The main piece of economic data today will be the Consumer Confidence report which will be released at 9:00am CT. Equity markets have moved lower overnight, after President Trump told the WSJ that he is likely to raise the tariff level on $200 billion of Chinese imports to 25% from 10% at the beginning of 2019. He also added he may add tariffs on an additional $267 billion of Chinese goods if there is no deal with China. At the time of this writing, S&P futures (/ES) are down 0.3% near 2661 and U.S. Crude oil futures (/CL) are unchanged near $51.75 per barrel.
Forex and stock traders are looking for the consistently wrong investor, trader and take the opposite position. This will obviously lead to winning trades for them. All traders have read trading books that point out that increasing volume is good for the continuation of the trend. Many new stock traders will try and fight the trend.
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