Futures Trading Education

U.S. Indices closed mixed again on Wednesday, while the Dollar finished flat with Bonds strong. Sectors were mixed, with Utilities, Tech, and Energy outperforming, with Tech names largely boosted by Oracle (ORCL) after rallying post-earnings with a chunky RPO of USD 455 billion, which USD 300 billion seems to be from OpenAI (according to the Wall Street Journal). The large backlog of orders at Oracle (ORCL) only emboldened the high demands for the AI market and helped support AI infrastructure names (semis and cloud providers). The underperforming sectors were Consumer Discretionary, Consumer Staples and Health Care, while Communication names also lagged, with weakness in Amazon (AMZN) and Meta (META) weighing on Discretionary and Communication sectors. The primary driver for the move up in bonds and downside in the Dollar was the softer-than-expected PPI report, which helped ease the hot/sticky inflation fears somewhat amid a deteriorating labour market, although attention turns to the CPI this afternoon. Meanwhile, T-Notes moved to fresh highs after a strong 10-year auction, following the strong 3-year supply on Tuesday ahead of the 30-year bond issuance on Thursday. Crude prices settled green on geopolitical developments, namely Russia attacking Ukraine with drones that entered Polish airspace, leading to Poland downing some of the Russian drones, which marks the first direct NATO engagement. Gold prices were bid on geopolitics and the soft PPI report. Elsewhere, Miran was put forward to the full Senate for Fed Governor Nomination after passing the Senate Banking Committee vote, with Politico suggesting Republicans are aiming to get him in for a Senate vote on Monday, before the start of the two-day Fed meeting that starts on Tuesday. Meanwhile, a district judge ruled that Governor Cook’s dismissal by US President Trump was unlawful, although the Trump administration has since appealed the decision to the Appeals Court. Overall, PPI was soft. The headline and core M/M prints both declined 0.1%, well beneath the +0.3% forecasts and down from the 0.9% in July. On a Y/Y basis, the headline rose 2.6%, below the 3.3% forecast and prior, with the core Y/Y rising 2.8%, below the 3.5% forecast and prior of 3.7%. The super core print rose 0.3%, easing from the prior 0.6%. with the Y/Y at 2.8%, matching the prior month pace. Within the report, the PCE components saw Airline passenger services little changed at 1.0% (prev. 1.1%), but portfolio management fees rose 2.0%, easing from the prior 5.8% pace. Within the healthcare price changes, the only notable jump was in hospital outpatient care to +0.2% from -0.7%. The data helped ease some of the hot/sticky inflation fears at a time of a softening labour market, although the CPI data due Thursday will be watched to further shape how far away the Fed is from each of its goals. The Fed’s preferred gauge of inflation is PCE, and following the PPI data, estimates from Morgan Stanley and Pantheon Macroeconomics range from 0.30-0.35%. Elsewhere, Oil closed higher by 1.77% while despite a stronger Dollar, Gold ended Wednesday’s session with a small 0.42% gain.

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For anyone following my Platinum Service it made 180 points yesterday and is now ahead by 907 points for September after ending August with a gain of 3362 points after closing July with a gain of 3753 points after closing June with a gain of 3530 points, having closed May with a gain of 3606 points, after closing April with a gain of 7685 points after closing March with a gain of 2254 points while closing February with a gain of 4180 points. January ended with a gain of 2768 points while 1997 points were gained in December. October ended with a gain of 2179 points, after closing September with a gain of 4402 points, following a loss of 301 points in August. July gained 1908 points while June saw a gain of 2074 points. The Platinum Service made a record 9619 points in October 2022.  Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 2300 points. I have a YouTube Channel which contains recent interviews I have given This can be viewed by clicking