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Futures Up Modestly Thanks To Treasury Secretary Mnuchin

In After Hours Trading

IPOs on deck none of note today. Secondaries ARGO APAM CLD GMS NGD NTB TRGP.

In After Hours Trading: ANSS +.02 SAM +.51 CLR +.03 ETE-.04 FIR -.03 JACK -.07 LB +.13 NBR +.04 TSLA -.16 RIG +.58 XPER -.11.

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: .

What’s Happening This Morning

U.S. futures: S&P +2.75, Dow Jones +23, NDX +4.25 and Russell 2000 +1.80. Asia mixed and Europe mixed.

Copper lower with silver and gold higher. WTI Crude and Brent Oil Futures higher. Natural Gas is higher. $ is lower vs Euro, higher vs. Pound and higher vs. Yen. US 10 year Treasury yield at 2.40% yield, one month change none and +67 one year change. Prices as of 7:55 a.m. EDT.

Top Sectors Conglomerates and Consumer Goods.

Weak Sectors Energy and Materials.

One month winners All ex Conglomerates.

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

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

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

Year To Date All.

Earnings Expected

Earnings due after the close (by avg. trade volume): BIDU HPE INTU MNST BMRN PBA GPS MELI SPLK JWN among the leaders.

Due Friday morning (by avg. trade volume descending): RY PEG MGA COG FL PNW ARES USM TDS JCP among the leaders.

Rags & Mags: Inside Wall Street

Bloomberg: Federal Reserve minutes showed that rate increases are coming fairly soon. President Trump postponed a new version of immigration restriction order until next week. Bond trading rebounds for first time since 2012.

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): APA -.13 EE +.08 GIL +.03 VAC +.09 SHLX +.02 VC +.51.

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 1735 stocks rise and 1207 fall on the NYSE. NASDAQ saw 1822 rise and 1019 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 above its 50 day moving exponential average and its 200 day exponential moving average.

The 10 day spread moving average of breadth is back to invested as of November 15th. The Madison Market Timing Indicator is now invested since November 18th.

YTD 4066 stocks rose for 2016 and 2259 fell. Updated 12/30/16 close.

Economics

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

Politico

Secretary of State Rex Tillerson and Department of Homeland Security Chief John Kelly pay a visit to Mexico.

Treasury Secretary Steve Mnuchin gave an interview to CNBC and noted tax reform by August break.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, EXPI CETX SC THG. RBC Capital Markets Global Healthcare Conference.

Conference of Note

ACTRIMS Forum with MRK BIIB NVS CVS CELG TEVA among others.

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan
Goldman Sachs
Morgan Stanley KB HD PI
Deutsche Bank
Citigroup
Merrill Lynch
Wachovia/Wells Fargo RAI
Credit Suisse BLMN
Banc of America
UBS
CLSA
Sanford Bernstein
Jefferies
Nomura
Needham
Raymond James WAAS
Iper Jaffray
Friedman Billings
Guggenheim
Stifel RETA

Comments »

The Rest Of The Week Ahead

1. Geopolitical Events. On Wednesday Federal Reserve Open Market Committee (FOMC) releases its latest minutes. On Thursday Secretary of State Tillerson and Department of Homeland Security Chief John Kelly visit Mexico. Also on Thursday Federal Reserve Atlanta President Dennis Lockhart speaks at 8:35 a.m. EST.

2. Economic Releases. Releases of note this week include the weekly chain store sales, oil/gas numbers, mortgage applications, jobless claims and existing home sales, FOMC Minutes, new home sales and Michigan Sentiment.

3. Earnings Releases. Notable releases include  LYG TJX BUD BIDU RY PEG.

Wednesday, February 22:

January Existing Home Sales are due out at 10:00 a.m. EST and are expected to rise to 5.550 million from 5.490 million.

Federal Reserve Open Market Committee (FOMC) Minutes from the January meeting are due out at 2:00 p.m. EST.

Thursday, February 23:

Secretary of State Rex Tillerson and Department of Homeland Security Chief John Kelly pay a visit to Mexico.

Markets are closed in Russia.

Friday, February 24:

January New Home Sales are due out at 10:00 a.m. EST and are expected to rise to 575,000 from 536,000.

Markets are closed in Russia.

Comments »

Morning Briefing Fed Vice Chairman Sees Rate Increases Coming

In After Hours Trading

IPOs on deck none of note today. Secondaries CIT MMLP NGL TRU ZAYO.

In After Hours Trading: AEM -.08 CAR -.03 ABX +.03 DENN +.02 EQIX +.12 GDDY -.30 MRO +.05 MOH -2.30 NTAP +.08 NTES +.73 PHH -1.64 SNPS +.16 TRIP -.15 WMB -.02.

Lower Guidance: EQIX.

Mixed Guidance: .

Positive Guidance: AMAT CHH SNPS.

What’s Happening This Morning

U.S. futures: S&P -4.25, Dow Jones -36, NDX -2.00 and Russell 2000 -5.20. Asia mixed 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 2.47% yield, one month change +8 and +70 one year change. Prices as of 7:55 a.m. EDT.

Top Sectors Healthcare, financials and consumer goods.

Weak Sectors Utilities and energy.

One month winners All ex Conglomerates.

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

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

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

Year To Date All.

Earnings Expected

Earnings due after the close (by avg. trade volume): ED RSG DLR DVA ANET FLS CGNX AUY among the leaders.

Due Friday morning (by avg. trade volume descending): ENB DE SE MCO VFC CPB SJM SEP XRAY FLR among the leaders.

Rags & Mags: Inside Wall Street

Bloomberg: Inflation is now a concern with yesterday’s CPI report that came in at 0.6%. The Federal Reserve Open Market Committee (FOMC) meeting is likely to be a live meeting. The market rally has stalled overseas today. China continues to sell Treasuries. Snapchat seeks a valuation of $22 billion.

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): ALXN +.02 CAB -.17 CHTR +.58 ECA +.08 GNC -.29 H +.02 MGM -.07 PBF -.31 SHPG +.14 TIME -.03 TRP +.04 WM -.02

Missing: .

Lower Guidance: ALXN.

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 1735 stocks rise and 1207 fall on the NYSE. NASDAQ saw 1822 rise and 1019 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 above its 50 day moving exponential average and its 200 day exponential moving average.

The 10 day spread moving average of breadth is back to invested as of November 15th. The Madison Market Timing Indicator is now invested since November 18th.

YTD 4066 stocks rose for 2016 and 2259 fell. Updated 12/30/16 close.

Economics

January Housing Starts are due out at 8:30 a.m. EST and are expected to rise to 1,230,000 from 1,226,000.

Politico

G-20 Ministers meet in Bonn, Germany.

In an interview with Bloomberg TV this morning, Federal Reserve Chairman Stanley Fisher sees more rate increases on the horizon.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, EMR MOH HAWK WEN PGSVY. Credit Suisse Energy Summit. Goldman Sachs Technology and Internet Conference. Leerink & Dwann Anual Global Healthcare Conference.

Conference of Note

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan
Goldman Sachs
Morgan Stanley
Deutsche Bank
Citigroup
Merrill Lynch CAVM EVR IDTI
Wachovia/Wells Fargo
Credit Suisse WFC
Banc of America
UBS
CLSA
Sanford Bernstein
Jefferies MDCA SYT
Nomura
Needham
Raymond James
Iper Jaffray
Friedman Billings
Guggenheim
Stifel
Robert W. Baird
Cowen
Sun Trust RH RF

Comments »

Futures Mostly Lower, Busy Day Ahead

Futures Mostly Lower

In After Hours Trading

IPOs on deck none of note today. Secondaries AA ESNT KSU SBCF.In After Hours Trading: A +.04 BYD +.14 DVN +.07 FANG +.37 FOSL +.11 VDSI +.06.

Lower Guidance: FOSL.

Mixed Guidance: .

Positive Guidance: X.

What’s Happening This Morning

U.S. futures: S&P -5.25, Dow Jones +3, NDX -9.50 and Russell 2000 -9.40. Asia higher ex China and Europe higher.Copper, silver and gold higher. WTI Crude and Brent Oil Futures lower. Natural Gas is higher. $ is higher vs Euro, higher vs. Pound and higher vs. Yen. US 10 year Treasury yield at 2.48% yield, one month change +9 and +73 one year change. Prices as of 7:55 a.m. EDT.

Top Sectors All.

Weak Sectors None.

One month winners All ex Conglomerates.

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

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

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

Year To Date All.

Earnings Expected

Earnings due after the close (by avg. trade volume): CSCO KHC AMAT MAR NTES CBS EQIX SLF ABX WMB MRO GG among the leaders.Due Thursday morning (by avg. trade volume descending): CHTR DUK TRP PCG WM ALXN ZTS MGM LH FTS AEE PRGO among the leaders.

Rags & Mags: Inside Wall Street

Bloomberg: More Yellen testimony today and bonds could continue to struggle. Volatility traders have had it with quiet markets. Russia’s central banker active.

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): ALKS +.10 ADI +.20 BG +.11 HLT +.04 HUN +.06 PEP +.04 SODA +.41 WYN +.05Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 1525 stocks rise and 1387 fall on the NYSE. NASDAQ saw 1598 rise and 1218 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 above its 50 day moving exponential average and its 200 day exponential moving average.

The 10 day spread moving average of breadth is back to invested as of November 15th. The Madison Market Timing Indicator is now invested since November 18th.

YTD 4066 stocks rose for 2016 and 2259 fell. Updated 12/30/16 close.

Economics

January CPI is due out at 8:30 a.m. EST and is expected to remain at 0.3%.January Retail Sales are due out at 8:30 a.m. EST and are expected to fall to 0.1% from 0.6%.

January Industrial Production is due out at 9:15 a.m. EST and is expected to fall to 0% from 0.8%.

Politico

Federal Reserve Chairman Yellen moves on the House in her last day of Humphrey Hawkins testimony that begins at 10:00 a.m. EST.NATO Defense Ministers meet in Brussels.

Also, on Wednesday President Donald Trump meets with Israeli Prime Minister Benjamin Netanyahu.

Finally on Wednesday Federal Reserve Boston President Eric Rosengren speaks in New York at 12:00 p.m. EST, and Philadelphia President Patrick Harker speaks about the economy at 12:45 p.m. EST.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, KNOP. Credit Suisse Energy Summit. Stifel Transportation & Logistics Conference. Goldman Sachs Technology and Internet Conference. Leerink & Dwann Anual Global Healthcare Conference. SunTrust Robinson Humphrey Orphan Drug Day Conference.

Conference of Note

BIO CEO & Investor Conference 2017.

M & A News

Cigna (CI) and Anthem (ANTM) decide not to merge.

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan
Goldman Sachs
Morgan Stanley
Deutsche Bank
Citigroup
Merrill Lynch PH
Wachovia/Wells Fargo FOSL
Credit Suisse
Banc of America
UBS
CLSA
Sanford Bernstein
Jefferies
Nomura
Needham HOLX
Raymond James AG
Iper Jaffray
Friedman Billings
Guggenheim
Stifel
Robert W. Baird Q

Comments »

Morning Briefing, Futures Mixed $SPY $IWM

In After Hours Trading

IPOs on deck none of note today. Secondaries ALDX NBEV PFLT.

In After Hours Trading: AMKR +.18 CUTR -.08 VNO -.18.

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: X.

What’s Happening This Morning

U.S. futures: S&P -0.75, Dow Jones -8, NDX -1.75 and Russell 2000 -4.40. Asia lower and Europe lower ex Germany.

Copper, silver and gold higher. WTI Crude and Brent Oil Futures higher. Natural Gas is lower. $ is lower vs Euro, higher vs. Pound and lower vs. Yen. US 10 year Treasury yield at 2.44% yield, one month change +5 and +69 one year change. Prices as of 7:55 a.m. EDT.

Top Sectors All.

Weak Sectors None.

One month winners All ex Conglomerates.

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

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

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

Year To Date All.

Earnings Expected

Earnings due after the close (by avg. trade volume): AIG ESRX DVN A FANG FTI SKT among the leaders.

Due Friday morning (by avg. trade volume descending): PEP ADI HLT ETR TECK BG WYN ALKS HUN MDCO HAIN among the leaders.

Rags & Mags: Inside Wall Street

Bloomberg: Toshiba takes a big write down. Euro zone growth was less than expected. Stock pickers have good January.Treasury market faces a huge test from Trump.

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): AB +.18 CRL +.10 DISCA +.06 INCY -.18 ITT +.06 MLM -.05 SALE +.06 TRU+.08.

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 1768 stocks rise and 1160 fall on the NYSE. NASDAQ saw 1643 rise and 1177 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 above its 50 day moving exponential average and its 200 day exponential moving average.

The 10 day spread moving average of breadth is back to invested as of November 15th. The Madison Market Timing Indicator is now invested since November 18th.

YTD 4066 stocks rose for 2016 and 2259 fell. Updated 12/30/16 close.

Economics

January PPI is due out at 8:30 a.m. EST and is expected to remain at 0.3%.

Politico

Eurogroup head meets with the EU Parliament on Greece.

Also, Federal Reserve Chairman Yellen testifies to the Senate in her annual Humphrey Hawkins testimony; it begins at 10:00 a.m. EST.

Federal Reserve Richmond President Jeffrey Lacker speaks at 8:50 a.m. EST, and Federal Reserve Dallas President Rob Kaplan appears on a panel at noon. Federal Reserve Atlanta President Dennis Lockhart speaks in Alabama at 12:30 p.m. EST.

The House Committee on Homeland Security holds a hearing on borders and security.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, COL.

Conference of Note

BIO CEO & Investor Conference 2017. Credit Suisse Energy Summit. Stifel Transportation & Logistics Conference. Goldman Sachs Technology and Internet Conference. SunTrust Robinson Humphrey Orphan Drug Day Conference.

M & A News

Aetna (AET) and Humana (HUM) decide not to merge.

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan FRAC
Goldman Sachs
Morgan Stanley FRAC
Deutsche Bank
Citigroup
Merrill Lynch
Wachovia/Wells Fargo
Credit Suisse
Banc of America
UBS
CLSA
Sanford Bernstein
Jefferies
Nomura
Needham
Raymond James
Iper Jaffray FRAC
Friedman Billings
Guggenheim
Stifel Z XRAY CYBR

Comments »

The Week Ahead Is The Busiest Of The Year, Yellen Testimony Leads

1. Geopolitical Events. On Monday President Trump meets with Canadian Prime Minister Trudeau. On Tuesday the Eurogroup head meets with the EU Parliament on Greece. Also, on Tuesday Federal Reserve Chairman Yellen testifies to the Senate in her annual Humphrey Hawkins testimony; it begins at 10:00 a.m. EST. Federal Reserve Richmond President Jeffrey Lacker speaks at 8:50 a.m. EST, and Federal Reserve Dallas President Rob Kaplan appears on a panel at noon. Federal Reserve Atlanta President Dennis Lockhart speaks in Alabama at 12:30 p.m. EST. On Wednesday Federal Reserve Chairman Yellen moves on the House in her last day of Humphrey Hawkins testimony that begins at 10:00 a.m. EST. Also, on Wednesday President Donald Trump meets with Israeli Prime Minister Benjamin Netanyahu. Finally on Wednesday Federal Reserve Boston President Eric Rosengren speaks in New York at 12:00 p.m. EST, and Philadelphia President Patrick Harker speaks about the economy at 12:45 p.m. EST.

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, industrial production, housing starts and leading indicators.

3. Earnings Releases. Notable releases include TEVA VNO AIG ESRX CSCO PEP CHTR DUK ENB DE.

Monday, February 13:

President Donald Trump meets with Canadian Prime Minister Justin Trudeau at the White House.

Tuesday, February 14:

The head of the Eurogroup meets with the European Union Parliament to discuss Greece and its economic adjustment program.

Federal Reserve Chairman Janet Yellen gives her first day of Humphrey Hawkins Testimony to the Senate Banking Committee.

The House Committee on Homeland Security holds a hearing on borders and security.

January PPI is due out at 8:30 a.m. EST and is expected to remain at 0.3%.

Wednesday, February 15:

President Donald Trump meets with Israeli Prime Minister Benjamin Netanyahu at the White House.

Federal Reserve Chairman Janet Yellen gives her second day of Humphrey Hawkins Testimony to the House Financial Services Committee.

NATO Defense Ministers meet in Brussels.

January CPI is due out at 8:30 a.m. EST and is expected to remain at 0.3%.

January Retail Sales are due out at 8:30 a.m. EST and are expected to fall to 0.1% from 0.6%.

January Industrial Production is due out at 9:15 a.m. EST and is expected to fall to 0% from 0.8%.

Thursday, February 16:

G-20 Ministers meet in Bonn, Germany.

January Housing Starts are due out at 8:30 a.m. EST and are expected to rise to 1,230,000 from 1,226,000.

Friday, February 17:

January Leading Indicators are due out at 10:00 a.m. EST and are expected to drop to 0.45% from 0.5%.

Comments »

Morning Briefing Futures Off The Highs, Whole Foods (WFM) Guides Lower

In After Hours Trading

IPOs on deck none of note today. Secondaries HLI SRRA XGTI.

In After Hours Trading: BLKB +.04 CINF +.10 CMP +.26 DNB -.04 EFX +.05 PAYC +.05 PRU +.14 TRMB +.01.

Lower Guidance: WFM.

Mixed Guidance: .

Positive Guidance: X.

What’s Happening This Morning

U.S. futures: S&P +4.50, Dow Jones +33, NDX +5.50 and Russell 2000 +4.50. Asia mixed and Europe higher.

Copper, silver and gold higher. 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 2.36% yield, one month change -5 and +62 one year change. Prices as of 7:55 a.m. EDT.

Top Sectors Utilities, Services and Consumer Goods.

Weak Sectors Financials, Industrial Goods and Conglomerates.

One month winners All ex Conglomerates.

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

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

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

Year To Date All.

Earnings Expected

Earnings due after the close (by avg. trade volume): NVDA ATVI CERN EXPE MHK AGU DVA WU VRSN among the leaders.

Due Friday morning (by avg. trade volume descending): AON MT VTR CBG BPL IPG CPN AXL among the leaders.

Rags & Mags: Inside Wall Street

Bloomberg: Brexit can move ahead as Parliament voted to extend power to British Prime Minister May to move ahead. President Trump sends letter to China to discuss relations. Chinese Yuan at a perfect point. Markets getting back to normal post election.

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): BZH -.02 BAM +.31 CLF +.16 CVS +.04 DTE -.07 DNKN +.03 FAF +.11 K +.07 PTEN +.02 ODS +.05 TDC +.07 TRI +.04 TWTR +.0E YUM +.06 .

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 1660 stocks rise and 1279 fall on the NYSE. NASDAQ saw 1268 rise and 1563 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 above its 50 day moving exponential average and its 200 day exponential moving average.

The 10 day spread moving average of breadth is back to invested as of November 15th. The Madison Market Timing Indicator is now invested since November 18th.

YTD 4066 stocks rose for 2016 and 2259 fell. Updated 12/30/16 close.

Economics

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

The NYSE and NASDAQ release the latest short interest statistics after the close today.

Politico

Federal Reserve St. Louis President James Bullard will speak at 9:10 a.m. EST, and then Federal Reserve Chicago President Charles Evans will speak at 1:10 p.m. EST.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, SAP INTC KO.

Conference of Note

Women’s Fashion Week starts in New York City.

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan
Goldman Sachs
Morgan Stanley
Deutsche Bank
Citigroup TECH WLK

Comments »

Futures Mixed But Overseas Strong

In After Hours Trading

IPOs on deck none of note today. Secondaries On Deck AMC CHRS GALE GMLP PE.

In After Hours Trading: AKAM +.04 BWLD -.44 GILD +.10 MDLZ -.02 ORLY +.05 PNRA +.05 TDW +.29 DIS +.06 ZG +.03.

Lower Guidance: GILD.

Mixed Guidance: .

Positive Guidance: X.

What’s Happening This Morning

U.S. futures: S&P -1.50, Dow Jones +1, NDX +1.75 and Russell 2000 -2.70. Asia and Europe higher ex the U.K.

Copper, silver and gold higher. WTI Crude and Brent Oil Futures lower. Natural Gas is lower. $ is higher vs Euro, higher vs. Pound and flat vs. Yen. US 10 year Treasury yield at 2.36% yield, one month change -5 and +62 one year change. Prices as of 7:55 a.m. EDT.

Top Sectors Consumer Goods, Technology and Industrials.

Weak Sectors Energy, Utilities and Services.

One month winners All ex Conglomerates.

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

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

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

Year To Date All.

Earnings Expected

Earnings due after the close (by avg. trade volume): SU PRU FISV EFX FLT CTL CINF WFM TRMB UHAL among the leaders.

Due Thursday morning (by avg. trade volume descending): KO RAI CVS OXY REGN K CMI YUM DTE VIAB among the leaders.

Rags & Mags: Inside Wall Street

Bloomberg: President Trump’s travel ban challenge to be decided by the U.S. Court of Appeals. India Central Bank left rates unchanged. Oil is struggling as stockpiles rise. Copper may continue to rise as strikes as two of the biggest mines.

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): ALK +.16 AGN +.16 GWR +.11 JEC +.05 TWX +.06 .

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 1331 stocks rise and 1595 fall on the NYSE. NASDAQ saw 1168 rise and 1634 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 above its 50 day moving exponential average and its 200 day exponential moving average.

The 10 day spread moving average of breadth is back to invested as of November 15th. The Madison Market Timing Indicator is now invested since November 18th.

YTD 4066 stocks rose for 2016 and 2259 fell. Updated 12/30/16 close.

Economics

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

Politico

International Monetary Fund (IMF) Head Christine Lagarde speaks on “The Power of Transparency to Increase Economic Resilience”.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, SLB TXN.

Comments »

The Week Ahead ZZZZZ….. A Snoozer

1. Geopolitical Events. On Monday Federal Reserve Philadelphia President Patrick Harker will speak at 4:30 p.m. EST. Early Tuesday morning the latest Reserve Bank of Australia (RBA) rate decision is due out. On Thursday Federal Reserve St. Louis President James Bullard will speak at 9:10 a.m. EST, and then Federal Reserve Chicago President Charles Evans will speak at 1:10 p.m. EST. On Friday Japanese Prime Minister Abe will meet with President Trump.

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

3. Earnings Releases. Notable releases include FOXA SYY DIS BP SNY TWX KO RAI AON MT.

Monday, February 6:

Markets are closed in Mexico as the government is in a closed session.

Tuesday, February 7:

The latest Reserve Bank of Australia (RBA) interest rate decision is due out.

The House Committee on Homeland Security holds a hearing on borders and security.

Wednesday, February 8:

International Monetary Fund (IMF) Head Christine Lagarde speaks on “The Power of Transparency to Increase Economic Resilience”.

Schlumberger (SLB) is featured in the Bank of America Bus Tour and is a Type 4 Long Squeeze.

Thursday, February 9:

Women’s Fashion Week starts in New York City.

The NYSE and NASDAQ release the latest short interest statistics after the close today.

Friday, February 10:

Michigan Sentiment is due out at 10:00 a.m. EST and is expected to fall to 97.9 from 98.5.

Japanese President Shinzo Abe meets with President Trump at the White House.

Comments »

$RL Firing Is An Opportunity

The announcement that the Ralph Lauren (RL) Stefan Larsson is leaving the company is good news as far as I am concerned. This creates a potentially tremendous buying opportunity. Can you say multi year low.

One of my friends used to be at RL and left years ago but keeps up with the company. Apparently, Larsson rubbed lots of people wrong. This friend in December told me that Larsson needed to go.  Great call.

In fact, Larsson fired lots of people since coming in and was an arrogant fuck. Ralph Lauren who remains the Executive Chairman wanted to fire him a long time ago.

However, Lauren was afraid the board would not go along. Looks like he got over it. The stock hit a low on the weekly chart of $82.15 in February of last year. This is down from a peak of $185.

I may add this to my recommended positions, currently QCOM long and SAVE short. Let’s see how it trades today. This could be a great stock to buy and add a put to limit the downside risk.

P.S. For the record, I am long this name in our Morning Matters Stock Portfolio.

Comments »