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Futures Higher As ADP Payroll Come In “Bigly”

In After Hours Trading

IPOs on deck today Hess Midstrea, Partners LP (HESM). Secondaries of note ARGO OHRP QTNT SCM.

In After Hours Trading: SHLM +.01.

Lower Guidance: LNDC.

Mixed Guidance: .

Positive Guidance: .

What’s Happening This Morning

U.S. futures: S&P +5.75, Dow Jones +72, NDX +1.50 and Russell 2000 +7.90. Asia higher and Europe higher ex Germany.

Copper, silver and gold higher. WTI Crude and Brent Oil Futures higher. Natural Gas is higher. $ is higher vs Euro, higher vs. Pound and lower vs. Yen. US 10 year Treasury yield at 2.32% yield, one day change -6, one month change -16 and +55 one year change. Prices as of 7:55 a.m. EDT.

Top Sectors Energy, Materials and Industrials.

Weak Sectors Conglomerates, Technology and Financials.

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): BBBY FSM among the leaders.

Due Thursday morning (by avg. trade volume descending): STZ KMX PRGO SCHN FRED among the leaders.

Rags & Mags: Inside Wall Street

Bloomberg: French Presidential Candidate Marine Le Pen when labeled soft onm the euro went ballistic.The British Pound is in rally mode. U.S./China trade figures show that 8 U.S. states carry a surplus with China. Doubleline’s Jeffrey Gundlach says bond rally to continue.

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): GBX +.23.

Missing: MON WBA.

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 1433 stocks rise and 1454 fall on the NYSE. NASDAQ saw 1171 rise and 1654 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

ADP Employment Report was out at 8:15 a.m. EDT and was expected to fall to 175,000 from 298,000 but came in at 263,000.

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

Politico

Federal Reserve Atlanta President Dennis Lockhart spoke about his time at the Federal Reserve and defended Federal Reserve Richmond President Jeffrey Lacker. In a few, Federal Reserve Governor Daniel Tarullo will be on CNBC. FOMC releases the minutes from its March meeting at 2:00 p.m. EDT.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, none of note. Needham & Company Annual Healthcare Conference.

Conference of Note

American Association for Cancer Research Annual Meeting. European Gold Forum.

M & A News

JAB Holding Company to buy Panera Bread (PNRA) for $315 a share.

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan
Goldman Sachs IMO
Morgan Stanley
Deutsche Bank
Citigroup SPLS
Merrill Lynch DRE KEYS
Wachovia/Wells Fargo
Credit Suisse COHY
Banc of America
UBS
SunTrust RH SRPT NOMD

Comments »

Morning Briefing: Peak Auto Sales Drag Stocks Lower $F $GM

In After Hours Trading

6 IPOs on deck this week. Secondaries of note NMFC.

In After Hours Trading: INSY +.01.

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: .

What’s Happening This Morning

U.S. futures: S&P -9.75, Dow Jones -67, NDX -24 and Russell 2000 -6.90. Asia mixed and Europe lower.

Copper, silver and gold lower. WTI Crude and Brent Oil Futures lower. Natural Gas is lower. $ is higher vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury yield at 2.38% yield, one day change -2, one month change +1 and +55 one year change. Prices as of 7:55 a.m. EDT.

Top Sectors Energy, Naterials, Services and Technology .

Weak Sectors Utilities and Financials.

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):SHLM LNDC among the leaders.

Due Wednesday morning (by avg. trade volume descending): GBX JMBA MON WBA among the leaders.

Rags & Mags: Inside Wall Street

Bloomberg: Auto sales hit their lowest quarterly level since 2006. S&P downgraded South Africa to junk after the president fired the finance minister. Trump Administration is working on a new healthcare bill.

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): CONN +.23 ISCA +.02.

Missing: .

Lower Guidance: .

Current Morning missing: PRGO.

Mixed Guidance: SCWX.

Positive Guidance: .

Data Points

Yesterday saw 1286 stocks rise and 1648 fall on the NYSE. NASDAQ saw 881 rise and 1966 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 2342 lower. Updated 3/17/17 close.

Economics

February Factory Orders are due out at 10:00 a.m. EDT and is expected to fall to 0.9% from 1.2%.

Politico

Federal Reserve Governor Dan Tarullo speaks at Princeton at 4:30 p.m. EDT.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, PWR XYL MKC. Needham & Company Annual Healthcare Conference.

Conference of Note

American Association for Cancer Research Annual Meeting. European Gold Forum.

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan
Goldman Sachs MDLZ EL
Morgan Stanley
Deutsche Bank
Citigroup TLND PSDO LB URBN BAC
Merrill Lynch BCC
Wachovia/Wells Fargo TICC
Credit Suisse
Banc of America
UBS
SunTrust RH
Sanford Bernstein
Jefferies
RBC
Needham ABC
Raymond James
Piper Jaffray
Friedman Billings
Guggenheim
Stifel
Robert W. Baird PNRA

Comments »

The Week Ahead More Fed Speak, Monthly Jobs Data & U.S. & China Summit

1. Geopolitical Events. On Monday Federal Reserve New York President William Dudley speaks at 10:30 a.m. EDT as does Philadelphia President Patrick Harker, no time specified. Richmond President Jeffrey Lacker speaks at 5:00 p.m. EDT. Also on Monday President Trump meets with Egypt’s President. On Tuesday Federal Reserve Governor Dan Tarullo speaks at Princeton at 4:30 p.m. EDT. On Wednesday Federal Reserve Atlanta President Dennis Lockhart speaks about his time at the Federal Reserve. Also, on Wednesday the FOMC releases the minutes from its March meeting. On Thursday Chinese President Jinping travels to Florida to meet with President Trump. On Friday Senate votes on the nomination of Neil Gorsuch to the Supreme Court.

2. Economic Releases. Releases of note this week include the weekly chain store sales, oil/gas numbers, mortgage applications, jobless claims and construction spending, ISM Manufacturing PMI, factory orders, nonfarm payrolls and the unemployment rate.

3. Earnings Releases. Notable releases include AYI ISCA SHLM WBA MON BBY GBX STZ KMX PRGO.

Monday, April 3:

Egyptian President Abdel Fattah el-Sisi meets with President Donald Trump at the White House.

Markets are closed in China and Taiwan.

March Auto Sales are due out at 7:00 a.m. EDT from Ford (F), General Motors (GM), Honda (HMC) and Toyota (TM).

February Construction Spending is due out at 10:00 a.m. EDT and is expected to rise to 1.1% from -1.0%.

March ISM Manufacturing PMI is also due out at 10:00 a.m. EDT and is expected to fall to 57 from 57.7.

Analyst meetings of note WWE.

Tuesday, April 4:

February Factory Orders are due out at 10:00 a.m. EDT and is expected to fall to 0.9% from 1.2%.

Analyst meetings of note PWR XYL MKC.

Wednesday, April 5:

The Federal Reserve Open Market Committee (FOMC) will release minutes from the March meeting at 2:00 p.m. EDT.

ADP Employment Report is due out at 8:15 a.m. EDT and is expected to fall to 175,000 from 298,000.

Thursday, April 6:

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

Challenger Job Cuts are due out at 7:30 a.m. EDT and fell by -40% last month.

Analyst meetings of note VET LB CDTX ANGO MGPI MBOT.

Friday, April 7:

March Nonfarm Payrolls and the unemployment rate are due out at 8:30 a.m. EDT and are expected to fall to 180,000 from 235,000, while the unemployment rate remains at 4.7%.

The Senate is expected to vote on the nomination of Neil Gorsuch to the Supreme Court.

Comments »

Mainstream Media Sucks

You are either in the know or you are clueless. If you are trading and you are not using a market intelligence service, then you need to understand you are trading on a 15 minute delay compared to those in the know as well as “the machines”.

The machines are a completely different story. Separate discussion.

I use a service called The Trade Exchange in addition to Briefing.com to stay up to speed on what is moving thing during intraday action.

Today at 1:52 p.m. The Trade Exchange reported that North Korea may try a “different type of nuclear test”. The machines took that and sold SPY from $236.51 to $235.80, effectively 7 S&P 500 points.  Funny neither CNBC or Bloomberg have reported on this story. Maybe they will by the close. So they are clueless as well.

So now you know why the drop. How should you trade the drop?. That is an entirely different conversation.

Comments »

The Morning Briefing: More Fedspeak Today, Do You Know When?

In After Hours Trading

IPOs on deck today Kayne Anderson Acquisition (KAACU). Secondaries of note BPMC CVE OFS SA TNXP.

In After Hours Trading: LULU -.01 PRGS +.07 WOR -.09.

Lower Guidance: .

Mixed Guidance: OLLI RH.

Positive Guidance: LAUR.

What’s Happening This Morning

U.S. futures: S&P -2.75, Dow Jones -26, NDX -5 and Russell 2000 -2.60. Asia lower and Europe lower ex Germany.

Copper, silver and gold lower. WTI Crude and Brent Oil Futures lower. Natural Gas is lower. $ is higher vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury yield at 2.38% yield, one day change -2, one month change +1 and +55 one year change. Prices as of 7:55 a.m. EDT.

Top Sectors Energy, Naterials, Services and Technology .

Weak Sectors Utilities and Financials.

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): NK FC UNXL among the leaders.

Due Friday morning (by avg. trade volume descending): BBRY among the leaders.

Rags & Mags: Inside Wall Street

Bloomberg: Boston Federal Reserve President Rosengren calls for three more rate increases. Markets struggle overseas this morning. Q4 GDP final reading out this morning.

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): none of note.

Missing: PRGO.

Lower Guidance: .

Current Morning missing: PRGO.

Mixed Guidance: SCWX.

Positive Guidance: .

Data Points

Yesterday saw 1908 stocks rise and 1014 fall on the NYSE. NASDAQ saw 1739 rise and 1093 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 3907 stocks are higher and 2342 lower. Updated 3/17/17 close.

Economics

Q4 GDP is due out at 8:30 a.m. EDT and is expected to be revised to 2.0% from 1.9%.

Weekly Jobless Claims are due out at 8:30 a.m. EDT and then Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.

Politico

Secretary of State Rex Tillerson visits Turkey. Also on Thursday also Federal Reserve Dallas President Rob Kaplan speaks at 11:00 a.m. EDT, followed by San Francisco President John Williams at 11:15 a.m. EDT.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, ALK. Scotia Howard Weil Energy Conference. Sidoti Emerging Growth Convention.

Conference of Note

GlobalShop 2017

M & A News

MXL to buy EXAR for $13 a share.

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan
Goldman Sachs CYBR SUN
Morgan Stanley CY
Deutsche Bank
Citigroup
Merrill Lynch LULU SCWX
Wachovia/Wells Fargo
Credit Suisse
Banc of America
UBS
SunTrust RH
Sanford Bernstein
Jefferies
RBC
Needham
Raymond James FSC
Piper Jaffray
Friedman Billings
Guggenheim
Stifel
Robert W. Baird
Cowen
Sun Trust RH NLNK

Comments »

The Morning Briefing: Failure To Launch Post Strong Day $SPY

In After Hours Trading

IPOs on deck today none of note. Secondaries of note ALQA ATH ATOS.

In After Hours Trading: PLAY +.04 OLLI +.03 RH +.03 SONC +.01 VRNT +.04.

Lower Guidance: .

Mixed Guidance: OLLI RH.

Positive Guidance: LAUR.

What’s Happening This Morning

U.S. futures: S&P -0.75, Dow Jones -16, NDX +1.25 and Russell 2000 -2.70. Asia higher ex China and Europe higher ex the U.K.

Copper, silver and gold lower. WTI Crude and Brent Oil Futures higher. Natural Gas is higher. $ is higher vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury yield at 2.40% yield, one day change +3, one month change +1 and +59 one year change. Prices as of 7:55 a.m. EDT.

Top Sectors All except Healthcare and Utilities.

Weak Sectors Healthcare and Utilities.

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): FUL LULU PRGS SIGM FTI WOR among the leaders.

Due Wednesday morning (by avg. trade volume descending): among the leaders.

Rags & Mags: Inside Wall Street

Bloomberg: EU blocks takeover by Deutsche Boerse AG of LSE. Federal Reserve Vice Chairman Stanley Fisher called for two more rate hikes.

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): SCWX +.04.

Missing: .

Lower Guidance: .

Current Morning missing: PAYX.

Mixed Guidance: SCWX.

Positive Guidance: .

Data Points

Yesterday saw 2181 stocks rise and 745 fall on the NYSE. NASDAQ saw 1758 rise and 1082 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 3907 stocks are higher and 2342 lower. Updated 3/17/17 close.

Economics

February Pending Home Sales are due out at 10:00 a.m. EDT and are expected to rise to 2.4% from -2.8%.

Politico

Federal Reserve Chicago President Charles Evans speaks at 9:20 a.m. EDT, followed by Boston President Eric Rosengren at 11:30 a.m. EDT and San Francisco President John Williams at 1:15 p.m. EDT.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, ALK. Scotia Howard Weil Energy Conference. Sidoti Emerging Growth Convention.

Conference of Note

GlobalShop 2017

M & A News

MXL to buy EXAR for $13 a share.

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan
Goldman Sachs NRG DNKN
Morgan Stanley
Deutsche Bank
Citigroup
Merrill Lynch
Wachovia/Wells Fargo
Credit Suisse
Banc of America
UBS
SunTrust RH FTV
Sanford Bernstein
Jefferies CC
RBC
Needham CYBR
Raymond James
Piper Jaffray
Friedman Billings
Guggenheim
Stifel ROYT

Comments »

The Morning Briefing: Yellen and Fisher To Speak Today

In After Hours Trading

IPOs on deck today none of note. Secondaries of note CYRX EVH STOR.

In After Hours Trading: DRI +.05 TRQ +.06.

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: .

What’s Happening This Morning

U.S. futures: S&P -2.50, Dow Jones -24, NDX -2.25 and Russell 2000 -4.60. Asia higher ex China and Europe higher ex France.

Copper, silver and gold lower. WTI Crude and Brent Oil Futures higher. Natural Gas is lower. $ is higher vs Euro, higher vs. Pound and lower vs. Yen. US 10 year Treasury yield at 2.37% yield, one month change -2 and +49 one year change. Prices as of 7:55 a.m. EDT.

Top Sectors Healthcare and Technology.

Weak Sectors Financials and Industrials.

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): PLAY OLLI RH SONC among the leaders.

Due Wednesday morning (by avg. trade volume descending): INSY PAYX SCWX among the leaders.

Rags & Mags: Inside Wall Street

Bloomberg: Trump to sign executive orders that Obama put in place to combat climate change. Tomorrow sees the U.K. begin its two year process to leave the EU. Markets still do not care about Trump’s failures.

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): HOME +.02 FDS +.01 MKC +.02.

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: HOME FDS SOL.

Positive Guidance: .

Data Points

Yesterday saw 1454 stocks rise and 1456 fall on the NYSE. NASDAQ saw 1607 rise and 1246 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 back 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 3907 stocks are higher and 2342 lower. Updated 3/17/17 close.

Economics

March Consumer Confidence is due out at 10:00 a.m. EDT and is expected to fall to 113.3 from 114.80.

Politico

Federal Reserve Kansas City President Esther George speaks at12:450 p.m. EDT and then Federal Reserve Dallas President Rob Kaplan at 1:00 p.m. EDT.

Both Federal Reserve Chairman Yellen and Vice Chairman Fisher speak today at 12:50 p.m. EDT and 12:30 p.m. EDT.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, CY INTC. Scotia Howard Weil Energy Conference.

Conference of Note

GlobalShop 2017

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan
Goldman Sachs
Morgan Stanley GOGL SB GPOR
Deutsche Bank
Citigroup
Merrill Lynch PINC
Wachovia/Wells Fargo
Credit Suisse CMC
Banc of America
UBS
SunTrust RH
Sanford Bernstein
Jefferies
RBC
Needham ZBRA

Comments »

The Week Ahead: Lot’s Of Fedspeak Ahead Again (Blind Leading The Blind)

1. Geopolitical Events. On Monday Federal Reserve Chicago President Charles Evans speaks from Madrid before markets open, and Federal Reserve Dallas President Rob Kaplan speaks after the close. On Tuesday Federal Reserve Kansas City President Esther George speaks at12:450 p.m. EDT and then Federal Reserve Dallas President Rob Kaplan at 1:00 p.m. EDT. On Wednesday Federal Reserve Chicago President Charles Evans speaks at 9:20 a.m. EDT, followed by Boston President Eric Rosengren at 11:30 a.m. EDT and San Francisco President John Williams at 1:15 p.m. EDT. On Thursday Secretary of State Rex Tillerson visits Turkey. Also on Thursday also Federal Reserve Dallas President Rob Kaplan speaks at 11:00 a.m. EDT, followed by San Francisco President John Williams at 11:15 a.m. EDT. On Friday Federal Reserve St. Louis President James Bullard speaks at 10:30 a.m. EDT.

2. Economic Releases. Releases of note this week include the weekly chain store sales, oil/gas numbers, mortgage applications, jobless claims and consumer confidence, Q4 GDP, personal income and spending, Chicago PMI and Michigan Sentiment.

3. Earnings Releases. Notable releases include RHT CALM CCL DRI PAYX LULU PRGO SAIC BBRY.

Monday, March 27:

Senate Judiciary Committee continues hearings for Supreme Court Nominee Neil Gorsuch.

Tuesday, March 28:

March Consumer Confidence is due out at 10:00 a.m. EDT and is expected to fall to 113.3 from 114.80.

Wednesday, March 29:

February Pending Home Sales are due out at 10:00 a.m. EDT and are expected to rise to 2.4% from -2.8%.

Thursday, March 30:

Q4 GDP is due out at 8:30 a.m. EDT and is expected to be revised to 2.0% from 1.9%.

Secretary of State Rex Tillerson pays a visit to Turkey.

Friday, March 31:

February Personal Income and Spending are due out at 8:30 a.m. EDT and are expected to remain at 0.4% and 0.2% respectively.

March Chicago PMI is due out at 9:45 a.m. EDT and is expected to fall to 55.8 from 57.4.

Comments »

Morning Briefing: ECB To End TLTRO

In After Hours Trading

IPOs on deck today none of note. Secondaries of note AMH FI HTBX KEYS LJPC LKSD MMSI OEC QUIK TNDM VLRX.

In After Hours Trading: CTAS +.04 PVH +.05 MLHR +.07 FIVE +.01.

Lower Guidance: .

Mixed Guidance: FIVE MLHR.

Positive Guidance: PVH.

What’s Happening This Morning

U.S. futures: S&P +4, Dow Jones +11, NDX +5.50 and Russell 2000 +4.50. Asia and Europe higher.

Copper higher with silver higher and gold lower as well. WTI Crude and Brent Oil Futures higher. Natural Gas is higher. $ is higher vs Euro, lower vs. Pound and higher vs. Yen. US 10 year Treasury yield at 2.41% yield, one month change +4 and +54 one year change. Prices as of 7:55 a.m. EDT.

Top Sectors Technology, Services and Utilities.

Weak Sectors Financials and Conglomerates.

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): MU TRQ GME KBH RH SCVL NK SIGM among the leaders.

Due Friday morning (by avg. trade volume descending): FINL among the leaders.

Rags & Mags: Inside Wall Street

Bloomberg: Health Care Bill changes hit final hours.The ECB offered its last Tergeted Longer Term Refinancing Operation (TLTRO) as pressure to reduce monetary easing grows. North Korea may have robbed the Bangladesh Central Bank.

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): ACN +.03 AVID +.09 CMC +.14 CAG +.04 SCHL -.11.

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 1581 stocks rise and 1350 fall on the NYSE. NASDAQ saw 1212 rise and 1610 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 back 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 3907 stocks are higher and 2342 lower. Updated 3/17/17 close.

Economics

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

Politico

Debate over Obamacare repeal continues with a vote set for tonight at midnight.

Federal Reserve Chairman Janet Yellen speaks to the Federal Reserve System Community Development Research Conference at 8:45 a.m. EDT.

Federal Reserve Dallas President Robert Kaplan participates in a Q&A on the economic outlook and monetary policy. Also Federal Reserve Minneapolis Federal Reserve President Neel Kashkari speaks at 12:00 p.m. EDT.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, MTDR MMLP AMTD F. Morgan Stanleuy Financials Conference.

Conference of Note

The International Dental Show

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan
Goldman Sachs FEYE PFPT
Morgan Stanley
Deutsche Bank
Citigroup RACE
Merrill Lynch
Wachovia/Wells Fargo
Credit Suisse DG
Banc of America
UBS
SunTrust RH
Sanford Bernstein
Jefferies
RBC MO
Needham
Raymond James SCS
Piper Jaffray
Friedman Billings
Guggenheim
Stifel VRNS SWN ECR CHK

Comments »

Morning Briefing: Midnight In The Garden Of Good & Evil On Thursday Midnight

In After Hours Trading

IPOs on deck today none of note. Secondaries of note ADAP CALA DEA RGNX TMHC VTL.

In After Hours Trading: DLTH +.09 FDX -.27 NKE +.15 SLW +.03 SCS +.04.

Lower Guidance: .

Mixed Guidance: DLTH SCS.

Positive Guidance: P.

What’s Happening This Morning

U.S. futures: S&P -3.75, Dow Jones -53, NDX -6.50 and Russell 2000 -4.50. Asia and Europe lower.

Copper lower with silver and gold lower as well. WTI Crude and Brent Oil Futures lower. Natural Gas is lower. $ is higher vs Euro, higher vs. Pound and lower vs. Yen. US 10 year Treasury yield at 2.41% yield, one month change +0 and +47 one year change. Prices as of 7:55 a.m. EDT.

Top Sectors None.

Weak Sectors All.

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): CTAS FIVE MLHR PVH among the leaders.

Due Thursday morning (by avg. trade volume descending): ACN CMC CAG SFUN HHS PRGO SCHL among the leaders.

Rags & Mags: Inside Wall Street

Bloomberg: Oil is at $47.44 heading into today’s weekly number. The PBOC injected capital to keep liquidity strong. Global art sales fall to lowest level since the 2007-2009 Financial Crisis.

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): PERY +.05 WGO +.04.

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 600 stocks rise and 2358 fall on the NYSE. NASDAQ saw 467 rise and 2429 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 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 3907 stocks are higher and 2342 lower. Updated 3/17/17 close.

Economics

February Existing Home Sales are due out at 10:00 a.m. EDT and are expected to fall to 5.54 million from 5.68 million.

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

Politico

Debate over Obamacare repeal continues with a vote set for Thursday at midnight.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, CSTM CRC. Bank of America Merrill Lynch Global Industrials & EU Autos Conference. Oppenheimer Annual Healthcare Conference.

Conference of Note

The International Dental Show

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan
Goldman Sachs FTR
Morgan Stanley
Deutsche Bank
Citigroup PE
Merrill Lynch
Wachovia/Wells Fargo
Credit Suisse
Banc of America
UBS
SunTrust RH
Sanford Bernstein
Jefferies
Key Bank LB

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