Market Update for October 16, 2018
In Today's Update:
1) U.S. equities surged higher today with gains across-the-board on slightly higher than average volume. The Dow Jones Industrial Average gain 547.87 or 2.17%, the S&P 500 added 59.13 or 2.15% while the Nasdaq 100 closed higher by 214.75 or 2.89% and the Russell 2000 finished higher by 43.74 or 2.82%.
2) Crude Oil Futures finished higher by $0.46 or 0.64% while Gold Futures dropped $2.40 or 0.20% after a rebound in the U.S. dollar. The Bond market was quiet again today and the yield on the 10-year treasury note finished the day at 3.165%.
3) Earnings season kicked into high gear today with big announcements in both pre-market and after-hours trading. Morgan Stanley (MS), Goldman Sachs (GS), Johnson & Johnson (JNJ), and UnitedHealth (UNH) all reported before market open and all four beat expectations while after-hours trading was dominated by Netflix (NFLX), IBM (IBM), and United Continental Holdings (UAL).
About the author
Vince Vora is the head trader at TradingWins.com. Over the last three decades, he has been trading and refining his trading systems that are based on technical analysis and price action. Over the last few years, his focus has been on teaching people how to become better traders. His systems range from simple to sophisticated and can be used in any market conditions to trade stocks, options, futures and forex. By: TradingWins Team
