Daily Game Plan from Cabrera Capital

Commentary, News

Monday August 3, 2020                                                        Trading Desk: (312) 236-8907

TODAY’S GAME PLAN:  from the trading desk, this is not research

DATA/HEADLINES:  9:45ET Market Manufacturing PMI; 10:00ET ISM Manufacturing Index, Construction Spending

Fed speakers scheduled include Bullard (12:30pm), Barkin (1pm) and Evans (2pm).

TODAY’S HIGHLIGHTS:

  • Microsoft Corp. confirmed talks to buy TikTok’s operations in the U.S., Canada, Australia and New Zealand
  • Russia preparing for mass coronavirus vaccination campaign in October
  • Eli Lilly Begins Phase 3 Of LY-Cov555 For Prevention Of Covid-19
  • Trump Admin considering taking unilateral action on coronavirus if no agreement worked out with Congress
  • The US government prepares measures against “a broad array” of Chinese-owned software deemed to pose security risks

EQUITIES:   

Nasdaq 100 futures lead somewhat limited gains in the US amid muted risk appetite ahead of another heavy week for corporate earnings and U.S. lawmakers struggled to agree a new stimulus plan. White House Chief of Staff Mark Meadows said on Sunday he was not optimistic on a near-term deal for coronavirus relief bill.

E-Mini S&P is up 0.5%, Nasdaq +0.9%, Russell 2000 futures +0.5%, Dow futures +0.4%. SPX managed to close higher on the year every day last week, having its best July in ten years.  Technically we are looking for SPX to fill the gap from February 21 around 3328.

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