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Morning Briefing: Tuesday Action Builds On Monday’s Gains

In After Hours Trading

7 IPOs on deck this week led by Cloudera. Secondaries of note CTVR.

In After Hours Trading: AA +.15 ABX -.07 CR +.05 JJSF -.03 QDEL +.16 SANM +.06 TMUS +.44 SLCA +.03 UIS +.08 WRB +.26 WNC +.04 WHR -.16.

Lower Guidance: WHR.

Mixed Guidance: ESRX SANM UDR.

Positive Guidance: IEX SLM.

What’s Happening This Morning

U.S. futures: S&P +4.25, Dow Jones +11, NDX +11.75 and Russell 2000 +7.20. Asia and Europe higher.

Copper higher with silver and gold lower. WTI Crude and Brent Oil Futures higher. Natural Gas is flat. $ is lower vs Euro, lower vs. Pound and higher vs. Yen. US 10 year Treasury yield at 2.30% yield, one day change +2, one month change -12 and +38 one year change. Prices as of 7:55 a.m. EDT.

Top Sectors All.

Weak Sectors None.

One month winners Utilities and Services.

Three Month Winners Consumer Goods, Utilities and Technology.

Six Month Winners Conglomerates, Industrial Goods, Financials, Energy and Materials.

One Year Winners Energy, Materials, Industrial Goods and Utilities.

Year To Date All except for Energy and Conglomerates.

Earnings Expected

Earnings due after the close (by avg. trade volume): T TXN CB SYK COF DFS ILMN EQR EW BXP among others.

Due Wednesday morning (by avg. trade volume descending): PEP BA UTX TMO GD ANTM NOC BCE NSC WM STT BAX DISH TEL among others.

Rags & Mags: Inside Wall Street

Bloomberg: President Trump to propose a 15% tax rate. North Korea continues to flex its muscles but did not complete a nuclear test. European Union toughens its stance against British. Monday gains have held into Tuesday. Oil is back under $50./p>

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): ADS +.05 BX +.14 DOV +.48 KEY +.02 MTG +.06 PPG +.03 DGX +.15 SNA +.05 SON +.03 TRV-.22 VZ -.01.

Missing: NUE SYNT.

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: DHR DOV DGX SHW SON.

Positive Guidance: UNH.

Data Points

Yesterday saw 2100 stocks rise and 847 fall on the NYSE. NASDAQ saw 2069 rise and 792 fall.

The SP 500 is back above its 50 day exponential moving average and above its 200 day exponential moving average. The Russell 2000 is back above its 50 day moving exponential average and is above 200 day exponential moving average.

The 10 day spread moving average of breadth is back to invested as of Friday’s close. The Madison Market Timing Indicator is now invested since November 18th.

YTD 2662 stocks are higher and 1979 lower. Updated 3/31/17 close.

Markets are closed in Australia.

Economics

March New Home Sales are due out at 10:00 a.m. EDT and are expected to fall to 590,000 from 592,000.

April Consumer Confidence is due out at 10:00 a.m. EDT and is expected to fall to 123.30 from 125.6.

The latest NYSE and NASDAQ Short Interest Data is due out after the close.

Politico

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, AVXS SCYX KMG HUM.

Conference of Note

American Academy of Neurology Annual Meeting

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan TEX
Goldman Sachs BHP
Morgan Stanley
Deutsche Bank
Citigroup
Merrill Lynch BBY
Wachovia/Wells Fargo
Credit Suisse
Banc of America
UBS
SunTrust RH
Sanford Bernstein
Jefferies TGTX

Comments »

The Week Ahead: Could The ECB Pull The Rug Out On Thursday?

1. Geopolitical Events. On Monday Federal Reserve Minneapolis President Neel Kashkari speaks at 11:30 a.m. EDT. Friday Federal Reserve Philadelphia President Patrick Harker speaks at 2:30 p.m. EDT as does Federal Reserve Governor Lael Brainard at 1:15 p.m. EDT.

2. Economic Releases. Releases of note this week include the weekly chain store sales, oil/gas numbers, mortgage applications, jobless claims and new home sales, consumer confidence, durable goods, Q1 GDP, Chicago PMI and Michigan Sentiment.

3. Earnings Releases. Notable releases include CNI TMUS T NVS PG PEP GOOGL MSFT XOM CVX.

Monday, April 24:

Markets will react to the results of the French Election.

Tuesday, April 25:

March New Home Sales are due out at 10:00 a.m. EDT and are expected to fall to 590,000 from 592,000.

April Consumer Confidence is due out at 10:00 a.m. EDT and is expected to fall to 123.30 from 125.6.

Markets are closed in Australia.

The latest NYSE and NASDAQ Short Interest Data is due out after the close.

Wednesday, April 26:

No events of note.

Thursday, April 27:

March Durable Goods are due out at 8:30 a.m. EDT and are expected to fall to1.25% from 1.70%.

The Bank of Japan (BOJ) is out with its latest interest rate decision overnight.

The European Central Bank (ECB) is out with its latest interest rate decision at 7:45 a.m. EDT followed by a press conference at 8:30 a.m. EDT. Some expect a move from stimulus to no action.

Friday, April 28:

Q1 GDP (advanced) is due out at 8:30 a.m. EDT and is expected to fall to 1.1% from 2.1% in Q4.

April Chicago PMI is due out at 9:45 a.m. EDT and is expected to fall to 56.9 from 57.7.

April Michigan Sentiment is due out at 10:00 a.m. EDT and is expected to remain at 98.

The risk is high for a government shutdown as a continuing budget resolution expires.

Comments »

Adding To Dr. Fly’s Comments On Retailers $RTH

I agree 100% with Dr. Fly’s comments on the shorts being caught in retail.  It is our most heavily shorted sector as well. Here is a list of the top five shorted sectors.

For each stock, we take the range of the short ratio over the last five years. Then we plot where it is and give it a % within the range. Then to calculate the range of each sector we add up the short intensity levels of all stocks within the sector and divide by the number of stocks in the sector. Effectively, an equal weighting.

Here is a list of current short squeezes that are truly short squeezes because our technical rank is very strong. Remember the key is to know which names below the shorts are constantly wrong on. These would be good long ideas. Tomorrow we will write up one or two of these names that inflict pain on the shorts.

Here is a list of stocks where the shorts are correct and COULD become squeezes if the technical rank improves. Remember the key is to know which names below the shorts are constantly wrong on. These would be good long ideas.

We note year to date all short squeezes are up 1.59% and shorts correct up 5.92% which is why hedge funds are in performance hell this year. These numbers reflect a weekly rebalance done at the end of each week.

Comments »

Morning Briefing: Florida Coastal Real Estate To Crash (Rags & Mags)

In After Hours Trading

IPOs on deck this week Select Energy Services (WTTR). Secondaries of note UNIT.

In After Hours Trading: AXP +.07 BHE +.08 CCK +.03 CSX +.08 QCOM +.14 STLD +.03 URI +.08.

Lower Guidance: PLXS PTC.

Mixed Guidance: BHE CCK.

Positive Guidance: IEX SLM.

What’s Happening This Morning

U.S. futures: S&P +6, Dow Jones +34, NDX +19 and Russell 2000 +5.90. Asia mixed and Europe mixed.

Copper higher with silver higher and gold lower. WTI Crude and Brent Oil Futures higher. Natural Gas is higher. $ is lower vs Euro, lower vs. Pound and higher vs. Yen. US 10 year Treasury yield at 2.23% yield, one day change +2, one month change -23 and +38 one year change. Prices as of 7:55 a.m. EDT.

Top Sectors Conglomerates.

Weak Sectors Energy, Materials, Healthcare and Financials led the downside.

One month winners Utilities and Services.

Three Month Winners Consumer Goods, Utilities and Technology.

Six Month Winners Conglomerates, Industrial Goods, Financials, Energy and Materials.

One Year Winners Energy, Materials, Industrial Goods and Utilities.

Year To Date All except for Energy and Conglomerates.

Earnings Expected

Earnings due after the close (by avg. trade volume): V MXIM ETFC MAT NCR MANH ASB PFPT among others.

Due Thursday morning (by avg. trade volume descending): GE SLB HON NEE STI AAL SWK COL IPG KSU MAN SHOO among others.

Rags & Mags: Inside Wall Street

Bloomberg: Oil back up as Gulf producers look to extend cuts. Brexit on track with May election call< China has not fallen more than 1% in 84 sessions. ECB getting closer to ending stimulus. Kiss your Florida real estate goodbye as rising ocean levels will force lenders to stop lending./p>

NY Times: Fox (FOXA) adjusts to life after O[Reilly. Apple (AAPL) faces inquiry over content found in Chinese Apple stores. Facebook (FB) wins because of its network.

WSJ: .

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): ADS +.05 BX +.14 DOV +.48 KEY +.02 MTG +.06 PPG +.03 DGX +.15 SNA +.05 SON +.03 TRV-.22 VZ -.01.

Missing: NUE SYNT.

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: DHR DOV DGX SHW SON.

Positive Guidance: UNH.

Data Points

Yesterday saw 1360 stocks rise and 1528 fall on the NYSE. NASDAQ saw 1701 rise and 1119 fall.

The SP 500 is back below its 50 day exponential moving average and above its 200 day exponential moving average. The Russell 2000 is below its 50 day moving exponential average and is above 200 day exponential moving average.

The 10 day spread moving average of breadth is back to cash. The Madison Market Timing Indicator is now invested since November 18th.

YTD 2662 stocks are higher and 1979 lower. Updated 3/31/17 close.

Economics

The March Philadelphia Fed Index is due out at 8:30 a.m. EDT and is expected to fall to 21.8 from 32.8.

March Leading Indicators are due out at 10:00 a.m. EDT and are expected to fall to 0.20% from 0.60%.

Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.

Politico

German Finance Minister Wolfgang Schauble speaks in Washington D.C.

Federal Reserve Governor Jerome Powell speaks at 8:00 a.m. EDT.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, BX PDCE IRM.

Conference of Note

Microstrategy World 2019

Big Data Innovation Summit

FCC Meeting On Wireless Development/UHF Discount Rule

M & A News

Virtu Financial (VIRT) to KCG Financial (KCG) for $20 a share.

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan
Goldman Sachs
Morgan Stanley
Deutsche Bank
Citigroup RIO
Merrill Lynch
Wachovia/Wells Fargo
Credit Suisse
Banc of America
UBS
SunTrust RH
Sanford Bernstein
Jefferies
RBC
Needham
Raymond James
Piper Jaffray
Friedman Billings
Guggenheim
Stifel SBUX
Robert W. Baird PFPT MBLY

Comments »

Morning Briefing: French Elections A Coin Toss Reports Bloomberg. Really?

In After Hours Trading

IPOs on deck this week Select Energy Services (WTTR). Secondaries of note AGIO BOLD PLG.

In After Hours Trading: ADTN +.03 IBM +.03 IBKR -.05 ISRG +.11 LRCX +.25 RCI +.07 YHOO +.04.

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: LRCX.

What’s Happening This Morning

U.S. futures: S&P +7.25, Dow Jones +34, NDX +18 and Russell 2000 +5.90. Asia mixed and Europe mixed.

Copper higher with silver and gold lower. WTI Crude and Brent Oil Futures higher. Natural Gas is higher. $ is higher vs Euro, higher vs. Pound and higher vs. Yen. US 10 year Treasury yield at 2.21% yield, one day change -2, one month change -29 and +43 one year change. Prices as of 7:55 a.m. EDT.

Top Sectors Conglomerates.

Weak Sectors Energy, Materials, Healthcare and Financials led the downside.

One month winners Utilities and Services.

Three Month Winners Consumer Goods, Utilities and Technology.

Six Month Winners Conglomerates, Industrial Goods, Financials, Energy and Materials.

One Year Winners Energy, Materials, Industrial Goods and Utilities.

Year To Date All except for Energy and Conglomerates.

Earnings Expected

Earnings due after the close (by avg. trade volume): QCOM AXP KMI LVS CSX EBAY CP URI TMK among others.

Due Thursday morning (by avg. trade volume descending): VZ PM DHR BK ABB BX BBT TRV SHW DISH PPG KEY NUE among others.

Rags & Mags: Inside Wall Street

Bloomberg: French election looks to be a coin toss as Communist backed Jean Luc Melenchon could be a spoiler. Goldman Sachs drops owning the U.S. Dollar as reflation slows. Bonds hit lowest yields since November. There are no easy solutions for President Trump on North Korea. No need to panic about Q1 consumer slump.

NY Times: Democrat failed to take a 50% victory in Georgia House Race setting in place a runoff election. Bill O’Reilly loses support of Murdochs. Trump signs Executive Order that may impact tech worker visas. IMF raises 2017 Global Outlook.

WSJ: Nacy did not send aircraft carrier towards North Korea despite Trump claims. Nightmare scenario takes place in French election.Morgan Stanley (MS) saw trading revenues jump.

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): BLK +.36 MS +.10 SBNY +.38 USB +.02.

Missing: ABT GPC.

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: UNH.

Data Points

Yesterday saw 1368 stocks rise and 1518 fall on the NYSE. NASDAQ saw 1232 rise and 1571 fall.

The SP 500 is still above its 50 day exponential moving average and above its 200 day exponential moving average. The Russell 2000 is below its 50 day moving exponential average and is above 200 day exponential moving average.

The 10 day spread moving average of breadth is back to cash. The Madison Market Timing Indicator is now invested since November 18th.

YTD 2662 stocks are higher and 1979 lower. Updated 3/31/17 close.

Economics

Weekly Crude Oil Inventories are due out at 10:30 a.m. EDT.

Politico

Federal Reserve releases its latest Beige Book at 2:00 p.m. EDT. Federal Reserve Boston President Eric Rosengren speaks at 12:30 p.m. EDT.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, EMES AKZOY

Conference of Note

Microstrategy World 2019

Big Data Innovation Summit

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan
Goldman Sachs WRK
Morgan Stanley SIRI ENR
Deutsche Bank
Citigroup
Merrill Lynch GWR
Wachovia/Wells Fargo
Credit Suisse GWW
Banc of America
UBS
SunTrust RH
Sanford Bernstein
Jefferies ETE
RBC
Needham
Raymond James TPX

Comments »

Morning Briefing Sees 4 IPOs Today (To Infinity & Beyond For These Names)

In After Hours Trading

IPOs on deck today Cadence Bancorp (CADE), Warrior Met Coal LLC (HCC), Tocagen (TOCA), Yext (YEXT). Secondaries of note AEHR AGRO SRNE TWNK.

In After Hours Trading: DTEA -.12 PIR +.01.

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: .

What’s Happening This Morning

U.S. futures: S&P -6, Dow Jones -31, NDX -12 and Russell 2000 -2.90. Asia lower ex China and Europe lower.

Copper,silver and gold higher. WTI Crude and Brent Oil Futures higher. Natural Gas is lower. $ is lower vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury yield at 2.23% yield, one day change -7, one month change -40 and +46 one year change. Prices as of 7:55 a.m. EDT.

Top Sectors Utilities.

Weak Sectors All others.

One month winners All ex Healthcare and Financials.

Three Month Winners Consumer Goods, Utilities and Technology.

Six Month Winners Conglomerates, Industrial Goods, Financials, Energy and Materials.

One Year Winners Energy, Materials, Industrial Goods and Utilities.

Year To Date All except for Energy and Conglomerates.

Earnings Expected

Earnings due after the close (by avg. trade volume): none of note.

Due Friday morning (by avg. trade volume descending): none of note.

Rags & Mags: Inside Wall Street

Bloomberg: Trumps gave an interview to The Wall Street Journal and called for a lower dollar, keeping Yellen, noted China is not a currency manipulator and wants to keep rates low. Geopolitical pressures over North Korea remain high.

NY Times: U.S. pressures Russia while Trump warms up to NATO. United Airlines (UAL) still trying to fix mess after man dragged from airplane.

WSJ: President Trump seeks to build alliance over North Korea. President Trump threatens Democrats to withhold oayments to insurers tied to ACA.

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): CBSH +.03 INFY +.05 JPM +.12 PNC +.13 YGE +.13.

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 923 stocks rise and 1990 fall on the NYSE. NASDAQ saw 869 rise and 1941 fall.

The SP 500 is still above its 50 day exponential moving average and above its 200 day exponential moving average. The Russell 2000 is below its 50 day moving exponential average and is above 200 day exponential moving average.

The 10 day spread moving average of breadth is back to cash. The Madison Market Timing Indicator is now invested since November 18th.

YTD 2662 stocks are higher and 1979 lower. Updated 3/31/17 close.

Economics

March CPI is due out at 8:30 a.m. EDT and is expected to fall to 0% from 0.1%.

March Retail Sales are due out at 8:30 a.m. EDT and are expected to drop to 0% from 0.1%.

Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.

Politico

Congress is off for Easter Recess.Markets traditionally do well in such periods.

Trump Schedule 10:30 a.m. Daily Intelligence Briefing, 11:00 a.m. signs repeal of Planned Parenthood funding, 2:00 p.m. meets with I-85 Bridge first resposnders, 3:45 leaves for Palm Beach and 6:45 arrives Palm Beach.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, none of note.

Conference of Note

Oracle HCM World 2017

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan
Goldman Sachs WFT
Morgan Stanley
Deutsche Bank
Citigroup NTDOY
Merrill Lynch
Wachovia/Wells Fargo
Credit Suisse
Banc of America
UBS
SunTrust RH CTSH SEAS SIX

Comments »

Getting Oversold

Given that the market is in a narrow range, it is very easy to get overbought or oversold. My oversold indicator is now at 32 on SPY. Once under 30 it is oversold.

We wait to buy when it moves back above 30. Why? Because there is good and bad oversold. Bad oversold is dropping below 30 and staying there. Good oversold is a quick drop under 30 and then a bounce back above.

Yesterday I noticed the most active ETF to trade was VXX.

Also, the top 7 option contracts to trade were VIX related, either calls or puts. The top four were all calls.

Boys and girls this sets up for a nice rip your face off move up to 2400. Tax selling is now complete . Can we rally from here? Yes. Will we rally from here or a bit lower? That is the $64,000 question but it seems a good time to start nibbling.

 

 

Comments »

The Week Ahead Is A Shortened One

1. Geopolitical Events. On Monday Federal Reserve Chairman Yellen speaks at 4:10 p.m. EDT. Also, on Monday Federal Reserve St. Louis President James Bullard speaks in Australia. Finally on Monday, G-7 Foreign Ministers meet in Italy. On Tuesday Federal Reserve Minneapolis President Neel Kashkari speaks at 1:45 p.m. EDT while Secretary of State Tillerson visits Moscow. On Wednesday IMF Head Lagarde speaks.

2. Economic Releases. Releases of note this week include the weekly chain store sales, oil/gas numbers, mortgage applications, jobless claims and PPI, CPI, retail sales and Michigan Sentiment.

3. Earnings Releases. Notable releases include OZRK DAL FAST SJR JPM WFC C TSM.

Monday, April 10:

Federal Reserve Chairman Janet Yellen speaks at 4:10 p.m. EDT.

G-7 Foreign Ministers meet in Italy.

Tuesday, April 11:

U.S. Secretary of State Rex Tillerson visits Moscow to meet with Russian Foreign Minister Sergey Lavrov.

The latest short interest data for the NYSE and NASDAQ through March 31st settlement date is due out after the close. This short interest collection period covers from March 10th through March 28th. During this period, the S&P 500 fell -0.59%.

Wednesday, April 12:

IMF Head Christine Lagarde speaks about global economics ahead of the IMF spring meeting.

Thursday, April 13:

March PPI is due out at 8:30 a.m. EDT and is expected to fall to 0% from 0.3%.

April Michigan Sentiment is due out at 10:30 a.m. EDT and is expected to fall to 96.5 from 96.9.

Friday, April 14:

U.S. stock and bond market are closed for Good Friday, but several key economic data points will still be released.

March CPI is due out at 8:30 a.m. EDT and is expected to fall to 0% from 0.1%.

March Retail Sales are due out at 8:30 a.m. EDT and are expected to drop to 0% from 0.1%

Comments »

Carter Worthless Part II $XLE

Back on September 30 of 2016, Carter Worthless aka Carter Worth stated that $DB was going to $0. Well it closed that day at $13.09. It is now at $16.60. It rank to a peak just above $20.50. Another horrific call from a “guy that sounds so smart, but in reality is just soooo dumb”.

I just saw him on #CNBC and he is saying Energy cannot rally. I will take the other side of that trade. XLE closed today at $70.63. Let’s see where it is at the end of the second quarter. Worthless went on to state that there is no relative strength against the S&P 500.

My data is quite the opposite. Money is flowing into XLE and it is starting to outperform the S&P 500.  I will show a chart in a couple weeks once XLE is above $75 to illustrate the point.

Comments »

Futures Now Up Slightly, After Being Lower Overnight

In After Hours Trading

IPOs on deck today Elevate Credit (ELVT) and Schneider National (SNDR). Secondaries of note BSBR CLNS EVBG SYNC WGO.

In After Hours Trading: BBBY +.06 YUMC +.06.

Lower Guidance: BBBY.

Mixed Guidance: .

Positive Guidance: .

What’s Happening This Morning

U.S. futures: S&P +1.25, Dow Jones +15, NDX +4 and Russell 2000 +1.70. Asia and Europe lower as they follow U.S. selloff on Wednesday.

Copper lower with silver and gold higher. WTI Crude and Brent Oil Futures higher. Natural Gas is higher. $ is higher vs Euro, higher vs. Pound and flat vs. Yen. US 10 year Treasury yield at 2.35% yield, one day change +3, one month change -15 and +59 one year change. Prices as of 7:55 a.m. EDT.

Top Sectors Utilities.

Weak Sectors All other.

One month winners All ex Conglomerates, Materials and Energy.

Three Month Winners Conglomerates, Industrial Goods, Financials.

Six Month Winners Conglomerates, Industrial Goods, Financials, Energy and Materials.

One Year Winners Energy, Materials, Industrial Goods and Utilities.

Year To Date All except for Energy and Conglomerates.

Earnings Expected

Earnings due after the close (by avg. trade volume): PSMT WDFC among the leaders.

Due Friday morning (by avg. trade volume descending): none of note.

Rags & Mags: Inside Wall Street

Bloomberg: FOMC Minutes show that the Fed is going to start working on reducing the balance sheet. White House wants to separate consumer lending from investment banks, going back to Glass Steagall. ECB Head Draghi says inflation not strong enough to shift monetary policy. Citigroup notes short retail is too crowded.

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): KMX +.02 STZ +.12 FRED +.05 MSM +.03.

Missing: SCHN.

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 999 stocks rise and 1929 fall on the NYSE. NASDAQ saw 788 rise and 2062 fall.

The SP 500 is still above its 50 day exponential moving average and above its 200 day exponential moving average. The Russell 2000 is below its 50 day moving exponential average and is above 200 day exponential moving average.

The 10 day spread moving average of breadth is back to cash. The Madison Market Timing Indicator is now invested since November 18th.

YTD 2662 stocks are higher and 1979 lower. Updated 3/31/17 close.

Economics

Challenger Job Cuts are due out at 7:30 a.m. EDT and fell by -2%.

Weekly Jobless Claims due at 8:30 a.m. EDT.

Weekly Natural Gas inventories are due out at 10:30 a.m. EDT.

Politico

Chinese President Xi Jinping travels to Florida to meet with President Donald Trump into the weekend.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, VET LB CDTX ANGO MGPI MBOT TASR.

Conference of Note

European Gold Forum. World Economic Forum.

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan BG AMD
Goldman Sachs FUN SEAS
Morgan Stanley
Deutsche Bank
Citigroup SGYP SJR
Merrill Lynch GBX LNC NTNX
Wachovia/Wells Fargo
Credit Suisse
Banc of America
UBS
SunTrust RH
Sanford Bernstein
Jefferies
RBC
Needham
Raymond James PACW TCBI

Comments »