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Stock Futures: Let the Bulls Run

Posted 11/15/2019 9:18AM CT | Ian Bannon

U.S. equity futures continue to ride the bull train Friday morning, aided by better-than-expected retail sales (0.3 % m/m vs. 0.2% expected). While industrial production missed expectations, market bulls are shrugging off that news. The technical pattern resembles a steady ‘melt-up’ in stock futures, similar to the pattern we saw at the beginning of the year. While economic data is improving slightly, the recent numbers are nothing to write home about. Furthermore, the trade situation seems to be on the back-burner, and earnings growth has been less-than-stellar. This grind higher in stocks is attributed to positive US economic sentiment and technical strength. If we see a close above 3120 in the S&P, the sky is the limit. The bullish bias remains so long as the index trades north of 3074. Shorting stocks at all-time highs is always tempting, but it has proven to be detrimental over the last 10 years. This trend looks to continue unless a geopolitical event shakes the market.

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Ian Bannon

Market Strategist
Ian’s interest in trading began with the stock market after graduating from Purdue University with a degree in Economics and a focus in international business. A natural strength for numbers, trends, and pattern recognition, in conjunction with a curiosity to understand the big picture has enabled a desire to understand market behavior. Ian managed his own stock account before moving into the futures arena because of the wide scope of trade-able sectors and the ample amount of fundamental support behind these larger-scope markets.
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