Afternoon trade

Biggest surprise this afternoon is the Fed rate hike Probabilities for March moving to 40%,With all the speculation and talk of  trump trade unwinds,delayed stimuls, I would think this probability would be going down not up.last Week this metric touched 45 %.

Another news item that grabbed markets attention were comments from Trump’s chief Economic advisor Gary Cohn who said “White house not on board with border-adjustment tax plan from Republicans” this caused a real nice jump in retail stocks.XRT is your retail ETF.The question now can the Dow close higher for the 11th consecutive day?I believe 13 is the record but I will have to double-check that.One of the French presidential Candidate,Fillon is being investigated by french Authorities. He is one of the front-runners to advance to second round of voting so if his candidacy is  disrupted it does complicate things further in France.Euro traded down to session lows on announcement  but that was a drop of 10-15 pips  nothing.

If crude oil can settle  above $54 it would be first time in  5 weeks that the weekly close did not have a $53 handle. range bound Ongoing chatter of   continued increase in open interest in the 55 calls and 50 puts in  WTI. the rationale is that many player believe  prices will not extend out  of that range.Today a slight adjustment as the april $54.50 calls are highest volume strike.

Next Week  Tuesday all eyes on trump speech to congress.

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