Tackle Today: Freaky Friday | Tackle Trading
≈ The trade war is back! ≈
The trade war is back, did you miss it? Not likely but here is a recap of Friday which was a day like no other wasn’t it! Let’s just briefly recap what happened on Friday.
- Friday morning China announced that it would impose new tariffs on $75 billion worth of U.S. goods (ranging from 5% to 10%) and that it would also resume duties on American autos (25% tariff.
- Also on Friday morning Federal Reserve Chairman Jerome Powell have his much-awaited Jackson Hole speech said the Fed would “act as appropriate to sustain the expansion” (a phrase the market generally likes).
- Soon thereafter, President Trump issued a series of tweets which (among other things) ordered U.S. companies to bring their companies home, that we would be better off with China and that he would be responding to China’s tariffs later that afternoon.
- After the market closed, President Trump announced that on October 1st, the tariffs on 250 billion dollars of goods and products from China would rise from 25% to 30%. In addition, the remaining 300 billion dollars’ worth of goods and products from China on September 1st would be raised from 10% to 15%.
It was a crazy day and it could be a crazy week. Naturally, we will be all over the news with analysis in all our shows this week. This is likely a week you want to pay attention.
Chart of the Day: Will support hold?
For the third straight Monday we are highlighting the trading range on the broad markets to start the week. There is a lot of negative sentiment coming into the week so it is going to be very interesting to see if short-term support levels will hold.
Video of the day: Trading Concept Check: What is a target
Profit-taking is a rudimentary part of active trading, learning to take profits, scale-out, trail stops and otherwise lock in gains are essential skills all traders need to master.
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Originally published at https://tackletrading.com on August 26, 2019.
