Charlies Comments 10-23-2017

Trade Date: 10/23/2017 Commentary (delayed until 10.20 AM ET)
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ZN R1-R4: 124-27-124-29, 125-00-125-01, 125-02-125-055, 125-08-125-12

ZN S1-S4: 124-225-124-24, 124-16-124-20, 124-08-124-12, 124-00-124-04

ZN/ZB Comments: Equities around the globe outside of Hong Kong’s mkt are higher. The reelection of Abe in Japan was cited as the reason for the OVN buying. TSY’s, the Euro, gold are lower probably in response to the strength in equities. TSY’s and gold have been selling in response to the Fed’s guidance that interest rates are going higher. Pretty cut and dry, IMO. This is an auction week and this usually pauses the mkt until the paper has been moved off the shelf. Today’s news: Chicago Fed’s National Activity Index at ??? (previously -.31). This news shouldn’t impact the trading. Resistance begins at 124-28/125-00 and support is at 124-20/24 as the mkt opens this AM. Will play for a trading range mkt w/a lower bias. First sell is 124-27/31 followed by 125-03/07. Cover at 124-24 OB. First buy is 124-20/24 followed by 124-13/17. Exit at 124-31 OB.

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ZB R1-R4: 152-07-152-09, 152-12-152-13, 152-16-152-17, 152-20-152-24

ZB S1-S4: 151-31-152-00, 151-25-151-28, 151-16-151-20, 151-07-151-13



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ES R1-R4: 2577-2580, 2585-2585, 2590-2590, -

ES S1-S4: 2570-2573, 2566-2568, 2559-2564, -

ES Comments: Abe won reelection in Japan and stks round the globe are higher minus Hong Kong’s mkt. The perceived increased growth in the world’s economy propelled higher by the big jump in US growth combined w/Trump’s proposed tax cuts are behind the buy and hold/add to current positons stk strategies. This is likely to remain the case until obvious news hits the mkts or Trump’s tax pkg is passed. Little news past Abe’s election OVN. Not much scheduled for the US today. . Today’s news: Chicago Fed’s National Activity Index at ??? (previously -.31). This news shouldn’t impact the trading. Resistance begins at 2577/80 and support is at 2570/73 as the mkt opens. Will continue to buy into weakness and hold into the lunch hour/close until proven wrong. First buy is 2571/73 followed by 2565/67. Exit at 2577 OB. OK to sell failure to take out and hold 2577/80 followed by 2583/85. Cover at 2573 OB.

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Charlies Comments 10-20-2017

Trade Date: 10/20/2017 Commentary (delayed until 10.20 AM ET)
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ZN R1-R4: 125-00-125-01, 125-025-125-055, 125-075-125-105, 125-12-125-16

ZN S1-S4: 124-28-124-29, 124-225-124-25, 124-16-124-20, 124-08-124-12

ZN/ZB Comments: Equities round the globe are higher. The ES made new contract highs OVN and is poised to take out 2575, perhaps today. This has taken TSY’s and gold lower. IF equities continue to rally this AM, look for TSY’s and gold to continue to sell. No news to speak of OVN past the Senate’s passage of the 2018 Budget. The passage of the 2018 budget sets the way for passage of Trump’s tax pkg. This will strengthen the dollar and the economy. The Fed can raise rates sooner rather than later, IMO. Today’s news: Existing Home Sales is expected at 5.3 M, Baker Hughes Rig Count at ??? (previously 1140/928). Resistance begins at 125-02/06 and support is at 124-24/28. Will play for a lower mkt first this AM. If the mkt can’t take out 124-24/28, I can trade from the long side. Down to the direction of the ES, IMO. First sell is 12431/03 followed by 125-07/11. Cover at 124-25 OB. Firs buy is 124-25/29 followed by 124-17/21. Exit at 125-03 OB.

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ZB R1-R4: 152-20-152-25, 152-27-152-31, 153-04-153-06, 153-08-153-16

ZB S1-S4: 152-12-152-13, 152-06-152-10, 152-02-152-04, 151-28-152-00



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ES R1-R4: 2570-2572, 2575-2575, 2580-2580, -

ES S1-S4: 2561-2563, 2555-2556, 2550-2552, -

ES Comments: The passage of the 2018 budget passage took equities round the globe higher and the dollar too. 2575 is within reach, perhaps the mkt will hit that number today. Stks are higher in anticipation of the passage of Trump’s tax proposal. If Trump’s tax pkg does make it into law, it will add to economic growth. This usually takes EPS higher too. Buy stks! Last night’s news was the passage of the 2018 Budget. Today’s news will probably be ignored. . Today’s news: Existing Home Sales is expected at 5.3 M, Baker Hughes Rig Count at ??? (previously 1140/928). Resistance begins at 2570/72 and support is at 2560/63 as the mkt opens. The play remains to buy into early weakness and see if the mkt can take out 2572. IF not, I can trade from the sht side. First buy is 2563/65 followed by 2559/61. Exit at 2572 OB. OK to sell failure to take out and hold 2572 followed by 2574/76. Cover at 2561 OB.

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Charlies Comments 10-19-2017

Trade Date: 10/19/2017 Commentary (delayed until 10.20 AM ET)
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ZN R1-R4: 125-13-125-14, 125-16-125-165, 125-185-125-205, 125-24-125-28

ZN S1-S4: 125-075-125-10, 125-04-125-06, 125-00-125-025, 124-24-124-28

ZN/ZB Comments: Stks were sold in Hong Kong, the EU/UK and US OVN. There was no specific piece of news to trigger this selling. The financial press is touting the fact that today is the 30th year anniversary of Black Monday and this is the reason for the OVN selling. The Dow lead the way up and is leading the way down in the selling. The selling in equities are supporting TSY’s and gold. If the selling accelerates in equities this AM, I believe that TSY’s will benefit and continue to rally. Today’s news is limited and usually doesn’t impact the mkts. Today’s news: Jobless Claims is expected at 240 K, Philly Fed at 20.2, LEI at +.1% and N Gas Inventories at +56 BCF. Resistance begins at 125-12/16 and support is at 125-04/08 as the mkt opens. If stks continue to sell, I like the long side of the mkt. First buy is 125-05/09 followed by 124-29/125-01. Exit at 125-15 OB. First sell is 125-15/19 followed by 125-23/27. Cover at 125-05 OB.

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ZB R1-R4: 153-20-153-23, 153-26-153-28, 153-30-154-00, 154-03-154-08

ZB S1-S4: 153-10-153-12, 153-05-153-08, 152-30-153-02, 152-24-152-28



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ES R1-R4: 2550-2551, 2554-2557, 2560-2562, -

ES S1-S4: 2543-2545, 2538-2540, 2530-2535, -

ES Comments: The mkts will open lower across the board. The selling is blamed on the 30 Year anniversary of Black Monday given the lack of hard news. Spain activated Article 155 that suspends Catalan’s autonomy. The Chinese economy was reported up 6.8% in the 3rd Qtr and was responsible for their stk mkts gains. I believe the longs will be tested this AM. If profit taking kicks in the selling should accelerate. If 2550 comes out and becomes resistance, the next support is 2535/40 followed by 2510/25. Some profit taking is to be expected. I believe that Trump’s proposed tax pkg will continue to support the mkt. Today’s news usually doesn’t move the mkts. . Today’s news: Jobless Claims is expected at 240 K, Philly Fed at 20.2, LEI at +.1% and N Gas Inventories at +56 BCF. Resistance begins at 2550/55 and support is at 2535/42 as the mkt opens. I believe the mkt has one sht left in it and want to get sht on early strength and see if 2540/42 can be taken out. If not, I can trade from the long side of the mkt. First sell is 2549/51 followed by 2554/56. Cover at 2542 OB. First buy is 2540/42 followed by 2535/37. Exit at 2549 OB.

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Charlies Comments 10-18-2017

Trade Date: 10/18/2017 Commentary (delayed until 10.20 AM ET)
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ZN R1-R4: 125-07-127-085, 125-10-125-125, 125-16-`125-165, 125-20-125-24

ZN S1-S4: 125-02-125-04, 124-315-125-00, 124-28-124-28, 124-20-124-24

ZN/ZB Comments: Equities are higher round the globe. China’s 19th Party Congress is underway and the Asian mkts liked the comments from Premier Xi Jinping and Draghi OVN. The PBOC, ECB, BOJ and BOE are expected to remain accommodative. The players are betting that the next Fed chair will be more hawkish and raise interest rates faster than Yellen. This is aiding the dollar, which is supposed to be the major factor behind US stk buying. In any event stks are headed higher, which should pressure TSY’s. The OVN news was limited to speeches. Today’s news can stir the mkts, but not usually change things. Today’s news: Housing Starts is expected at 1.17 M, Permits at 1.23 M, Atlanta Fed Business inflation at ??? (previously +1.9%), Crude Inventories at -4.7 MB’s. The focus will be the Housing numbers and the direction of the ES. Resistance begins at 125-06/10 and support si at 124-28/125-00 as the mkt opens. I like the sht side of the mkt first and want to sell into early strength. If the mkt can’t take out 12424/28, I can trade form the long side of the mkt. First sell is 125-05/09 followed by 125-11/15. Cover at 124-29 OB. First buy is 1254-29/125-01 followed by 124-21/25.

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ZB R1-R4: 153-16-153-17, 153-19-153-23, 153-26-153-28, 154-00-154-03

ZB S1-S4: 153-08-153-10, 153-04-153-06, 152-30-153-00, 152-20-152-28



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ES R1-R4: 2561-2563, 2565-2568, 2570-2575, -

ES S1-S4: 2555-2556, 2550-2552, 2545-2547, -

ES Comments: Well another day and another record high and/or close. Stks are being driven higher by a long mkt, supposedly a stronger dollar, expectations of a Trump tax pkg this year and the growth that will come from such. Buy stks here, there and everywhere. I still believe the catalyst is Trump’s proposed tax cuts. Once they become law, I believe the mkt will pause and consolidate as the players await higher earnings from Trump’s tax pkg and industrial policies. Little hard news OVN. The mkts like Premier Xi Jinping’s speech. The EU/UK mkts were higher after Draghi and Carney’s speeches. Those speeches were assessed as accommodative. Today’s news usually doesn’t change the mkts, but can add some volatility. Hope so. Today’s news can stir the mkts, but not usually change things. Today’s news: Housing Starts is expected at 1.17 M, Permits at 1.23 M, Atlanta Fed Business inflation at ??? (previously +1.9%), Crude Inventories at -4.7 MB’s. The focus will be the Housing numbers. Resistance begins ta 2561/65 and support is at 2550/55 as the mkt opens. I want to buy into early weakness and see if 2561/65 can be taken out. If not, I can trade from the sht side in anticipation of a retest of near support. First buy is 2555/57 followed by 2550/52. Exit at 2561 OB. OK to sell failure to take out and hold 2561 followed by 2564/66. Cover at 2555 OB.

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Charlies Comments 10-17-2017

Trade Date: 10/17/2017 Commentary (delayed until 10.20 AM ET)
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ZN R1-R4: 125-15-125-165, 125-185-125-205, 125-235-125-255, 125-28-126-00

ZN S1-S4: 125-10-125-12, 125-08-125-085, 125-03-125-005, 124-28-125-00

ZN/ZB Comments: Equities round the globe are hanging just beneath their record highs w/little signs of institutional selling. The mkts are awaiting the outcome of Trump’s tax pkg, and perhaps, China’s National Party meeting. The economic news was mixed OVN. The news focus should be the US Industrial Production number. Today’s news: Import Prices is expected at +.5%, Export Prices at +.4%, Industrial Production at +.1%, Manufacturing Production at +.3%, Capacity Utilization at 76.2 and Housing Mkt Index a t64. The focus should be Industrial Production and the direction of the ES, IMO. Resistance begins at 125-16/20 and support is at 125-04/08 as the mkt opens. First sell is 125-15/19 followed by 125-23/27. Cover at 125-09 OB. First buy is 125-05/09 followed by 124-29/125-01. Exit at 125-15 OB.

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ZB R1-R4: 153-28-154-01, 154-04-154-05, 154-08-154-10, 154-14-154-21

ZB S1-S4: 153-22-153-24, 153-18-154-20, 153-11-153-14, 152-30-153-08



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ES R1-R4: 2556-2558, 2560-2565, 2570-2575, -

ES S1-S4: 2550-2552, 2545-2547, 2540-2542, -

ES Comments: The ES traded a very tight range OVN and is just below the current high at 255775. Equities round the globe are close to their all-time highs too. Equities are trading higher in anticipation of accelerating worldwide economic growth and Trump’s proposed tax pkg. Economic growth has jumped under Trump so far and is set to grow even more w/some help from Congress. The OVN news was limited. Today’s news could shake the mkts. . Today’s news: Import Prices is expected at +.5%, Export Prices at +.4%, Industrial Production at +.1%, Manufacturing Production at +.3%, Capacity Utilization at 76.2 and Housing Mkt Index a t64. The focus should be Industrial Production. Resistance begins at 2558/60 and support is at 2550/55 as the mkt opens. I still like the long side of the mkt and want to buy into weakness and see if 2558/60 can be taken out. If not, I can trade from the sht side of the mkt. First buy is 2553/55 followed by 2550/52. Exit at 2559 OB. OK to sell failure to take out and hold 2558/60 followed by 2564/66. Cover at 2552 OB.

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Charlies Comments 10-16-2017

Trade Date: 10/16/2017 Commentary (delayed until 10.20 AM ET)
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ZN R1-R4: 125-23-125-255, 125-275-125-285, 125-305-126-00, 126-04-126-08

ZN S1-S4: 125-14-125-18, 125-10-125-12, 125-08-125-085, 125-00-125-04

ZN/ZB Comments: It is Monday and while there was news out of China, Spain and Iraq that normally would move the mkts, crude is the only mkt that moved higher as expected off the news. China’s economic numbers are still on a growth path and probably accelerating. Catalonia and Spain are still sparring w/each other. N Korea has stated that more missile launches are forthcoming. Iraq moved into Kirkuk and there were casualties. Stks, crude and gold are higher are higher and TSY’s and the Euro are lower. Today’s news: Empire State Manufacturing Survey is expected at 20.0. Resistance begins at 125-24/28 and support is at 125-12/18 as the mkt opens this AM. It is Monday and this usually yields a trading range mkt. Will play for that today. First sell is 125-23/27 followed by 125-31/126-03. Cover at 125-17 OB. First buy is 125-13/17 followed by 125-05/09. Exit at 125-27 OB.

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ZB R1-R4: 154-00-154-05, 154-08-154-11, 154-14-154-16, 154-21-154-25

ZB S1-S4: 153-23-153-25, 153-16-153-20, 153-10-153-14, 152-30-153-06



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ES R1-R4: 1556-2560, 2565-2565, 2570-2570, -

ES S1-S4: 2550-2552, 2545-2547, 2540-2542, -

ES Comments: Stks round the globe are higher outside of China. The ES is pointed higher, but resistance at 255650 held OVN. If 255650 does prove to be resistance, the ES can sell and should retest support. The news round the globe was mixed. China injected more money into its banking system and hinted that better economic news was forthcoming. Spain and Catalonia are playing w/each other w/out Catalonia’s acceptance of Spain’s demands. Little news on tap for the US this morning. Today’s news: Empire State Manufacturing Survey is expected at 20.0. Resistance begins at 255650 and support is at 2550/52 as the mkt opens this AM. Will play for a trading range mkt this AM w/an up bias. First buy is 2550/52 followed by 2545/47. Exit at 2556 OB. OK to sell failure to take out 255650 followed by 2559/61. Cover at 2551 OB.

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Charlies Comments 10-13-2017

Trade Date: 10/13/2017 Commentary (delayed until 10.20 AM ET)
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ZN R1-R4: 125-13-125-16, 125-19-125-20, 125-22-125-25, 125-27-126-00

ZN S1-S4: 125-08-125-105, 125-02-125-05, 124-28-125-00, 124-20-124-24

ZN/ZB Comments: Equities around the globe are mixed/higher. The ES and the Asian mkts are higher. The EU/UK mkts are split. The OVN news is limited. Rumors that the ECB will cut their QE in half is supporting the Bond mkts. Expectations for better than forecast US data is supporting equities round the globe. We have news that can move the mkts today. The impact of hurricanes Harvey, Irma and Maria will distort the economic numbers, but generally speaking should show increasing economic activity. Today’s news: CPI is expected at +.6%, Core CPI at +.2%, Retail Sales at +1.8%, Retail Sales ex-Autos at +.8%, Business Inventories at +.7%, Consumer Sentiment at 95.4 and Baker Hughes Rig Count at ??? (previously 1145/936). The focus should be Core CPI, Retail Sales ex-Autos, Consumer Sentiment and the direction of the ES. Resistance begins at 125-15/20 and support is a t125-04/10 as the mkt opens this AM. Today is a post auction day and this usually yields a pause/trading range day. We will play for this after the news hits the tapes. First sell is 125-15/19 followed by 125-23/27. Cover at 125-09 OB. First buy is 125-05/09 followed by 124-29/125-01. Exit at 125-15 OB.

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ZB R1-R4: 153-04-153-08, 153-10-153-12, 153-14-153-17, 153-20-153-29

ZB S1-S4: 152-28-152-30, 152-20-152-24, 152-13-152-17, 152-04-152-10



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ES R1-R4: 2552-2554, 2558-2560, 2565-2570, -

ES S1-S4: 2545-2547, 2540-2542, 2535-2537, -

ES Comments: Asian stks are higher. The EU/UK mkts are split. The rally in Asia is attributed to the strength of the US mkts and economy. The Nikkei hit 21000 for the first time since 1996. All equity mkts are up awaiting the release and passage of Trump’s tax pkg. IF as planned, it will be economically supportive for the US and the world. Little news OVN past the rumors that the ECB will cut its QE by ½. We have news this AM that can move the mkts. The data will be questioned given the impact of Harvey, Irma and Maria. These hurricanes will show higher economic numbers. Today’s news: CPI is expected at +.6%, Core CPI at +.2%, Retail Sales at +1.8%, Retail Sales ex-Autos at +.8%, Business Inventories at +.7%, Consumer Sentiment at 95.4 and Baker Hughes Rig Count at ??? (previously 1145/936). The focus should be Core CPI, Retail Sales ex-Autos and Consumer Sentiment. Resistance begins at 2552/55 and support is at 2540/47 as the mkt opens. Will play for a trading range mkt w/an up bias post the news. First buy is 2545/48 followed by 2540/42. Exit at 2553 OB. OK to sell failure to take out 2553/55 followed by 2558/60. Cover at 2546 OB.

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Charlies Comments 10-12-2017

Trade Date: 10/12/2017 Commentary (delayed until 10.20 AM ET)
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ZN R1-R4: 125-14-125-16, 125-185-125-20, 125-225-125-24, 125-28-126-00

ZN S1-S4: 125-08-125-10, 125-02-125-05, 122-28-125-00, 124-20-124-24

ZN/ZB Comments: The Spanish/Catalonian Independence vote has moved to the back burner. The façade of the EU remains intact. A trade union between the nations can work. The control of all countries policies and politics is doomed to fail over time. Little news OVN. Draghi and two Fed Governors speak at 1030 EDT today and could trigger news spikes. Today’s PPI news can stir the mkts, but usually isn’t a game changer. Today’s news: Jobless Claims is expected at 252 K, PPI at +.4%, Core PPI at +.2%, N Gas Inventories at +74 BCF, Crude Inventories at -1.9 MB’s and the 30 Y auction. The focus should be PPI, the direction of the ES and the 30 Y auction. Resistance begins at 125-16/20 and support is at 125-00/04. Will play for a trading range mkt w/an up bias given the 30 Y auction. First sell is 125-15/19 followed by 125-23/27. Cover at 125-09 OB. First buy is 125-05/09 followed by 124-29/125-01. Exit at 125-15 OB.

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ZB R1-R4: 152-30-153-02, 153-04-153-09, 153-12-153-14, 153-16-153-20

ZB S1-S4: 152-18-152-21, 152-10-152-14, 152-04-152-08, 151-28-152-00



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ES R1-R4: 2550-2553, 2555-2560, 2565-2570, -

ES S1-S4: 2545-2547, 2540-2542, 2535-2537, -

ES Comments: Stks round the globe are mixed OVN. Asian mkts minus China put in the best performance. The ES tested resistance at 2553 and it once again held. Trump’s tax pkg is being kicked around in the financial press w/more articles about the opposition than those that favor the pkg. Republicans continue to be the major obstacle. All of a sudden the Republicans have become deficit hawks. Guess that is an easier label to handle than racism. The rigged game is being challenged by Trump and the establishment is fighting back. To date the establishment is winning given the lack of passed legislation. Little news OVN. Today’s news can cause a reaction, but not change things. Today’s news: Jobless Claims is expected at 252 K, PPI at +.4%, Core PPI at +.2%, N Gas Inventories at +74 BCF, Crude Inventories at -1.9 MB’s and the 30 Y auction. The focus should be PPI. Resistance begins at 2551/53 and support is at 2540/45 as the mkt opens. Will play for a trading range mtk once again w/an up bias. First buy is 2544/46 followed by 2540/42. Exit at 2550 OB. OK to sell failure to take out and hold 2550/53 followed by 2558/60. Cover at 2547 OB.

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Charlies Comments 10-11-2017

Trade Date: 10/11/2017 Commentary (delayed until 10.20 AM ET)
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ZN R1-R4: 125-075-125-095, 125-12-125-14, 125-16-125-195, 125-24-125-28

ZN S1-S4: 125-02-125-045, 124-315-125-00, 124-28-125-295, 124-20-124-24

ZN/ZB Comments: Today is an auction day. The 3 Y and 10 Y are up today w/the 30Y tomorrow. I believe the mkt will rally into the 3 Y auction and then find sellers w/the 10 Y. The auctions usually see the short end higher, the intermediate issue lower and the auction finished w/buying on the long end of the week’s auction. Can’t move the paper you need to move in a down mkt. Little news OVN. Not much is scheduled for this morning. Down to the auction dynamics and the direction of the ES, IMO. Today’s news: JOLTs is expected at 6.16 M. Resistance begins at 125-08/12 and support is at 125-00/04 as the mkt opens. I will play for a trading range mkt this AM. First sell is 125-07/11 followed by 125-15/19. Cover at 125-01 OB. First buy is 124-29/125-01 followed by 124-21/25. Exit at 125-07 OB.

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ZB R1-R4: 152-16-152-19, 152-24-152-25, 152-28-152-29, 153-00-153-08

ZB S1-S4: 152-11-152-12, 152-06-152-08, 152-02-152-04, 151-28-152-00



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ES R1-R4: 2550-2553, 2555-2560, 2565-2570, -

ES S1-S4: 2543-2545, 2538-2540, 2530-2535, -

ES Comments: The ES is still pointed higher w/the mkt’s focus on Trump’s tax pkg and what will be passed into law. The Republicans are Trump’s biggest obstacle. The leadership is now worried about deficit spending. Where have they been for the last 9 years? The tax pkg “has to be revenue neutral”. Right. Right now the mkt is rejecting prices above 2550 w/buyers below 2540. I expect this range to hold today. No news to speak of OVN. Not much scheduled for this AM. Today’s news: JOLTs is expected at 6.16 M. Resistance begins at 2550/53 and support is at 2538/43 as the mkts opens this AM. Will play for another range bound day. First sell is 2549/51 followed by 2553/55. Cover at 2542 OB. First buy s 2540/42 followed by 2535/37. Exit at 2549 OB.

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Charlies Comments 10-10-2017

Trade Date: 10/10/2017 Commentary (delayed until 10.20 AM ET)
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ZN R1-R4: 125-07-125-08, 125-10-1`25-12, 125-14-125-16, 125-20-125-24

ZN S1-S4: 124-315-125-025, 124-28-124-29, 124-225-124-24, 124-16-124-20

ZN/ZB Comments: Tomorrow’s auctions of the 3 Y and 10 Y notes starts this week’s auction cycle. This should be somewhat supportive. Today’s biggest news event is supposed to be the Catalan Independence vote. Spain is set to arrest the Catalan leader, if he declares independence. Change round the globe is accelerating as the current structure and leadership is challenged by those that are tired of the plunder and deceit by the ruling class and entities. This unrest should add strength to gold and TSY’s. No news OVN. Little scheduled for today’s mkts. Today’s news: NFIB Small Business Optimism Index is expected at ??? (previously 105.3). Resistance begins at 125-08/12 and support is at 124-28/125-00 as the mkt opens. Will play for a trading range mkt once again. First sell is 125-06/10 followed by 125-15/19. Cover at 125-01 OB. First buy is 124-29/125-01 followed by 124-21/25. Exit at 125-07 OB.

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ZB R1-R4: 152-06-15210, 152-12-152-12, 152-16-152-18, 152-20-152-29

ZB S1-S4: 151-28-152-00, 151-20-151-24, 151-13-151-16, 151-00-151-07



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ES R1-R4: 2550-2551, 2555-2555, 2560-2560, -

ES S1-S4: 2540-2543, 2535-2537, 2530-2532, -

ES Comments: Asian mkts are higher and the EU/UK mkts are split. Little news OVN nor scheduled for our mkts this AM. The news focus is Catalan Independence or not. Spain is set to arrest Catalonia’s leader, if he declares independence after today’s vote. The world’s leadership is being questioned and challenged round the globe given its lack of performance and the corruption that rewards the connected crowd. Rent seeking is a big part of every business plan for people, organizations and business. Bribery is more certain than the open mkts or one’s personal performance. I would anticipate an arrest today in Barcelona. Today’s news: NFIB Small Business Optimism Index is expected at ??? (previously 105.3). Resistance begins at 2550/55 and support is at 2540/43 as the mkt opens this AM. I still like the mkt and the trade is from the long side. That said, can sell failure to take out and hold 2550/51 early in the session. First buy is 2540/43 followed by 2535/37. Exit at 2550 OB. OK to sell failure to take out 2550/51 followed by 2554/56. Cover at 2543 OB.

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Trade Date: 10/23/2017 Commentary (delayed until 10.20 AM ET)
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ZN R1-R4: 124-27-124-29, 125-00-125-01, 125-02-125-055, 125-08-125-12

ZN S1-S4: 124-225-124-24, 124-16-124-20, 124-08-124-12, 124-00-124-04

ZN/ZB Comments: Equities around the globe outside of Hong Kong’s mkt are higher. The reelection of Abe in Japan was cited as the reason for the OVN buying. TSY’s, the Euro, gold are lower probably in response to the strength in equities. TSY’s and gold have been selling in response to the Fed’s guidance that interest rates are going higher. Pretty cut and dry, IMO. This is an auction week and this usually pauses the mkt until the paper has been moved off the shelf. Today’s news: Chicago Fed’s National Activity Index at ??? (previously -.31). This news shouldn’t impact the trading. Resistance begins at 124-28/125-00 and support is at 124-20/24 as the mkt opens this AM. Will play for a trading range mkt w/a lower bias. First sell is 124-27/31 followed by 125-03/07. Cover at 124-24 OB. First buy is 124-20/24 followed by 124-13/17. Exit at 124-31 OB.

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ZB R1-R4: 152-07-152-09, 152-12-152-13, 152-16-152-17, 152-20-152-24

ZB S1-S4: 151-31-152-00, 151-25-151-28, 151-16-151-20, 151-07-151-13



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ES R1-R4: 2577-2580, 2585-2585, 2590-2590, -

ES S1-S4: 2570-2573, 2566-2568, 2559-2564, -

ES Comments: Abe won reelection in Japan and stks round the globe are higher minus Hong Kong’s mkt. The perceived increased growth in the world’s economy propelled higher by the big jump in US growth combined w/Trump’s proposed tax cuts are behind the buy and hold/add to current positons stk strategies. This is likely to remain the case until obvious news hits the mkts or Trump’s tax pkg is passed. Little news past Abe’s election OVN. Not much scheduled for the US today. . Today’s news: Chicago Fed’s National Activity Index at ??? (previously -.31). This news shouldn’t impact the trading. Resistance begins at 2577/80 and support is at 2570/73 as the mkt opens. Will continue to buy into weakness and hold into the lunch hour/close until proven wrong. First buy is 2571/73 followed by 2565/67. Exit at 2577 OB. OK to sell failure to take out and hold 2577/80 followed by 2583/85. Cover at 2573 OB.

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