Trading Plan – Monday 24th August 2020: FDA approves Covid-19 serum treatment
It’s the final week of August and all the central bankers are getting ready for their first virtual Jackson Hole bun fight since they first convened in the actual Wyoming Resort in 1982. Federal Reserve Chair Powell is expected to give an update on the root and branch review of the Fed’s policies which he first initiated 18 months ago and is now expected to be completed in September. Also speaking will be Bank of England Governor Bailey and European Central Bank Chief Economist Philip Lane. We will see if they say anything to move the markets.
As has been typical for weeks now, Monday’s risk sentiment is indecisive (1600 BST) and the economic calendar is sparse.
Trump has managed to give equities a modest fillip with the announcement of emergency US Food and Drug Administration approval for a Covid-19 serum treatment (i.e. using the blood of those who have recovered from the virus). He announced this on Sunday, 30 minutes before the markets opened. No opportunity missed with this guy.
As always in the member’s video I go through my trading focus for the week with rational and entry signals.
Have a great week and I’ll be back on Wednesday.
VIP Club members can watch the video HERE