News & Trade Review

Stocks Mixed on this First Trading Day of December!

U.S. equities opened flat after extending their winning streak last week. Purchasing Managers Index readings (PMIs) around the globe starting in China were fairly upbeat, though global equities couldn’t sustain any momentum to start of December trade. In Asia, Japan’s Nikkei 225 eased 0.04%, while China’s Shanghai Comp was 0.59% lower and the S&P/ASX 200 faltered 0.76%. In Europe, the Euro Stoxx 50 is off 0.15%, while the Italian MIB is 1.1% lower, amid some disappointment on weak Spain PMI. Here at home, U.S. ISM manufacturing index increased to 57.3 in November from October’s 56.4. The employment component improved to 56.5 from 53.2. New orders climbed to 63.6 from 60.6. New export orders edged up to 59.5 from 57.0. Price paid fell to 52.5 from 55.5. The strong ISM data were offset by Construction Data though. U.S. construction spending slid 0.3% in Sep and rose 0.8% in Oct (data were long delayed by the government shutdown). August’s 0.6% gain was revised down to 0.1% (and July’s 1.4% was revised down to 0.6%). Residential spending fell 0.5% in October after increasing 1.5% in September, while August’s 1.3% gain was revised down to -0.2%.

The Long QQQ and SPY trades have a negative unrealized PNL however we are maintaining our bull view and watching the price action at 1800 in the /ES futures

SP500 futures in 15 minutes bars