President Trump, “Big news coming for American Autoworkers”

President Trump, “Big news coming for American Autoworkers”

President Trump, “Big news coming for American Autoworkers”

$DIA, $SPY, $QQQ, $VXX

US President Donald Trump said that “big news” was coming that would be welcomed by US auto workers, and he suggested it was somehow linked to NAFTA trade talks.

“There will be big news coming soon for our great American Autoworkers. After many decades of losing your jobs to other countries, you have waited long enough!” President Trump said in a tweet. 

Asked about NAFTA and automakers before departing the White House for an event in New York, President Trump told reporters the trade talks had been tough but that US auto workers would be happy, appearing to draw a link between the 2 issues.

“NAFTA is very difficult. Mexico has been very difficult to deal with. Canada has been very difficult to deal with. They have been taking advantage of the United States for a long time. I am not happy with their requests. But I will tell you in the end we win, we will win and we’ll win big,” he said.

He then called Mexico and Canada “spoiled” and said what they had asked for was “not fair.”

“But I will tell you our auto workers are going to be extremely happy.”

Asked earlier about the Tweet, the White House declined to comment, and the office of the US Trade Representative referred queries to the White House.

Automakers had scrambled after the Tweet to get details, with some speculating that President Trump could be referring to trade with the European Union. In a meeting earlier this month with major automakers, President Trump threatened to impose big tariffs on EU-built vehicles, according to three people briefed on the talks.

As for NAFTA, the United States and Mexico have deadlocked over US demands for wage increases in the auto sector and for a boost in the North American content in cars.

The US stock market finished highers Wednesday, boosted by the afternoon release of the FOMC minutes from the May meeting, which came in more Dovish than expected, helping the market overcome a lower start on the session.

Wednesday, the major US stock market indexes finished at: DJIA +52.40 at 24886.81, NAS Comp +47.50 at 7425.96, S&P 500 +8.85 at 2733.29

Volume: Trade on the NYSE came in at 881-M/shares exchanged

  • NAS Comp +7.6% YTD
  • Russell 2000 +6.0% YTD
  • S&P 500 +2.2% YTD
  • DJIA +0.7% YTD

HeffX-LTN’s Major US Stock Market Indexes Technical Analysis

Date Symbol Price Technical Analysis Support Resistance
23 May 2018 QQQ 168.02 Neutral (0.14) 166.67 168.23
23 May 2018 DIA 248.86 Neutral (0.23) 246.78 254.07
23 May 2018 SPY 273.32 Neutral (0.24) 271.06 274.41

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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