Daily Note

First Call September 3, 2020

Sep 3, 2020

Thomas Thornton

  • THIS IS THE ONLY NOTE I'M POSTING TODAY AS I AM ON THE REAL VISION CONFERENCE LIVE TWICE TODAY. 11:45am ET for a "Letter to my first year trading self" with Tony Greer and Jared Dillian. Then I'm on later at 4:15pm ET with Denise Shull "the trade doctor" with a segment called "WTF did I just do!?"
  • S&P futures down 0.4% after US equities rallied again on Wednesday with the S&P and Nasdaq hitting new record highs, underpinned by the usual suspects such as the central bank liquidity tailwind, positive macro and earnings recovery sentiment, vaccine optimism, and FOMO. Latter two seem to be getting outsized attention as of late. No big directional drivers in play ahead of key initial claims and ISM nonmanufacturing data this morning.
  • Asian equities mixed overnight.
  • European markets rallying again.
  • Treasuries mostly weaker with a touch of curve steepening.
  • Dollar firmer on the major crosses. - SEE CHARTS IN THIS NOTE THAT ARE IMPORTANT
  • Gold down 0.4%.
  • WTI crude off 2.4%.
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