the weekend which should be reflected in Mondays harvest progress report.  Outside of the US, we are keeping an eye on weather developments in South America as they continue to get the crop in the ground.  Argentinean planting is reportedly 27.7% complete, this compares with the 35% we saw for the same time last year.

Technicals: There is not a whole lot of new news to report on the technical front as the market continues to hover right around 350 in a tight range.  If the bears cannot press the market any lower, it is possible we see funds start to unwind their short position (record short for this time of year).  The bulls will want to see a close above the 50-day moving average which has crept lower to 354 ½.  We have not closed above the 50-day moving average since July.  A close above opens the door to 360 which is a key Fibonacci retracement, although it is “only 5 cents”, I’m sure longs would be more than happy with that the way the market has been trading.  On the support side of things, 342 ½-344 ¼ iw the support pocket, a close below could lead to a move down to 335.

Bias: Neutral

Resistance: 354 ½-356 ¼**, 360-362***, 372-375**
Support: 342 ½-344 ¼**, 334-335 ½***

 

SOYBEANS (November)

Session Close: November soybeans managed to stabilize and close 2 ¾ cents higher yesterday, the market traded in a 6-cent range.  Funds were estimated to have been buyers of 4,500 contracts.

Fundamentals: Soybeans founds some strength despite yesterday’s export sales coming in at 1,275,200 metric tons, below the estimated range from 1,300,000-1,700,000 (albeit high expectations).  The USDA also showed a flash sale of 384 metric tons to China for 2017/2018.  Informa Economics released their updated estimates for 2018 plantings, they increased bean acres from 89.05 million acres to 90.347 million acres.  As with corn, harvest will continue to be monitored here in the states as weather has been friendly for producers who may be behind the ball due to less than ideal conditions as of late.  We will get a harvest progress update Monday after the close.  Weather in South America will also be monitored closely as they continue to plant, we hope to have more for you on that front Monday. 

Technicals: Soybeans found some buying interest yesterday on the inability for bears to break down below the previous day’s session.  We were really wanting to see the market drift lower towards 975 ½-977 for what we perceive as a great risk/reward scenario.  This support pocket was originally significant resistance last week, the point at which the market broke out and accelerated toward $10.  993 ½ is the line in the sand the bulls want to see a close above, if they can achieve this, we could see the funds extend their long position and press prices towards 1014.  If the market cannot gain grind above resistance, we will be looking for prices to retreat back towards first support.  A break below that support pocket we previously mentioned could open the door to 960 ¾-964 on the back of long liquidation.  This pocket contains the 50-day moving average, 100 day moving average, key Fibonacci retracement, and trendline support from the August lows. 

Bias: Bullish

Resistance: 993 ½**, 999 ½-1003 ¼**, 1014****
Support: 975 ½-977****, 960 ¾-964****, 939 ¾**

 

WHEAT (December)

Session Close: Wheat futures closed higher by 2 ¾ cents yesterday, trading in a 6 ¾ cent rage.  Funds were estimated to have been buyers of 2,500 contracts. 


Fundamentals: Wheat managed to close higher yesterday, the fourth close in the green in 16 sessions.  The support came from a great export sales number yesterday morning.  Export sales this morning came in at 615,400 metric tons, this versus the estimated range from 250,000-450,000 metric tons. This was 3.5x more than last week’s 174,961 metric tons.  Mexico was the top buyer, followed by China.  Although it was a good number, the market needs to see this become a trend on a weekly basis to encourage buying, not just moderate short covering.  Informa Economics released their updated estimates for 2018 wheat plantings, they have all wheat at 45.9 million acres. 


Technicals: Wheat Technicals still favor the bear came and will continue to do so until the market closes above key technical resistance.  First resistance comes in at 442, this represents the 50 day moving average, an obstacle the market has not been able to close above since July.  A close above could encourage additional short covering and help elevate the market back towards the September 27th highs of 462 ¾.  On the bottom side first support remains at 428 ¼, with the significant level being 422 ½ which represents contract lows from August 29th.

 

Bias: Bearish

Resistance:442-445 ¾***, 462 ¾**, 478-479****
Support: 428 ¼**, 422 ½****, 415 ¼**
 

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.

 

Visit our website at www.bluelinefutures.com to open an account and stay up to date with our research.

Oliver Sloup is Vice President of Blue Line Futures. Oliver has been a guest on CNBC and Bloomberg, among others.  Oliver has over a decade of trading experience. Prior to Blue Line Futures, Oliver worked as the Director of Managed Futures at iiTRADER.

Blue Line Futures is a leading futures and commodities brokerage firm located at the Chicago Board of Trade. We work with clients that range from institutional to professional to novice and from self-directed to broker-assisted. No matter what type of trader you are, our mission is simple; to put the client first. This means bringing YOU strong customer service, consistent and reliable research and state of the art technology. 

This article is from Blue Line Futures and is being posted with iBlue Line Futures’ permission. The views expressed in this article are solely those of the author and/or Blue Line Futures and IB is not endorsing or recommending any investment or trading discussed in the article. This material is for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IB to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


15038




Stocks

Still Rising


It should surprise no one at this juncture that the stock market rebounded from a weak start yesterday.  The Dow Jones Industrial Average and S&P 500, in fact, eked out new record highs after being down 105 and 13 points, respectively.

There won't be a weak start today.

The S&P 500 futures are up six points, the Nasdaq 100 futures are up 14 points, and the Dow Jones Industrial Average futures are up 87 points.

The ostensible catalyst for the positive bias is the news that the Senate voted 51-49 to approve a budget resolution.  That has been touted as a step toward getting tax reform done as it was a necessary vote to open up the possibility of passing a tax plan under the reconciliation process, which requires only a simple majority in the Senate to pass tax legislation versus the typical 60-vote threshold.

The Senate budget resolution, though, still needs to be reconciled in conference with the House budget resolution.  That might not be the easiest task since the two budget resolutions are not aligned on a deficit-neutral axis, yet the market appears to like the chances of GOP compromise on the budget front.

Our sense is that the stock market has been partial to such an outcome, so don't be surprised if the early pop on the good, but maybe not-so-surprising, news gets faded.

There is little question the stock of General Electric (GE) is going to fade at the open.  It's down 7% in pre-market trading after the fallen industrial giant reported much weaker than expected third quarter results and slashed its 2017 outlook.

GE still has a $200 billion market cap, making it the 20th largest company in the S&P 500.  Nevertheless, it isn't a market mover because market participants recognize GE has some very company-specific problems; hence it is down 25% year-to-date while the S&P 500 is up 14.4%.

Procter & Gamble (PG) checked in slightly ahead of analysts' average earnings expectations, but is indicated 1.7% lower, while Schlumberger (SLB) posted in-line results and is little changed.

Separately, there are reports this morning that Fed Governor Powell and Stanford economist John Taylor are frontrunners to be named the next Fed chairman.  President Trump will make that decision soon and it's a topic I'll be addressing in a column that will be posted to The Big Picture later today.

The current Fed chair, Janet Yellen, will be giving a speech tonight entitled "Monetary Policy Since the Financial Crisis."  The title alone suggests it should be a long speech, yet we won't be surprised if it is short on new insight that can move the capital markets in a big way.

Right now, the movement in the capital markets ahead of the Existing Home Sales report for September (Briefing.com consensus 5.29 million; prior 5.35 million) at 10:00 a.m. ET shows strength for stocks and the dollar and weakness for oil (-0.8% to $50.90) and Treasuries. 

The latter are down across the board as traders take into account the budget resolution from the Senate that would add to the deficit, albeit without accounting for growth effects, after allowing for tax cuts, and in response to a stock market that is tempting a drain of capital from lower-yielding Treasury securities.

--Patrick J. O'Hare, Briefing.com

This article is from Briefing.com and is being posted with Briefing.com's permission. The views expressed in this article are solely those of the author and/or Briefing.com and IB is not endorsing or recommending any investment or trading discussed in the article. This material is for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IB to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


15037




Stocks

What Black Monday Taught Us


Blue Moons

The U.S. stock market has provided four out-of-body experiences during the past half century:

  1. The 1973-74 bear market;
  2. Black Monday;
  3. The New Era's rise and fall;
  4. The 2008 financial crisis.

In each instance, the markets took over the broadcast news. It's not normal for investments to own the headlines. They are customarily treated as ancillary dispatches, along with the traffic, sports, and weather, rather than as items that affect the entire nation. But on occasion, stocks force their way to the forefront. When that happens, everybody cares how the Dow Jones finishes on the day.

Oh, did we ever on Oct. 19, 1987! That was the most shattering stock-market performance of my lifetime. At the time, I owned no stocks, nor did I expect ever to do so. (I was not born into an investing family.) Nonetheless, I spent that day searching for a radio, listening in horror to what seemed to be a national collapse.

As related in this reminiscence, Federal Reserve chief Alan Greenspan was caught unaware. He knew that the markets had started badly, then boarded a plane. When his flight landed, he asked how the Dow had fared. The answer was "Down 508"--the largest one-day percentage drop in the index's history. Greenspan was pleased. He interpreted that response as meaning "Down 5.08."

Receiving breaking news on the radio, with a senior federal official flying in silence. Technology has certainly changed. However, the investment issues that underlie Black Monday persist.

It's Only Academic
So much for the stock market's alleged efficiency. Try as one might--and some did--there was no explaining why a stock index that was worth 2,246 points on Friday afternoon should trade at 1,738 points one business day later. The intervening economic news had not been unusually bad. Tensions were high in the Persian Gulf, and the dollar's weakness sparked concern, but those were ordinary, ongoing dangers. There was no way to square the stock market's behavior with the economic fundamentals.

As this Wall Streeter explains, "The crash of 1987 was largely a trading event, not a fundamental or economic one." The market's mechanisms jammed. Such a problem falls outside the academic purview, as the efficient-market hypothesis doesn't trouble itself with trading issues. Once market participants have established their prices, they seamlessly buy and sell at their desired levels.

There was nothing seamless about Black Monday's trading. Sell orders overwhelmed market makers. Plummeting quotes spooked potential buyers. Stock-index prices dropped below those of the underlying securities, which encouraged stockholders to sell their merchandise and buy the cheaper index future. Such actions did provide some support for the index futures, but they further damaged the stocks themselves.

In short, the day was a mess. It illustrates that although the efficient-market hypothesis is a fine approximation of the truth, an approximation is not the truth. Exceptions exist, and sometimes they are very meaningful. More broadly, academic insights should be consumed with a helping of salt. They typically carry both stated and unstated assumptions.

Upshot: With academic findings, trust but verify.

When Chaos Reigns 
The causes of the trading failure were widely debated. Most researchers faulted the newfangled technique of portfolio insurance, which (apparently) caused the decoupling of stock-index prices with those of the underlying securities. However, as index and securities don't confess, the evidence was circumstantial, and it was acknowledged that Black Monday's glitches were too large and numerous to be explained by portfolio insurance alone. Other factors were also at work.

The exact details are unimportant today. What matters is the recognition that change can create instability. Inevitably, the stock market's traits evolve. Its participant base transforms (in recent decades, from individuals to institutions, and from active management to passive management), the investment techniques adapt, and the trading platforms incorporate new technology. The effect of these items cannot be understood in isolation. They affect each other in a fashion that is extremely difficult to predict.

Of course, people try. Researchers often argue that exchange-traded funds destabilize the stock exchanges. Perhaps, but I don't place much faith in forecasts that attempt to pinpoint the specific agents. The task is overly ambitious. The larger point, for me, is that stocks are sometimes beset by chaos. It arrives in stealth, wreaks its (sometimes enormous) damage, then departs. That is no fun for anybody. However, such disorder has an advantage, in that it makes stocks relatively less attractive than bonds, thereby increasing the potential return for equities. The pain increases the pleasure. (This column gets no racier than that.)

Upshot: The system is not entirely stable.

The Charts Giveth, and the Charts Taketh Away
A fortunate few made a bundle of money on Black Monday by shorting stocks. The most fortunate--and fewest--were those who were not regularly bearish (if they had been, they would have suffered through the previous years' bull market) but who somehow anticipated the oncoming disaster. Upon such a success were entire investment careers built.

Those who accomplished such a feat generally did so through technical analysis. As autumn 1987 began, some noticed similarities between the stock performances of 1929 and those of 1987. Lay one chart against another, adjusting for the difference in raw prices so that the scale was similar, and the second year seemed to echo the first year's pattern. Get out!

In Black Monday's aftermath, many others studied the 1929 charts--which demonstrated that after a sucker's rally, stocks would decline again. The number of bears grew. In early 1988, however, equities rose off the floor, turning a modest profit for that year, and appreciating 30% the following year. The lesson of 1929 fizzled.

(For another false alarm, see here.)

Upshot: Technical analysis works like a broken clock, rather than like clockwork.

Tail of the Dog
Ultimately, the biggest stock-market decline in modern U.S. history meant pretty much nothing. A few people panicked, which led to the occasional layoff, among them yours truly. (A fine termination it was. I was released in December 1987 from an 18-person go-nowhere company, and hired two months later at this 18-person company. Lucky does indeed beat good.) But for the most part, the economy hummed along.

Which ultimately restored stock prices. Faith in the market's stability had been severely shaken, but gradually those fears were overcome by basic math. As companies continued to grow their earnings and dividends, and inflation remained reasonably low, stocks became the offer that investors couldn't refuse. True, the headlines were dour, and pundits continued to suggest that the economy might suffer the stock market's fate, but a bargain is a bargain. Buyers returned.

To an extent, this same pattern repeated at the conclusion of the New Era. From 2000 through 2002, technology stocks declined almost 80%. However, while there certainly were flameouts in Silicon Valley, the technology industry itself held up fairly well. Stocks bad, corporate results reasonably good. The U.S. didn't escape recession entirely, but the economic damage was far lighter than the stock-market damage.

Upshot: Stock-market crashes might sometimes forecast a recession (2008), and they might coincide with one (1973-74), but they don't cause recessions. The tail does not wag the dog.

John Rekenthaler has been researching the fund industry since 1988. He is now a columnist for Morningstar.com and a member of Morningstar's investment research department. John is quick to point out that while Morningstar typically agrees with the views of the Rekenthaler Report, his views are his own.

Morningstar provides a constant source for investment ideas with our comprehensive analyst reports on equities, ETFs, and credit ratings from more than 100 analysts. U.S. Interactive Brokers clients can sign up for a free trial of these reports in Account Management.

This article is from Morningstar and is being posted with Morningstar's permission. The information provided in this article is from Morningstar and IB is not endorsing or recommending any investment or trading discussed in the article. This material is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


15036




Technical Analysis

Blue Line Morning Express: E-mini S&P, Crude Oil, & Gold


E-mini S&P (December)

Yesterday’s close: Settled at a new all-time high at 2460.50 and .7% off of the session low.

Fundamentals: The S&P fought off global weakness early in the session mainly on two prospects; that President Trump’s meeting with Yellen would go well and that his Tax Plan would see strides in getting passed. Both have come to fruition as of late yesterday and the S&P has set a new all-time high trading to 2571.75 on today’s session. Though it is still very likely that Fed Chairwoman Janet Yellen will be on her way out, an insider in current Fed Governor Jerome Powell has now become the lead candidate. Not only would he satisfy both sides of the isle in Washington, he is supported by Treasury Secretary Mnuchin and ultimately provides the market with a clearer blueprint than John Taylor or Kevin Warsh; Powell, a close ally to Yellen has voted with her. To close out the week we have earnings from GE, Honeywell, Procter & Gamble and Schlumberger. Let’s not forget that Yellen speaks tonight at 6:30 pm CT.

Technicals: The market tested and held first key support beautifully yesterday at 2439.25-2443. We discussed all week that the buyers must be patient after consecutive sessions of higher lows continued to mount, reaching seven on Wednesday. Price action is clearly out above resistance at the 2558.50-2562.25 level this morning but it will be key to watch on a closing basis. The new all-time high traded overnight and comes in at 2571.75. This poses first resistance but the level we are now eyeing more closely is 2581.75, the market should be able to extend gains into here before its next retreat.

Bias: Bullish/Neutral

Resistance – 2571.75**, 2581.75**, 2595-2600**
Pivot - 2558.50-2562.25
Support – 2439.25-2443**, 2507.75***

 

Crude Oil (December)

Yesterday’s close: Crude settled yesterday below the 52.03 marker at 51.51.

Fundamentals: A wide range of fundamentals are working to move prices south. There is not one that truly stands out more than the other; an unenthusiastic weekly EIA report, Russia hinting to not want to extend Oil cuts, a negative article written about the Saudi Aramco IPO, OPEC’s panic jawboning, China’s central bank governor warning of the economy becoming overheated. Price action began to stall last week before the disruption in northern Iraq and this still poses a threat as fighting continues. However, it has been about two months since the first of the weather threats hit the U.S and the focus is now shifting towards a weaker demand season as the November contract expired yesterday and falls off the board today. Furthermore, a focus and belief that producers are looking to make up for lost time ultimately opens the door for lower price action. Today is Friday and as we discussed, there is still some uncertainty looming in Iraq. We don’t expect the market to fall apart today, but the bears should be ready to act Sunday night at the latest.

Technicals: Yesterday’s session finished below the 52.03 marker giving a nod to the bears. This is the pivot level that we have been watching all week. Tests below here held support both on Tuesday and Wednesday before notching a close back above this level and this was the cause for us maintaining a Bullish/Neutral bias. The close below this level yesterday neutralized any bias and now the clear move below support has turned us Bearish/Neutral as we now favor positioning short. Trendline support from the August 31st low comes in today at 50.60 and aligns with the 200-day moving average at 50.71; this should keep price action in check on the session being Friday but a close below yesterday’s low of 51.28 will clearly leave the door open for the bear camp heading into next week. Only a close at or back above 51.51-51.79 will work to neutralize this weakness.

Bias: Bearish/Neutral

Resistance – 51.51-51.59**, 52.41**, 52.86**, 53.11***, 53.76*, 55.02***
Pivot – 51.28
Support – 50.51-51.79**, 49.97**, 49.44***, 48.62**

 

Gold (December)

Yesterday’s close: Gold settled yesterday’s session at 1290.

Fundamentals: The metal is back in the red this morning and seeing pressure on a stronger Dollar and rising yields after the Senate adopted a budget last night. This paves the way for President Trump’s tax plan and has marched equity markets higher; safe haven buyers coming into Thursday morning are paring back positions. However, Gold should not be forgotten just yet. If we look at the key drivers of the metal this week, the failure of the recovery to hold 1300 relied quite a bit on speculation that a more hawkish outsider will take the helm of the Federal Reserve. This is now not the case as current Fed Governor and Yellen ally, Jerome Powell is now the clear front runner. We have Existing Home Sales data at 9:00 am CT and Yellen speaks at 6:30 pm CT tonight. Cleveland Fed President Mester speaks later today at 1:00 pm CT.

Technicals: The bulls notched a solid session yesterday; rejecting support and achieving a close at 1290, above the 1289.4 level which we referenced would neutralize the tape from bearish. This led to a swing high of 1292.9 before the news broke out of the Senate. Not only did the news hamper the metal, but second resistance was rejected. Price action is floundering at the moment and retesting key support that is now at 1277.6-1281.3; a move below here could easily open the door to major four-star support below within the next 24 hours of trading. The bulls must be nimble until a move back above 1289.4.

Bias: Bullish/Neutral

Resistance – 1289.4**, 1293**, 1298.4-1302.7**, 1308.4-1312.6**, 1324.3**, 1341-1344.6***, 1362.4
Support – 1277.6-1281.3**, 1262.8-1269***, 1243.6**

 

Natural Gas (December)

Yesterday’s close: December Natural Gas reversed sharply yesterday to finish in the green at 3.086.

Fundamentals: Unseasonably warm weather has hampered the demand perception opening the door for lower price action. Yesterday’s EIA inventory report showed an injection of 51 bcf vs 55 bcf expected. However, this slightly bullish headline did not shy the bears from selling early. The 10-day forecast shows cooler temperatures coming through the Midwest and falling back in line with the average on the east coast as well. We have seen unseasonable weakness in Natural Gas for the early part of October which can usually be seen as a favorable time. Contrary to popular belief, hurricanes can actually have a bearish impact on Natural Gas prices in many scenarios as demand weakens. However, there are many longer term bullish factors that make the market attractive down here. Storage remains below the five-year trend. The demand prospects are strong through the rest of the year and into the first quarter of next; this is potentially setting up as strong value area to buy on a fundamental basis.

Technicals: Yesterday’s sharp reversal off of a double bottom in the December contract must be taken note by both the bears and the bulls as it should carry legs. Also standing out to us is how much sharper the November contract sold off before reversing. November, which is still the front month contract (and must be watched in conjunction with the December that we are favoring to trade) for another week, sold off to a low of 2.773. Major three-star support comes in at 2.753-2.7565 and the November contract rejected this level. However, a close below this level would open the door to major four-star support at 2.486-2.522. Focusing back on the December contract, it traded to a low of 3.012 yesterday as it retested its low of 3.013 from last week and this a major three-star support level that aligns with the December contract’s low from November 2016. After rejecting this level it is back above 3.10 this morning, key resistance now comes in at 3.16-3.1825 and a close out above here should have legs.

Bias: Bullish

Resistance – 3.16-3.1825**, 3.22**, 3.33-3.36***
Support – 3.012-3.042***, 2.753-2.7565***, 2.486-2.522****

 

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.

Visit our website at www.bluelinefutures.com to open an account and stay up to date with our research.

Bill Baruch is President and founder of Blue Line Futures. 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. 

Blue Line Futures is a leading futures and commodities brokerage firm located at the Chicago Board of Trade. We work with clients that range from institutional to professional to novice and from self-directed to broker-assisted. No matter what type of trader you are, our mission is simple; to put the client first. This means bringing YOU strong customer service, consistent and reliable research and state of the art technology. 

This article is from Blue Line Futures and is being posted with iBlue Line Futures’ permission. The views expressed in this article are solely those of the author and/or Blue Line Futures and IB is not endorsing or recommending any investment or trading discussed in the article. This material is for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IB to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


15035




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Disclosures

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