Daily Game Plan from Cabrera Capital

Commentary, News

Thursday August 6, 2020                                                        Trading Desk: (312) 236-8907

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

DATA/HEADLINES:  8:30ET Jobless Claims; 10:00ET Fed’s Kaplan speaks, Acting HHS head Wolf testifies in Senate on Portland actions; 1:15ET Trump speaks on economy in Ohio

German factory orders rebounded 28% in June from the previous month, well ahead of the 10% estimate.

TODAY’S HIGHLIGHTS:

  • Fauci expects tens of millions of coronavirus vaccine doses at start of 2021
  • California threatened to cut off power to homes hosting house parties
  • President Trump’s re-election campaign raised a record $165 million in July, topping the $140 million Joe Biden collected
  • Facebook and Twitter blocked posts by Donald Trump and his reelection campaign of a video in which the U.S. president said children are “virtually immune” to the coronavirus. 
  • Oregon film festival cancels showing of ‘Kindergarten Cop’ after criticism about police portrayal, ‘romanticizing over-policing of children’ and compared it to the explicitly racist movie Birth of a Nation

EQUITIES:   

U.S. index futures fluctuated ahead of today’s initial jobless data and tomorrow’s jobs report as word on the latest stimulus package is awaited. U.S. stimulus negotiations that are set to drag on over the weekend are keeping risk appetite in check, while U.S.-China tensions are also weighing on sentiment.  

Goldman Sachs Group warned investors that a successful coronavirus vaccine might unsettle markets by sparking a sell-off in bonds and rotation out of technology into cyclical stocks. Earnings include Uber, Bristol-Myers, ViacomCBS, T-Mobile, Zillow, Hilton, Becton Dickinson, Zoetis, Bombardier, Yelp, Mylan, TripAdvisor.

E-Mini S&P is down 0.35%, Nasdaq -0.2%, Russell 2000 futures -0.35%, Dow futures -0.35%. ES is testing the .382 retracement on the week around 3300.50. SPX has 3302 (.618 retrace of the week) as short term key support, with a break of this level likely to see some downside momentum shift. Likely choppy ahead of tomorrow’s employment report.

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