Jim Iuorio's S&P Futures Trade

On CNBC's "Futures Outlook," Jim Iuorio suggested that investors should consider a bullish trade in the S&P 500 futures. He said that the market is hoping that the news that follows over the next week is going to be good. His main reason for the bullish view is the Fed's willingness to support asset prices.

Iuorio wants to buy the September S&P 500 futures contract at $3,162, with a stop loss at $3,147 and a target price at $3,187. In the short-term, Iuorio sees shut-down talks as a catalyst that could push the market toward his stop loss.