PulseWave Trading "Trigger Trade System" Daily Stock,Forex & Futures Analysis and Commentary.
Tuesday, September 25, 2018
TVR [#544] 09-25-2018 END OF DAY REPORT: FOMC IN FOCUS
General Advice Disclosure: Please note that the advice contained herein is general advice and is for the purposes of education only. The risk of loss in trading futures contracts, commodity options, stocks, stock options and forex currencies can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results. You are reminded that past performance is no guarantee or reliable indication of future results. It has not been prepared taking into account your particular investment objectives, financial situation and particular needs.You should therefore assess whether the advice is appropriate to your individual investment objectives, financial situation and particular needs. You should do this before making an investment decision based on this general advice. You can either make the assessment yourself or seek the help of a professional adviser.
This commentary is not a recommendation to buy or sell, but rather a guideline to interpreting the specified indicators. This information should only be used by investors who are aware of the risk inherent in securities trading. The Vulcan Report accepts no liability whatsoever for any loss arising from any use of this expert or its contents.liability whatsoever for any loss arising from any use of this expert or its contents.
For Related news and other stories please visit - http://www.wideawakenews.com/
For Related videos on our Youtube channel please visit - http://www.youtube.com/user/pulsescan72
Be Sure to register for faster updates and commentaries at -
BLOG 1: - http://pulsescan.blogspot.com/
BLOG 2: - http://seekingalpha.com/instablog/466159-pulsescan72/
BULLS make money... BEARS make money.... PIGS get slaughtered!
"TAKE WHAT YOU CAN .........GIVE NOTHING BACK"!!
09/25/2018 - **Overnight Markets and News**
**Overnight Markets and News**
*Dec E-mini S&Ps (ESZ18 +0.18%) this morning are up +0.26% and European stocks are up +0.33% as strength in energy stocks leads the overall market higher. Energy stocks were underpinned with Nov WTI crude oil (CLX18 +0.36%) up +0.71% on positive carry-over from Monday's rally in oil prices to a 2-1/2 month high after OPEC and non-OPEC producers stopped short of promising an increase in output after Sunday's meeting in Algiers. The upside in stocks was contained due to an increase in interest rates rose as the 10-year German bund yield climbed to a 4-month high of 0.543% and the 10-year T-note yield rose to a 4-1/4 month high of 3.107%. Interest rates are on the rise ahead of today's start to the 2-day FOMC meeting where the Fed is expected to increase the fed funds target range by 25 bp, along with carry-over from Monday's hawkish comments from ECB President Draghi who said he sees a "relatively vigorous" pickup in underlying inflation. Asian stocks settled mixed: Japan +0.29%, Hong Kong and South Korea closed for holidays, China -0.58%, Taiwan +0.06%, Australia -0.02%, Singapore +0.53%, India +0.96%. Chinese stocks retreated, and the yuan fell to a 1-month low against the dollar as the trade spat with the U.S. deepened after the U.S. went ahead with its 10% tariff on $200 billion of Chinese goods on Monday, which prompted Chine to cancel scheduled trade talks this week with the U.S. Japanese equities moved higher, led by a rally in exporter stocks, as USD/JPY climbed to a 2-month high, which improves the earnings prospects for exporters.
*The dollar index (DXY00 -0.11%) is down -0.01%. EUR/USD (^EURUSD +0.26%) is up +0.10%. USD/JPY (^USDJPY -0.01%) is up +0.08% at a fresh 2-month high on divergent central bank policies with the Fed expected to raise interest rates Wednesday while the BOJ maintains its QE program.
*Dec 10-year T-note prices (ZNZ18 -0-055) are down -8.5 ticks at a 4-1/4 month nearest-futures low.
*The German Aug wholesale price index rose +0.3% m/m and +3.8% y/y with the +3.8% y/y gain the largest year-on-year increase in 16 months.
*Japan Aug PPI services prices rose +1.3% y/y, stronger than expectations of +1.1% y/y and the fastest pace of increase in 3-1/3 years.
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**U.S. Stock Preview**
*Key U.S. news today includes: (1) Jul FHFA house price index (expected +0.3% m/m, Jun +0.2% m/m), (2) Jul S&P CoreLogic composite-20 home price index (expected +0.1% m/m and +6.2% y/y, Jun +0.11% m/m and +6.31% y/y), (3) FOMC begins 2-day policy meeting, (4) Sep Richmond Fed manufacturing survey (expected -3 to 21, Aug +4 to 24), (5) Sep Conference Board U.S. consumer confidence (expected -1.4 to 132.0, Aug +5.5 to 133.4), (6) Treasury auctions $17 billion of 2-year floating-rate notes and $38 billion of 5-year T-notes.
*Notable Russell 2000 earnings reports today include: Nike (consensus $0.63), Cintas (1.80), FactSet Research (2.22), IHS Markit (0.55), Jubil (0.67).
*U.S. IPO's scheduled to price today: CooTek Cayman (CTK), Capital Bancorp (CBNK), Entasis Therapeutics Holdings (ETTX), SVMK (SVMK), Arco Platform (ARCE).
*Equity conferences during the remainder of this week: Denver Gold Forum on Mon-Tue, International Association for the Study of Lung Cancer Conference on Mon-Tue, Bank of America Merrill Lynch Real Estate Conference on Mon-Wed, Credit Suisse 4th Annual Oil & Gas “Non-Bus Tour” on Tue, Johnson Rice Energy Conference on Tue, Waters Informatics Seminar 2018 on Tue, Deutsche Bank Retail One-on-One Day on Tue, Capital Link Shipping, Marine Services & Offshore Forum on Tue, APEX Expo on Tue, Credit and Equities Emerging Markets Conference on Tue, Dreamforce Conference on Tue-Wed, Bernstein Strategic Decisions CEO Conference on Wed, MUFG Utilities Corporate Access Day on Wed, Bloomberg Global Business Forum on Wed, Barrington Research Fall Investment Conference on Thu, Contracting & Outsourcing Conference on Thu, Wells Fargo Securities Consumer Forum & Beauty Day on Thu.
----------------------------------------------------------------------------------------
**Overnight U.S. Stock Movers**
*Concho Resurces (CXO +2.93%) was upgraded to 'Buy' from 'Hold' at SunTrust Robinson Humphrey with a price target of $170.
*Saic (SAIC -0.73%) was upgraded to 'Buy' from 'Hold' at Jeffries with a price target of $97.
*SendGrip (SEND -0.14%) was rated a new 'Strong Buy' at First Analysis with a price target of $45.
*PetIQ (PETQ -1.27%) slid almost 4% in after-hours trading after it announced the commencement of an underwritten public offering of 2 million shares of its common stock, and that certain selling stockholders intend to offer 3 million shares of the company's common stock.
*Arena Pharmaceuticals (ARNA -2.06%) climbed almost 3% in after-hours trading after a Phase 2a study showed 11 of 13 patients that used its Olorinab drug cut stomach pain for people with Crohn's disease.
*Tesaro (TSRO -3.34%) was rated a new 'Outperform' at Leerink Partners LLC with a price target of $48.
*CenterPoint Energy (CNP -0.75%) fell 2% in after-hours trading after it announced the commencement of an underwritten public offering of $1.5 billion worth of shares of its common stock in an underwritten public offering.
*Deciphera Pharmaceuticals (DCPH +2.44%) slid 2% in after-hours trading after it was rated a new 'Underperform' at Leerink Partners LLC.
*BJ's Wholesale Club Holdings (BJ -2.37%) lost more than 2% in after-hours trading after it announced the commencement of an underwritten public offering of 28 million shares of its common stock by certain selling stockholders.
*Clearway Energy (CWEN -0.75%) dropped 4% in after-hours trading after it announced the commencement of an underwritten public offering of 3.92 million shares of its common stock.
*Opiant Pharmaceuticals (OPNT -2.38%) fell 6% in after-hours trading after it announced that it intends to sell $10 million worth of shares of its common stock in an underwritten public offering.
*Syndax Pharmaceuticals (SNDX +6.79%) tumbled 10% in after-hours trading after results from a Phase 2 trial of its Entinostat in combination with Keytruda missed its endpoint in treatment of patients with non-small cell lung cancer.
*Legacy Reserves (LGCY -1.89%) fell nearly 5% in after-hours trading after certain selling stockholders intend to offer 1.52 million shares of the company's common stock.
*Ascena Retail Group (ASNA -4.98%) rallied nearly 10% in after-hours trading after it reported Q4 adjusted EPS of 7 cents, well above consensus of 2 cents.
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**Market Comments**
*Dec S&P 500 E-minis (ESZ18 +0.18%) this morning are up +7.50 points (+0.26%). Monday's closes: S&P 500 -0.35%, Dow Jones -0.68%, Nasdaq 100 +0.23%. The S&P 500 on Monday closed lower on an escalation of US/Chinese trade tensions after China over the weekend canceled tentative trade talks that were scheduled for this week and as reciprocal tariffs on $200 billion of Chinese goods and $60 billion of U.S. goods went into effect today. Stocks were also undercut by U.S. political turmoil after reports that Deputy Attorney General Rosenstein would either quit or get fired from his post, neither of which ended up happening. A rally in energy stocks lifted the S&P 500 from its worst levels after crude oil prices jumped +1.84% to a 2-1/2 month high.
*Dec 10-year T-notes (ZNZ18 -0-055) this morning are down -8.5 ticks at a 4-1/4 month nearest-futures low. Monday's closes: TYZ8 -1.50, FVZ8 -0.50. Dec 10-year T-notes on Monday closed lower on negative carry-over from a slump in 10-year German bunds to a 3-1/4 month low and on increased inflation expectations after the 10-year T-note breakeven inflation expectations rate rose to a 3-1/2 month high.
*The dollar index (DXY00 -0.11%) this morning is down -0.005 (-0.01%), EUR/USD (^EURUSD +0.26%) is up +0.0012 (+1.10%), and USD/JPY (^USDJPY -0.01%) is up +0.09 (+0.08%) at a new 2-month high. Monday's closes: Dollar Index -0.035 (-0.04%), EUR/USD -0.0001 (-0.01%), USD/JPY +0.21 (+0.19%). The dollar index on Monday closed lower on an escalation of trade US/Chinese tensions after China canceled trade talks, which could be negative for the world economy and dovish for Fed policy. There was also strength in EUR/USD which jumped to a 3-1/4 month high on hawkish comments from ECB President Draghi who said he sees a "relatively vigorous" pickup in underlying Eurozone inflation. The dollar recovered most of its losses after T-note yields moved higher, which improved the dollar's interest rate differentials.
*Metals prices this morning are mixed with Dec gold (GCZ18 +0.12%) +0.1 (+0.01%), Dec silver (SIZ18 +0.31%) -0.021 (-0.15%) and Dec copper (HGZ18 +0.05%) -0.016 (-0.56%). Monday's closes: Dec gold +3.1 (+0.26%), Dec silver -0.018 (-0.13%), Dec copper -2.15 (-0.75%). Metals on Monday settled mixed. Metals prices were boosted by dollar weakness and by comments from ECB President Drahi that boosted demand for gold as an inflation hedge when he said he sees a "relatively vigorous" pickup in underlying Eurozone inflation. Copper prices were undercut by U.S./Chinese trade tensions after China canceled trade talks scheduled with the U.S. for this week.
*Nov WTI crude oil prices (CLX18 +0.36%) this morning are up +51 cents (+0.71%) and Nov gasoline (RBX18 +0.34%) is +1.39 (+0.68%). Monday's closes: Nov crude oil +1.30 (+1.84%), Nov gasoline +4.00 (+2.00%). Nov crude oil and gasoline on Monday closed higher with Nov crude at a 2-1/2 month high. Crude oil prices were boosted by a weaker dollar and by data that showed OPEC+ compliance with crude oil production cuts rose to 129% in August from 109% in July. Crude oil prices were also supported by comments from Saudi Energy Minister Khalid Al-Falih that signaled OPEC may not boost its output when he said "Our plan is to meet demand and that the reason Saudi Arabia does not increase oil production more is because our customers are receiving all of the barrels they want."
General Advice Disclosure: Please note that the advice contained herein is general advice and is for the purposes of education only. The risk of loss in trading futures contracts, commodity options, stocks, stock options and forex currencies can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results. You are reminded that past performance is no guarantee or reliable indication of future results. It has not been prepared taking into account your particular investment objectives, financial situation and particular needs.You should therefore assess whether the advice is appropriate to your individual investment objectives, financial situation and particular needs. You should do this before making an investment decision based on this general advice. You can either make the assessment yourself or seek the help of a professional adviser. This commentary is not a recommendation to buy or sell, but rather a guideline to interpreting the specified indicators. This information should only be used by investors who are aware of the risk inherent in securities trading. The Vulcan Report accepts no liability whatsoever for any loss arising from any use of this expert or its contents.liability whatsoever for any loss arising from any use of this expert or its contents. For Related news and other stories please visit - http://www.wideawakenews.com/ For Related videos on our Youtube channel please visit - http://www.youtube.com/user/pulsescan72 Be Sure to register for faster updates and commentaries at - BLOG 1: - http://pulsescan.blogspot.com/ BLOG 2: - http://seekingalpha.com/instablog/466159-pulsescan72/ BULLS make money... BEARS make money.... PIGS get slaughtered! "TAKE WHAT YOU CAN .........GIVE NOTHING BACK"!!
*Dec E-mini S&Ps (ESZ18 +0.18%) this morning are up +0.26% and European stocks are up +0.33% as strength in energy stocks leads the overall market higher. Energy stocks were underpinned with Nov WTI crude oil (CLX18 +0.36%) up +0.71% on positive carry-over from Monday's rally in oil prices to a 2-1/2 month high after OPEC and non-OPEC producers stopped short of promising an increase in output after Sunday's meeting in Algiers. The upside in stocks was contained due to an increase in interest rates rose as the 10-year German bund yield climbed to a 4-month high of 0.543% and the 10-year T-note yield rose to a 4-1/4 month high of 3.107%. Interest rates are on the rise ahead of today's start to the 2-day FOMC meeting where the Fed is expected to increase the fed funds target range by 25 bp, along with carry-over from Monday's hawkish comments from ECB President Draghi who said he sees a "relatively vigorous" pickup in underlying inflation. Asian stocks settled mixed: Japan +0.29%, Hong Kong and South Korea closed for holidays, China -0.58%, Taiwan +0.06%, Australia -0.02%, Singapore +0.53%, India +0.96%. Chinese stocks retreated, and the yuan fell to a 1-month low against the dollar as the trade spat with the U.S. deepened after the U.S. went ahead with its 10% tariff on $200 billion of Chinese goods on Monday, which prompted Chine to cancel scheduled trade talks this week with the U.S. Japanese equities moved higher, led by a rally in exporter stocks, as USD/JPY climbed to a 2-month high, which improves the earnings prospects for exporters.
*The dollar index (DXY00 -0.11%) is down -0.01%. EUR/USD (^EURUSD +0.26%) is up +0.10%. USD/JPY (^USDJPY -0.01%) is up +0.08% at a fresh 2-month high on divergent central bank policies with the Fed expected to raise interest rates Wednesday while the BOJ maintains its QE program.
*Dec 10-year T-note prices (ZNZ18 -0-055) are down -8.5 ticks at a 4-1/4 month nearest-futures low.
*The German Aug wholesale price index rose +0.3% m/m and +3.8% y/y with the +3.8% y/y gain the largest year-on-year increase in 16 months.
*Japan Aug PPI services prices rose +1.3% y/y, stronger than expectations of +1.1% y/y and the fastest pace of increase in 3-1/3 years.
---------------------------------------------------------------------------------------
**U.S. Stock Preview**
*Key U.S. news today includes: (1) Jul FHFA house price index (expected +0.3% m/m, Jun +0.2% m/m), (2) Jul S&P CoreLogic composite-20 home price index (expected +0.1% m/m and +6.2% y/y, Jun +0.11% m/m and +6.31% y/y), (3) FOMC begins 2-day policy meeting, (4) Sep Richmond Fed manufacturing survey (expected -3 to 21, Aug +4 to 24), (5) Sep Conference Board U.S. consumer confidence (expected -1.4 to 132.0, Aug +5.5 to 133.4), (6) Treasury auctions $17 billion of 2-year floating-rate notes and $38 billion of 5-year T-notes.
*Notable Russell 2000 earnings reports today include: Nike (consensus $0.63), Cintas (1.80), FactSet Research (2.22), IHS Markit (0.55), Jubil (0.67).
*U.S. IPO's scheduled to price today: CooTek Cayman (CTK), Capital Bancorp (CBNK), Entasis Therapeutics Holdings (ETTX), SVMK (SVMK), Arco Platform (ARCE).
*Equity conferences during the remainder of this week: Denver Gold Forum on Mon-Tue, International Association for the Study of Lung Cancer Conference on Mon-Tue, Bank of America Merrill Lynch Real Estate Conference on Mon-Wed, Credit Suisse 4th Annual Oil & Gas “Non-Bus Tour” on Tue, Johnson Rice Energy Conference on Tue, Waters Informatics Seminar 2018 on Tue, Deutsche Bank Retail One-on-One Day on Tue, Capital Link Shipping, Marine Services & Offshore Forum on Tue, APEX Expo on Tue, Credit and Equities Emerging Markets Conference on Tue, Dreamforce Conference on Tue-Wed, Bernstein Strategic Decisions CEO Conference on Wed, MUFG Utilities Corporate Access Day on Wed, Bloomberg Global Business Forum on Wed, Barrington Research Fall Investment Conference on Thu, Contracting & Outsourcing Conference on Thu, Wells Fargo Securities Consumer Forum & Beauty Day on Thu.
----------------------------------------------------------------------------------------
**Overnight U.S. Stock Movers**
*Concho Resurces (CXO +2.93%) was upgraded to 'Buy' from 'Hold' at SunTrust Robinson Humphrey with a price target of $170.
*Saic (SAIC -0.73%) was upgraded to 'Buy' from 'Hold' at Jeffries with a price target of $97.
*SendGrip (SEND -0.14%) was rated a new 'Strong Buy' at First Analysis with a price target of $45.
*PetIQ (PETQ -1.27%) slid almost 4% in after-hours trading after it announced the commencement of an underwritten public offering of 2 million shares of its common stock, and that certain selling stockholders intend to offer 3 million shares of the company's common stock.
*Arena Pharmaceuticals (ARNA -2.06%) climbed almost 3% in after-hours trading after a Phase 2a study showed 11 of 13 patients that used its Olorinab drug cut stomach pain for people with Crohn's disease.
*Tesaro (TSRO -3.34%) was rated a new 'Outperform' at Leerink Partners LLC with a price target of $48.
*CenterPoint Energy (CNP -0.75%) fell 2% in after-hours trading after it announced the commencement of an underwritten public offering of $1.5 billion worth of shares of its common stock in an underwritten public offering.
*Deciphera Pharmaceuticals (DCPH +2.44%) slid 2% in after-hours trading after it was rated a new 'Underperform' at Leerink Partners LLC.
*BJ's Wholesale Club Holdings (BJ -2.37%) lost more than 2% in after-hours trading after it announced the commencement of an underwritten public offering of 28 million shares of its common stock by certain selling stockholders.
*Clearway Energy (CWEN -0.75%) dropped 4% in after-hours trading after it announced the commencement of an underwritten public offering of 3.92 million shares of its common stock.
*Opiant Pharmaceuticals (OPNT -2.38%) fell 6% in after-hours trading after it announced that it intends to sell $10 million worth of shares of its common stock in an underwritten public offering.
*Syndax Pharmaceuticals (SNDX +6.79%) tumbled 10% in after-hours trading after results from a Phase 2 trial of its Entinostat in combination with Keytruda missed its endpoint in treatment of patients with non-small cell lung cancer.
*Legacy Reserves (LGCY -1.89%) fell nearly 5% in after-hours trading after certain selling stockholders intend to offer 1.52 million shares of the company's common stock.
*Ascena Retail Group (ASNA -4.98%) rallied nearly 10% in after-hours trading after it reported Q4 adjusted EPS of 7 cents, well above consensus of 2 cents.
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**Market Comments**
*Dec S&P 500 E-minis (ESZ18 +0.18%) this morning are up +7.50 points (+0.26%). Monday's closes: S&P 500 -0.35%, Dow Jones -0.68%, Nasdaq 100 +0.23%. The S&P 500 on Monday closed lower on an escalation of US/Chinese trade tensions after China over the weekend canceled tentative trade talks that were scheduled for this week and as reciprocal tariffs on $200 billion of Chinese goods and $60 billion of U.S. goods went into effect today. Stocks were also undercut by U.S. political turmoil after reports that Deputy Attorney General Rosenstein would either quit or get fired from his post, neither of which ended up happening. A rally in energy stocks lifted the S&P 500 from its worst levels after crude oil prices jumped +1.84% to a 2-1/2 month high.
*Dec 10-year T-notes (ZNZ18 -0-055) this morning are down -8.5 ticks at a 4-1/4 month nearest-futures low. Monday's closes: TYZ8 -1.50, FVZ8 -0.50. Dec 10-year T-notes on Monday closed lower on negative carry-over from a slump in 10-year German bunds to a 3-1/4 month low and on increased inflation expectations after the 10-year T-note breakeven inflation expectations rate rose to a 3-1/2 month high.
*The dollar index (DXY00 -0.11%) this morning is down -0.005 (-0.01%), EUR/USD (^EURUSD +0.26%) is up +0.0012 (+1.10%), and USD/JPY (^USDJPY -0.01%) is up +0.09 (+0.08%) at a new 2-month high. Monday's closes: Dollar Index -0.035 (-0.04%), EUR/USD -0.0001 (-0.01%), USD/JPY +0.21 (+0.19%). The dollar index on Monday closed lower on an escalation of trade US/Chinese tensions after China canceled trade talks, which could be negative for the world economy and dovish for Fed policy. There was also strength in EUR/USD which jumped to a 3-1/4 month high on hawkish comments from ECB President Draghi who said he sees a "relatively vigorous" pickup in underlying Eurozone inflation. The dollar recovered most of its losses after T-note yields moved higher, which improved the dollar's interest rate differentials.
*Metals prices this morning are mixed with Dec gold (GCZ18 +0.12%) +0.1 (+0.01%), Dec silver (SIZ18 +0.31%) -0.021 (-0.15%) and Dec copper (HGZ18 +0.05%) -0.016 (-0.56%). Monday's closes: Dec gold +3.1 (+0.26%), Dec silver -0.018 (-0.13%), Dec copper -2.15 (-0.75%). Metals on Monday settled mixed. Metals prices were boosted by dollar weakness and by comments from ECB President Drahi that boosted demand for gold as an inflation hedge when he said he sees a "relatively vigorous" pickup in underlying Eurozone inflation. Copper prices were undercut by U.S./Chinese trade tensions after China canceled trade talks scheduled with the U.S. for this week.
*Nov WTI crude oil prices (CLX18 +0.36%) this morning are up +51 cents (+0.71%) and Nov gasoline (RBX18 +0.34%) is +1.39 (+0.68%). Monday's closes: Nov crude oil +1.30 (+1.84%), Nov gasoline +4.00 (+2.00%). Nov crude oil and gasoline on Monday closed higher with Nov crude at a 2-1/2 month high. Crude oil prices were boosted by a weaker dollar and by data that showed OPEC+ compliance with crude oil production cuts rose to 129% in August from 109% in July. Crude oil prices were also supported by comments from Saudi Energy Minister Khalid Al-Falih that signaled OPEC may not boost its output when he said "Our plan is to meet demand and that the reason Saudi Arabia does not increase oil production more is because our customers are receiving all of the barrels they want."
General Advice Disclosure: Please note that the advice contained herein is general advice and is for the purposes of education only. The risk of loss in trading futures contracts, commodity options, stocks, stock options and forex currencies can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results. You are reminded that past performance is no guarantee or reliable indication of future results. It has not been prepared taking into account your particular investment objectives, financial situation and particular needs.You should therefore assess whether the advice is appropriate to your individual investment objectives, financial situation and particular needs. You should do this before making an investment decision based on this general advice. You can either make the assessment yourself or seek the help of a professional adviser. This commentary is not a recommendation to buy or sell, but rather a guideline to interpreting the specified indicators. This information should only be used by investors who are aware of the risk inherent in securities trading. The Vulcan Report accepts no liability whatsoever for any loss arising from any use of this expert or its contents.liability whatsoever for any loss arising from any use of this expert or its contents. For Related news and other stories please visit - http://www.wideawakenews.com/ For Related videos on our Youtube channel please visit - http://www.youtube.com/user/pulsescan72 Be Sure to register for faster updates and commentaries at - BLOG 1: - http://pulsescan.blogspot.com/ BLOG 2: - http://seekingalpha.com/instablog/466159-pulsescan72/ BULLS make money... BEARS make money.... PIGS get slaughtered! "TAKE WHAT YOU CAN .........GIVE NOTHING BACK"!!
Monday, September 24, 2018
09/24/2018 - **Overnight Markets and News**
**Overnight Markets and News**
*Dec E-mini S&Ps (ESZ18 -0.20%) this morning are down -0.14% and European stocks are down -0.33% due to the prospects of a prolonged trade war between China and the U.S. after China called off planned trade talks. After the U.S. implemented its 10% tariff on $200 billion of Chinese goods as of 12:01 today, China cancelled trade talks that were scheduled with the U.S. for this week and said negotiations "cannot be carried out under the threat of tariffs." Losses in the overall market were contained as energy producers gained as Nov WTI crude oil (CLX18 +1.70%) jumped +1.65% to a 2-1/2 month high after OPEC said it will only boost production if customers ask for it. After meeting with fellow oil ministers on Sunday, Saudi Energy Minister Khalid Al-Falih said "Our plan is to meet demand and that the reason Saudi Arabia does not increase oil production more is because our customers are receiving all of the barrels they want." Also, compliance among OPEC and non-OPEC oil producers with their production cuts increased to 129% in August from 109% in July. Asian stocks settled mostly lower: Japan, China, Taiwan and South Korea closed for holiday, Hong Kong -1.62%, Australia -0.12%, Singapore +0.05%, India -1.46%.
*The dollar index (DXY00 -0.11%) is down -0.14%. EUR/USD (^EURUSD +0.15%) is up +0.15% after ECB Governing Council member Nowotny said the ECB should normalize monetary policy quicker than planned. USD/JPY (^USDJPY +0.05%) is up +0.02%.
*Dec 10-year T-note prices (ZNZ18 -0-025) are down -2.5 ticks.
*ECB Governing Council member Nowotny said the ECB is still enforcing a "crisis mode" monetary policy when Europe is currently in a very good economic situation and that policy normalization should come a bit quicker than currently planned.
*The German Sep IFO business climate fell 0.2 to 103.7, stronger than expectations of -0.6 to 103.2.
*UK Sep CBI trends total orders fell -8 to -1, weaker than expectations of -3 to 4.
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**U.S. Stock Preview**
*Key U.S. news today includes: (1) Aug Chicago Fed national activity index (expected +0.07 to 0.20, Jul -0.35 to 0.13), (2) Sep Dallas Fed manufacturing activity index (expected +0.1 to 31.0, Aug -1.4 to 30.9), (3) Treasury auctions $37 billion 2-year T-notes.
*Notable Russell 2000 earnings reports today include: none.
*U.S. IPO's scheduled to price today: Viomi Technology (VIOT).
*Equity conferences during the remainder of this week: AdvaMed MedTech Conference on Mon, ASC Technical Conference on Mon, Asia Rising Dragons Forum on Mon, Rio oil and gas expo and conference 2018 on Mon, NFV & Carrier SDN: Automation & Monetization on Mon, SPE - Annual Technical Conference and Exhibition on Mon, Denver Gold Forum on Mon-Tue, International Association for the Study of Lung Cancer Conference on Mon-Tue, Bank of America Merrill Lynch Real Estate Conference on Mon-Wed, Credit Suisse 4th Annual Oil & Gas “Non-Bus Tour” on Tue, Johnson Rice Energy Conference on Tue, Waters Informatics Seminar 2018 on Tue, Deutsche Bank Retail One-on-One Day on Tue, Capital Link Shipping, Marine Services & Offshore Forum on Tue, APEX Expo on Tue, Credit and Equities Emerging Markets Conference on Tue, Dreamforce Conference on Tue-Wed, Bernstein Strategic Decisions CEO Conference on Wed, MUFG Utilities Corporate Access Day on Wed, Bloomberg Global Business Forum on Wed, Barrington Research Fall Investment Conference on Thu, Contracting & Outsourcing Conference on Thu, Wells Fargo Securities Consumer Forum & Beauty Day on Thu.
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**Overnight U.S. Stock Movers**
*Nike (NKE +0.21%) was downgraded to 'Neutral' from 'Outperform' at MainFirst Bank AG with a price target of $80.
*Chuy's Holdings (CHUY -2.33%) was downgraded to 'Underperform' from 'Market Perform' at BMO Capital Markets with a price target of $23.
*Praxair (PX +0.17%) was rated a new 'Underperform' at Bernstein with a price target of $132.
*Darden Restaurants (DRI -3.06%) was downgraded to 'Underperform' from 'Market Perform' at BMO Capital Markets with a price target of $96.
*Hartford Financial Services Group (HIG +0.32%) was upgraded to 'Buy' from 'Neutral' at B Riley FBR with a price target of $60.
*Applied Genetic Technologies (AGTC unch) was upgraded to 'Outperform' from 'Market Perform' at Wells Fargo Securities with a price target of $20.
*Plains All American Pipeline LP (PAA -0.36%) was upgraded to 'Buy' from 'Hold' at Stifel with a price target of $28.
*Texas Roadhouse (TXRH -0.77%) was downgraded to 'Underperform' from 'Market Perform' at BMO Capital Markets.
*Caesars Entertainment (CZR -1.37%) was rated a new 'Sell' at UBS with a price target of $9.
*Generac (GNRC -0.09%) may move higher initially this morning after its board announced after the close of trading Friday that it had authorized a $250 million stock buyback program.
*Harris Corp (HRS +1.00%) won a 7-year contract from the U.S. Defense Logistics Agency valued at up to $255.4 million for B-52 and C-130 Special Operation Forces aircraft parts.
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**Market Comments**
*Dec S&P 500 E-minis (ESZ18 -0.20%) this morning are down -4.25 points (-0.14%). Friday's closes: S&P 500 -0.04%, Dow Jones +0.32%, Nasdaq 100 +0.50%. The S&P 500 on Friday rose to a new all-time high but gave up its gains and closed slightly lower. Stocks were undercut by weakness in technology stocks and by concern that trade tensions between the U.S. and China won't end anytime soon after President Trump said, "It's time to take a stand on China." Stocks received support from strength in mining stocks and raw-material producers after copper prices jumped +4.29% to a 1-1/2 month high. Stocks were also supported by the U.S. Sep Markit manufacturing PMI report of +0.9 to 55.6, stronger than expectations of +0.3 to 55.0.
*Dec 10-year T-notes (ZNZ18 -0-025) this morning are down -2.5 ticks. Friday's closes: TYZ8 +2.50, FVZ8 +1.50. Dec 10-year T-notes on Friday closed higher on the slightly lower close in the stocks and on carry-over support from a rally in German bunds after the Eurozone Sep Markit manufacturing PMI fell to a 2-year low. T-note prices were undercut by increased inflation expectations after the 10-year T-note breakeven inflation rate jumped to a 3-1/2 month high.
*The dollar index (DXY00 -0.11%) this morning is down -0.136 (-0.14%), EUR/USD (^EURUSD +0.15%) is up +0.0018 (+0.15%), and USD/JPY (^USDJPY +0.05%) is up +0.02 (+0.02%). Friday's closes: Dollar Index +0.308 (+0.33%), EUR/USD -0.0028 (-0.24%), USD/JPY +0.10 (+0.09%). The dollar index on Friday closed higher on weakness in GBP/USD which fell to a 1-week low after UK Prime Minister May warned that Brexit negotiations were at an impasse. There was also weakness in EUR/USD after the Eurozone Sep Markit manufacturing PMI fell -1.3 to 53.3, the slowest pace of expansion in 2 years, which was dovish for ECB policy.
*Metals prices this morning are mixed with Dec gold (GCZ18 +0.25%) +2.5 (+0.21%), Dec silver (SIZ18 +0.04%) +0.006 (+0.04%) and Dec copper (HGZ18 -0.47%) -0.013 (-0.45%). Friday's closes: Dec gold -10.0 (-0.83%), Dec silver +0.054 (+0.38%), Dec copper +11.75 (+4.29%). Metals on Friday settled mixed with Dec gold at a 1 week low and Dec copper at a 1-1/2 month high. Metals prices were undercut by a stronger dollar and by fund liquidation of gold as long gold positions in ETFs fell to a 1-year low Thursday. Copper prices rallied sharply on tighter supplies after weekly Shanghai copper inventories dropped -23,537 MT to a 10-3/4 month low of 111,029 MT.
*Nov WTI crude oil (CLX18 +1.70%) prices this morning are up +$1.17 a barrel (+1.65%) at a 2-1/2 month high and Nov gasoline is +3.74 (+1.87%). Friday's closes: Nov crude oil +0.46 (+0.65%), Nov gasoline (RBX18 +1.86%) +0.08 (+0.04%). Nov crude oil and gasoline on Friday closed higher on carry-over support from signs of tight U.S. crude supplies after Wednesday's EIA data showed U.S. crude inventories fell to a 3-1/2 year low. Crude oil prices were also supported by global supply concerns as looming U.S. sanctions on Iran have curbed Iran's crude exports. Crude oil prices were undercut by a Reuters report that OPEC and non-OPEC members are discussing a +500,000 bpd crude production increase when they meet this weekend in Algiers.
General Advice Disclosure: Please note that the advice contained herein is general advice and is for the purposes of education only. The risk of loss in trading futures contracts, commodity options, stocks, stock options and forex currencies can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results. You are reminded that past performance is no guarantee or reliable indication of future results. It has not been prepared taking into account your particular investment objectives, financial situation and particular needs.You should therefore assess whether the advice is appropriate to your individual investment objectives, financial situation and particular needs. You should do this before making an investment decision based on this general advice. You can either make the assessment yourself or seek the help of a professional adviser. This commentary is not a recommendation to buy or sell, but rather a guideline to interpreting the specified indicators. This information should only be used by investors who are aware of the risk inherent in securities trading. The Vulcan Report accepts no liability whatsoever for any loss arising from any use of this expert or its contents.liability whatsoever for any loss arising from any use of this expert or its contents. For Related news and other stories please visit - http://www.wideawakenews.com/ For Related videos on our Youtube channel please visit - http://www.youtube.com/user/pulsescan72 Be Sure to register for faster updates and commentaries at - BLOG 1: - http://pulsescan.blogspot.com/ BLOG 2: - http://seekingalpha.com/instablog/466159-pulsescan72/ BULLS make money... BEARS make money.... PIGS get slaughtered! "TAKE WHAT YOU CAN .........GIVE NOTHING BACK"!!
*Dec E-mini S&Ps (ESZ18 -0.20%) this morning are down -0.14% and European stocks are down -0.33% due to the prospects of a prolonged trade war between China and the U.S. after China called off planned trade talks. After the U.S. implemented its 10% tariff on $200 billion of Chinese goods as of 12:01 today, China cancelled trade talks that were scheduled with the U.S. for this week and said negotiations "cannot be carried out under the threat of tariffs." Losses in the overall market were contained as energy producers gained as Nov WTI crude oil (CLX18 +1.70%) jumped +1.65% to a 2-1/2 month high after OPEC said it will only boost production if customers ask for it. After meeting with fellow oil ministers on Sunday, Saudi Energy Minister Khalid Al-Falih said "Our plan is to meet demand and that the reason Saudi Arabia does not increase oil production more is because our customers are receiving all of the barrels they want." Also, compliance among OPEC and non-OPEC oil producers with their production cuts increased to 129% in August from 109% in July. Asian stocks settled mostly lower: Japan, China, Taiwan and South Korea closed for holiday, Hong Kong -1.62%, Australia -0.12%, Singapore +0.05%, India -1.46%.
*The dollar index (DXY00 -0.11%) is down -0.14%. EUR/USD (^EURUSD +0.15%) is up +0.15% after ECB Governing Council member Nowotny said the ECB should normalize monetary policy quicker than planned. USD/JPY (^USDJPY +0.05%) is up +0.02%.
*Dec 10-year T-note prices (ZNZ18 -0-025) are down -2.5 ticks.
*ECB Governing Council member Nowotny said the ECB is still enforcing a "crisis mode" monetary policy when Europe is currently in a very good economic situation and that policy normalization should come a bit quicker than currently planned.
*The German Sep IFO business climate fell 0.2 to 103.7, stronger than expectations of -0.6 to 103.2.
*UK Sep CBI trends total orders fell -8 to -1, weaker than expectations of -3 to 4.
---------------------------------------------------------------------------------------
**U.S. Stock Preview**
*Key U.S. news today includes: (1) Aug Chicago Fed national activity index (expected +0.07 to 0.20, Jul -0.35 to 0.13), (2) Sep Dallas Fed manufacturing activity index (expected +0.1 to 31.0, Aug -1.4 to 30.9), (3) Treasury auctions $37 billion 2-year T-notes.
*Notable Russell 2000 earnings reports today include: none.
*U.S. IPO's scheduled to price today: Viomi Technology (VIOT).
*Equity conferences during the remainder of this week: AdvaMed MedTech Conference on Mon, ASC Technical Conference on Mon, Asia Rising Dragons Forum on Mon, Rio oil and gas expo and conference 2018 on Mon, NFV & Carrier SDN: Automation & Monetization on Mon, SPE - Annual Technical Conference and Exhibition on Mon, Denver Gold Forum on Mon-Tue, International Association for the Study of Lung Cancer Conference on Mon-Tue, Bank of America Merrill Lynch Real Estate Conference on Mon-Wed, Credit Suisse 4th Annual Oil & Gas “Non-Bus Tour” on Tue, Johnson Rice Energy Conference on Tue, Waters Informatics Seminar 2018 on Tue, Deutsche Bank Retail One-on-One Day on Tue, Capital Link Shipping, Marine Services & Offshore Forum on Tue, APEX Expo on Tue, Credit and Equities Emerging Markets Conference on Tue, Dreamforce Conference on Tue-Wed, Bernstein Strategic Decisions CEO Conference on Wed, MUFG Utilities Corporate Access Day on Wed, Bloomberg Global Business Forum on Wed, Barrington Research Fall Investment Conference on Thu, Contracting & Outsourcing Conference on Thu, Wells Fargo Securities Consumer Forum & Beauty Day on Thu.
----------------------------------------------------------------------------------------
**Overnight U.S. Stock Movers**
*Nike (NKE +0.21%) was downgraded to 'Neutral' from 'Outperform' at MainFirst Bank AG with a price target of $80.
*Chuy's Holdings (CHUY -2.33%) was downgraded to 'Underperform' from 'Market Perform' at BMO Capital Markets with a price target of $23.
*Praxair (PX +0.17%) was rated a new 'Underperform' at Bernstein with a price target of $132.
*Darden Restaurants (DRI -3.06%) was downgraded to 'Underperform' from 'Market Perform' at BMO Capital Markets with a price target of $96.
*Hartford Financial Services Group (HIG +0.32%) was upgraded to 'Buy' from 'Neutral' at B Riley FBR with a price target of $60.
*Applied Genetic Technologies (AGTC unch) was upgraded to 'Outperform' from 'Market Perform' at Wells Fargo Securities with a price target of $20.
*Plains All American Pipeline LP (PAA -0.36%) was upgraded to 'Buy' from 'Hold' at Stifel with a price target of $28.
*Texas Roadhouse (TXRH -0.77%) was downgraded to 'Underperform' from 'Market Perform' at BMO Capital Markets.
*Caesars Entertainment (CZR -1.37%) was rated a new 'Sell' at UBS with a price target of $9.
*Generac (GNRC -0.09%) may move higher initially this morning after its board announced after the close of trading Friday that it had authorized a $250 million stock buyback program.
*Harris Corp (HRS +1.00%) won a 7-year contract from the U.S. Defense Logistics Agency valued at up to $255.4 million for B-52 and C-130 Special Operation Forces aircraft parts.
---------------------------------------------------------------------------------------
**Market Comments**
*Dec S&P 500 E-minis (ESZ18 -0.20%) this morning are down -4.25 points (-0.14%). Friday's closes: S&P 500 -0.04%, Dow Jones +0.32%, Nasdaq 100 +0.50%. The S&P 500 on Friday rose to a new all-time high but gave up its gains and closed slightly lower. Stocks were undercut by weakness in technology stocks and by concern that trade tensions between the U.S. and China won't end anytime soon after President Trump said, "It's time to take a stand on China." Stocks received support from strength in mining stocks and raw-material producers after copper prices jumped +4.29% to a 1-1/2 month high. Stocks were also supported by the U.S. Sep Markit manufacturing PMI report of +0.9 to 55.6, stronger than expectations of +0.3 to 55.0.
*Dec 10-year T-notes (ZNZ18 -0-025) this morning are down -2.5 ticks. Friday's closes: TYZ8 +2.50, FVZ8 +1.50. Dec 10-year T-notes on Friday closed higher on the slightly lower close in the stocks and on carry-over support from a rally in German bunds after the Eurozone Sep Markit manufacturing PMI fell to a 2-year low. T-note prices were undercut by increased inflation expectations after the 10-year T-note breakeven inflation rate jumped to a 3-1/2 month high.
*The dollar index (DXY00 -0.11%) this morning is down -0.136 (-0.14%), EUR/USD (^EURUSD +0.15%) is up +0.0018 (+0.15%), and USD/JPY (^USDJPY +0.05%) is up +0.02 (+0.02%). Friday's closes: Dollar Index +0.308 (+0.33%), EUR/USD -0.0028 (-0.24%), USD/JPY +0.10 (+0.09%). The dollar index on Friday closed higher on weakness in GBP/USD which fell to a 1-week low after UK Prime Minister May warned that Brexit negotiations were at an impasse. There was also weakness in EUR/USD after the Eurozone Sep Markit manufacturing PMI fell -1.3 to 53.3, the slowest pace of expansion in 2 years, which was dovish for ECB policy.
*Metals prices this morning are mixed with Dec gold (GCZ18 +0.25%) +2.5 (+0.21%), Dec silver (SIZ18 +0.04%) +0.006 (+0.04%) and Dec copper (HGZ18 -0.47%) -0.013 (-0.45%). Friday's closes: Dec gold -10.0 (-0.83%), Dec silver +0.054 (+0.38%), Dec copper +11.75 (+4.29%). Metals on Friday settled mixed with Dec gold at a 1 week low and Dec copper at a 1-1/2 month high. Metals prices were undercut by a stronger dollar and by fund liquidation of gold as long gold positions in ETFs fell to a 1-year low Thursday. Copper prices rallied sharply on tighter supplies after weekly Shanghai copper inventories dropped -23,537 MT to a 10-3/4 month low of 111,029 MT.
*Nov WTI crude oil (CLX18 +1.70%) prices this morning are up +$1.17 a barrel (+1.65%) at a 2-1/2 month high and Nov gasoline is +3.74 (+1.87%). Friday's closes: Nov crude oil +0.46 (+0.65%), Nov gasoline (RBX18 +1.86%) +0.08 (+0.04%). Nov crude oil and gasoline on Friday closed higher on carry-over support from signs of tight U.S. crude supplies after Wednesday's EIA data showed U.S. crude inventories fell to a 3-1/2 year low. Crude oil prices were also supported by global supply concerns as looming U.S. sanctions on Iran have curbed Iran's crude exports. Crude oil prices were undercut by a Reuters report that OPEC and non-OPEC members are discussing a +500,000 bpd crude production increase when they meet this weekend in Algiers.
General Advice Disclosure: Please note that the advice contained herein is general advice and is for the purposes of education only. The risk of loss in trading futures contracts, commodity options, stocks, stock options and forex currencies can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results. You are reminded that past performance is no guarantee or reliable indication of future results. It has not been prepared taking into account your particular investment objectives, financial situation and particular needs.You should therefore assess whether the advice is appropriate to your individual investment objectives, financial situation and particular needs. You should do this before making an investment decision based on this general advice. You can either make the assessment yourself or seek the help of a professional adviser. This commentary is not a recommendation to buy or sell, but rather a guideline to interpreting the specified indicators. This information should only be used by investors who are aware of the risk inherent in securities trading. The Vulcan Report accepts no liability whatsoever for any loss arising from any use of this expert or its contents.liability whatsoever for any loss arising from any use of this expert or its contents. For Related news and other stories please visit - http://www.wideawakenews.com/ For Related videos on our Youtube channel please visit - http://www.youtube.com/user/pulsescan72 Be Sure to register for faster updates and commentaries at - BLOG 1: - http://pulsescan.blogspot.com/ BLOG 2: - http://seekingalpha.com/instablog/466159-pulsescan72/ BULLS make money... BEARS make money.... PIGS get slaughtered! "TAKE WHAT YOU CAN .........GIVE NOTHING BACK"!!
Friday, September 21, 2018
09/21/2018 - **Overnight Markets and News**
**Overnight Markets and News**
*Dec E-mini S&Ps (ESZ18 -0.03%) this morning are little changed, down -0.03%, and European stocks are up +0.65% at a 3-week high. Stock and commodity prices are climbing on optimism the global economic expansion can continue. Mining stocks and raw-material producers are leading gains in the overall market as metals prices climb with Dec COMEX copper (HGZ18 +1.84%) up +1.92% at a 6-week high. Signs of tighter copper supplies are boosting copper prices after weekly Shanghai copper inventories tumbled -23,537 MT to a 10-3/4 month low of 111,029 MT. Gains in U.S. stock indexes were limited due to weakness in technology stocks, led by a -3% decline in Micron in pre-market trading, after the company forecast weaker-than-expected Q1 sales. European stocks moved higher despite signs of slower manufacturing activity after the Eurozone Sep Markit manufacturing PMI fell -1.3 to 53.3, the slowest pace of expansion in 2-years. Asian stocks settled mostly higher: Japan +0.82%, Hong Kong +1.73%, China +2.50%, Taiwan +1.30%, Australia +0.41%, Singapore +1.17%, South Korea +0.59%, India -0.75%. China's Shanghai Composite rallied to a 1-1/4 month high as market confidence has improved for Chinese stocks after Chinese Premier Li Keqiang late Wednesday said the government will adopt more significant tax cuts to help boost domestic consumption. Japan's Nikkei Stock Index rallied to a 7-3/4 month high and moved higher on the heels of the rally in the S&P 500 on Thursday to a new record high, along with weakness in the yen that boosts exporters' earnings prospects as USD/JPY jumped to a 2-month high.
*The dollar index (DXY00 +0.13%) is up +0.15%. EUR/USD (^EURUSD -0.10%) is down -0.08%. USD/JPY (^USDJPY +0.17%) is up +0.21% at a 2-month high .
*Dec 10-year T-note prices (ZNZ18 +0-010) are little changed, down -0.5 of a tick.
*The German Sep Markit/BME manufacturing PMI fell -2.2 to 53.7, weaker than expectations of -0.2 to 55.7 and the slowest pace of expansion in 2-years.
*The Eurozone Sep Markit manufacturing PMI fell -1.3 to 53.3, weaker than expectations of -0.1 to 54.5 and the slowest pace of expansion in 2-years. The Eurozone Sep Markit composite PMI fell -0.3 to 54.2, weaker than expectations of no change at 54.5.
*Japan Aug national CPI rose +1.3% y/y, stronger than expectations of +1.1% y/y and the fastest pace of increase in 6-months. Aug national CPI ex fresh food rose +0.9% y/y, right on expectations. Aug national CPI ex fresh food & energy rose +0.4% y/y, right on expectations.
---------------------------------------------------------------------------------------
**U.S. Stock Preview**
*Key U.S. news today includes: (1) Sep Markit manufacturing PMI (expected +0.3 to 55.0, Aug -0.6 to 54.7) and Sep Markit services PMI (expected +0.2 at 55.0, Aug -1.2 to 54.8).
*Notable Russell 2000 earnings reports today include: none.
*U.S. IPO's scheduled to price today: none.
*Equity conferences during the remainder of this week: none.
----------------------------------------------------------------------------------------
**Overnight U.S. Stock Movers**
*Alcoa (AA +0.70%) was rated a new 'Buy' at Berenberg with a price target of $54.
*RBC Bearings (ROLL +1.05%) was rated a new 'Overweight' at Alembic Global Advisors with a price target of $179.
*Texas Instruments (TXN +1.04%) gained nearly 2% in after-hours trading after it approved a $12 billion stock buyback program and boosted its quarterly dividend to 77 cents from 62 cents, higher than expectations of 75 cents.
*Editas Medicine (EDIT -1.87%) was rated a new 'Outperform' at Raymond James with a price target of $40.
*Micron (MU +2.22%) fell 3% in after-hours trading after the company on its earnings conference call forecast Q1 revenue of $7.90 billion to $8.30 billion, weaker than consensus of $8.45 billion.
*Crispr Therapeutics AG (CRSP -5.59%) was rated a new 'Underperform' at Raymond James.
*Vanda Pharmaceuticals (VNDA +2.04%) was rated a new 'Outperform' at Oppenheimer with a price target of $29.
*United Natural Foods (UNFI +1.65%) dropped 10% in after-hours trading after it reported Q4 adjusted EPS of 76 cents, weaker than consensus of 85 cents, and then forecast full-year adjusted EPS of $3.48 to $3.58, the midpoint below consensus of $3.54.
*KalVista Pharmaceuticals (KALV +10.70%) was rated a new 'Overweight' at Cantor Fitzgerald with a price target of $32.
*Steelcase (SCS +5.21%) jumped 12% in after-hours trading after it forecast Q3 revenue of $885 million to $915 million, well above consensus of $832.5 million.
*Fate Therapeutics (FATE +5.01%) lost 2% in after-hours trading after it announced that it has commenced an underwritten public offering of $100 million of its common stock.
*Western Asset Mortgage Capital Corp (WMC +0.62%) fell 3% in after-hours trading after it announced that it has commenced a public offering of 6.5 million shares of the company's common stock.
*Harmonic (HLIT +2.97%) was rated a new 'Buy' at Loop Capital Markets with a price target of $8.25.
*Pier 1 Imports (PIR +3.43%) sank more than 19% in after-hours trading after it reported a Q2 preliminary loss of -62 cents to -64 cents a share and said it will discontinue fiscal 2019 guidance at this time.
---------------------------------------------------------------------------------------
**Market Comments**
*Dec S&P 500 E-minis (ESZ18 -0.03%) this morning are down -1.00 point (-0.03%). Thursday's closes: S&P 500 +0.78%, Dow Jones +0.95%, Nasdaq 100 +1.05%. The S&P 500 on Thursday soared to a new all-time high and closed higher on a slight easing of trade tensions on reports that China plans to cut the average tariff on imports from the majority of its trading partners as soon as next month. Stocks were also supported by favorable economic data with the unexpected -3,000 decline in U.S. weekly initial unemployment claims to a 48-3/4 year low of 201,000 (better than expectations of +6,000 to 210,000) and the U.S. Sep Philadelphia Fed business outlook index of +11.0 to 22.9 (stronger than expectations of +6.1 to 18.0).
*Dec 10-year T-notes (ZNZ18 +0-010) this morning are down -0.5 of a tick. Thursday's closes: TYZ8 +1.00, FVZ8 unch. Dec 10-year T-notes on Thursday recovered from a 3-3/4 month low and closed higher on the weaker-than-expected U.S. Aug existing home sales report and on curve-flattening trades as bond dealers bought longer-dated government debt and sold shorter-dated government debt. T-note prices were undercut by the unexpected drop in U.S. weekly jobless claims to a 48-3/4 year low and by the rally in the S&P 50 to a new record high, which curbed safe-haven demand for T-notes.
*The dollar index (DXY00 +0.13%) this morning is up +0.141 (+0.15%), EUR/USD (^EURUSD -0.10%) is down -0.0010 (-0.08%), and USD/JPY (^USDJPY +0.17%) is up +0.24 (+0.21%) at a 2-month high. Thursday's closes: Dollar Index -0.625 (-0.66%), EUR/USD +0.0104 (+0.89%), USD/JPY +0.21 (+0.19%). The dollar index on Thursday tumbled to a 2-1/4 month low and closed lower on trade concern after negotiators said a trade deal on Nafta between the U.S. and Canada was unlikely this week. There was also a rally in GBP/USD to a 2-1/4 month high since the stronger-than-expected UK Aug retail sales report was hawkish for BOE policy.
*Metals prices this morning are mixed with Dec gold (GCZ18 -0.10%) -1.9 (-0.16%), Dec silver (SIZ18 +0.73%) +0.080 (+0.56%) at a 2-week high and Dec copper (HGZ18 +1.84%) +0.053 (+1.92%) at a 6-week high. Thursday's closes: Dec gold +3.0 (+0.25%), Dec silver +0.025 (+0.18%), Dec copper +1.05 (+0.38%). Metals on Thursday settled mixed. Metals prices were undercut by the rally in the S&P 500 to a new record high, which reduced the safe-haven demand for precious metals. Copper prices were undercut by the weaker-than-expected U.S. Aug existing home sales report. Metals prices were supported by the fall in the dollar index to a 2-1/4 month low.
*Nov WTI crude oil prices (CLX18 +0.75%) this morning are up +52 cent s(+0.74%) and Nov gasoline (RBX18 +1.06%) is up +2.14 (+1.07%). Thursday's closes: Nov crude oil -0.45 (-0.64%), Nov gasoline -0.72 (-0.36%). Nov crude oil and gasoline on Thursday closed lower on a tweet from President Trump that OPEC "must get prices down now" and by the slide in the crack spread to a 2-month low, which reduces the incentive for refiners to purchase crude to refine into gasoline. Crude oil prices found support from the fall in the dollar index to a 2-1/4 month low.
General Advice Disclosure: Please note that the advice contained herein is general advice and is for the purposes of education only. The risk of loss in trading futures contracts, commodity options, stocks, stock options and forex currencies can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results. You are reminded that past performance is no guarantee or reliable indication of future results. It has not been prepared taking into account your particular investment objectives, financial situation and particular needs.You should therefore assess whether the advice is appropriate to your individual investment objectives, financial situation and particular needs. You should do this before making an investment decision based on this general advice. You can either make the assessment yourself or seek the help of a professional adviser. This commentary is not a recommendation to buy or sell, but rather a guideline to interpreting the specified indicators. This information should only be used by investors who are aware of the risk inherent in securities trading. The Vulcan Report accepts no liability whatsoever for any loss arising from any use of this expert or its contents.liability whatsoever for any loss arising from any use of this expert or its contents. For Related news and other stories please visit - http://www.wideawakenews.com/ For Related videos on our Youtube channel please visit - http://www.youtube.com/user/pulsescan72 Be Sure to register for faster updates and commentaries at - BLOG 1: - http://pulsescan.blogspot.com/ BLOG 2: - http://seekingalpha.com/instablog/466159-pulsescan72/ BULLS make money... BEARS make money.... PIGS get slaughtered! "TAKE WHAT YOU CAN .........GIVE NOTHING BACK"!!
*Dec E-mini S&Ps (ESZ18 -0.03%) this morning are little changed, down -0.03%, and European stocks are up +0.65% at a 3-week high. Stock and commodity prices are climbing on optimism the global economic expansion can continue. Mining stocks and raw-material producers are leading gains in the overall market as metals prices climb with Dec COMEX copper (HGZ18 +1.84%) up +1.92% at a 6-week high. Signs of tighter copper supplies are boosting copper prices after weekly Shanghai copper inventories tumbled -23,537 MT to a 10-3/4 month low of 111,029 MT. Gains in U.S. stock indexes were limited due to weakness in technology stocks, led by a -3% decline in Micron in pre-market trading, after the company forecast weaker-than-expected Q1 sales. European stocks moved higher despite signs of slower manufacturing activity after the Eurozone Sep Markit manufacturing PMI fell -1.3 to 53.3, the slowest pace of expansion in 2-years. Asian stocks settled mostly higher: Japan +0.82%, Hong Kong +1.73%, China +2.50%, Taiwan +1.30%, Australia +0.41%, Singapore +1.17%, South Korea +0.59%, India -0.75%. China's Shanghai Composite rallied to a 1-1/4 month high as market confidence has improved for Chinese stocks after Chinese Premier Li Keqiang late Wednesday said the government will adopt more significant tax cuts to help boost domestic consumption. Japan's Nikkei Stock Index rallied to a 7-3/4 month high and moved higher on the heels of the rally in the S&P 500 on Thursday to a new record high, along with weakness in the yen that boosts exporters' earnings prospects as USD/JPY jumped to a 2-month high.
*The dollar index (DXY00 +0.13%) is up +0.15%. EUR/USD (^EURUSD -0.10%) is down -0.08%. USD/JPY (^USDJPY +0.17%) is up +0.21% at a 2-month high .
*Dec 10-year T-note prices (ZNZ18 +0-010) are little changed, down -0.5 of a tick.
*The German Sep Markit/BME manufacturing PMI fell -2.2 to 53.7, weaker than expectations of -0.2 to 55.7 and the slowest pace of expansion in 2-years.
*The Eurozone Sep Markit manufacturing PMI fell -1.3 to 53.3, weaker than expectations of -0.1 to 54.5 and the slowest pace of expansion in 2-years. The Eurozone Sep Markit composite PMI fell -0.3 to 54.2, weaker than expectations of no change at 54.5.
*Japan Aug national CPI rose +1.3% y/y, stronger than expectations of +1.1% y/y and the fastest pace of increase in 6-months. Aug national CPI ex fresh food rose +0.9% y/y, right on expectations. Aug national CPI ex fresh food & energy rose +0.4% y/y, right on expectations.
---------------------------------------------------------------------------------------
**U.S. Stock Preview**
*Key U.S. news today includes: (1) Sep Markit manufacturing PMI (expected +0.3 to 55.0, Aug -0.6 to 54.7) and Sep Markit services PMI (expected +0.2 at 55.0, Aug -1.2 to 54.8).
*Notable Russell 2000 earnings reports today include: none.
*U.S. IPO's scheduled to price today: none.
*Equity conferences during the remainder of this week: none.
----------------------------------------------------------------------------------------
**Overnight U.S. Stock Movers**
*Alcoa (AA +0.70%) was rated a new 'Buy' at Berenberg with a price target of $54.
*RBC Bearings (ROLL +1.05%) was rated a new 'Overweight' at Alembic Global Advisors with a price target of $179.
*Texas Instruments (TXN +1.04%) gained nearly 2% in after-hours trading after it approved a $12 billion stock buyback program and boosted its quarterly dividend to 77 cents from 62 cents, higher than expectations of 75 cents.
*Editas Medicine (EDIT -1.87%) was rated a new 'Outperform' at Raymond James with a price target of $40.
*Micron (MU +2.22%) fell 3% in after-hours trading after the company on its earnings conference call forecast Q1 revenue of $7.90 billion to $8.30 billion, weaker than consensus of $8.45 billion.
*Crispr Therapeutics AG (CRSP -5.59%) was rated a new 'Underperform' at Raymond James.
*Vanda Pharmaceuticals (VNDA +2.04%) was rated a new 'Outperform' at Oppenheimer with a price target of $29.
*United Natural Foods (UNFI +1.65%) dropped 10% in after-hours trading after it reported Q4 adjusted EPS of 76 cents, weaker than consensus of 85 cents, and then forecast full-year adjusted EPS of $3.48 to $3.58, the midpoint below consensus of $3.54.
*KalVista Pharmaceuticals (KALV +10.70%) was rated a new 'Overweight' at Cantor Fitzgerald with a price target of $32.
*Steelcase (SCS +5.21%) jumped 12% in after-hours trading after it forecast Q3 revenue of $885 million to $915 million, well above consensus of $832.5 million.
*Fate Therapeutics (FATE +5.01%) lost 2% in after-hours trading after it announced that it has commenced an underwritten public offering of $100 million of its common stock.
*Western Asset Mortgage Capital Corp (WMC +0.62%) fell 3% in after-hours trading after it announced that it has commenced a public offering of 6.5 million shares of the company's common stock.
*Harmonic (HLIT +2.97%) was rated a new 'Buy' at Loop Capital Markets with a price target of $8.25.
*Pier 1 Imports (PIR +3.43%) sank more than 19% in after-hours trading after it reported a Q2 preliminary loss of -62 cents to -64 cents a share and said it will discontinue fiscal 2019 guidance at this time.
---------------------------------------------------------------------------------------
**Market Comments**
*Dec S&P 500 E-minis (ESZ18 -0.03%) this morning are down -1.00 point (-0.03%). Thursday's closes: S&P 500 +0.78%, Dow Jones +0.95%, Nasdaq 100 +1.05%. The S&P 500 on Thursday soared to a new all-time high and closed higher on a slight easing of trade tensions on reports that China plans to cut the average tariff on imports from the majority of its trading partners as soon as next month. Stocks were also supported by favorable economic data with the unexpected -3,000 decline in U.S. weekly initial unemployment claims to a 48-3/4 year low of 201,000 (better than expectations of +6,000 to 210,000) and the U.S. Sep Philadelphia Fed business outlook index of +11.0 to 22.9 (stronger than expectations of +6.1 to 18.0).
*Dec 10-year T-notes (ZNZ18 +0-010) this morning are down -0.5 of a tick. Thursday's closes: TYZ8 +1.00, FVZ8 unch. Dec 10-year T-notes on Thursday recovered from a 3-3/4 month low and closed higher on the weaker-than-expected U.S. Aug existing home sales report and on curve-flattening trades as bond dealers bought longer-dated government debt and sold shorter-dated government debt. T-note prices were undercut by the unexpected drop in U.S. weekly jobless claims to a 48-3/4 year low and by the rally in the S&P 50 to a new record high, which curbed safe-haven demand for T-notes.
*The dollar index (DXY00 +0.13%) this morning is up +0.141 (+0.15%), EUR/USD (^EURUSD -0.10%) is down -0.0010 (-0.08%), and USD/JPY (^USDJPY +0.17%) is up +0.24 (+0.21%) at a 2-month high. Thursday's closes: Dollar Index -0.625 (-0.66%), EUR/USD +0.0104 (+0.89%), USD/JPY +0.21 (+0.19%). The dollar index on Thursday tumbled to a 2-1/4 month low and closed lower on trade concern after negotiators said a trade deal on Nafta between the U.S. and Canada was unlikely this week. There was also a rally in GBP/USD to a 2-1/4 month high since the stronger-than-expected UK Aug retail sales report was hawkish for BOE policy.
*Metals prices this morning are mixed with Dec gold (GCZ18 -0.10%) -1.9 (-0.16%), Dec silver (SIZ18 +0.73%) +0.080 (+0.56%) at a 2-week high and Dec copper (HGZ18 +1.84%) +0.053 (+1.92%) at a 6-week high. Thursday's closes: Dec gold +3.0 (+0.25%), Dec silver +0.025 (+0.18%), Dec copper +1.05 (+0.38%). Metals on Thursday settled mixed. Metals prices were undercut by the rally in the S&P 500 to a new record high, which reduced the safe-haven demand for precious metals. Copper prices were undercut by the weaker-than-expected U.S. Aug existing home sales report. Metals prices were supported by the fall in the dollar index to a 2-1/4 month low.
*Nov WTI crude oil prices (CLX18 +0.75%) this morning are up +52 cent s(+0.74%) and Nov gasoline (RBX18 +1.06%) is up +2.14 (+1.07%). Thursday's closes: Nov crude oil -0.45 (-0.64%), Nov gasoline -0.72 (-0.36%). Nov crude oil and gasoline on Thursday closed lower on a tweet from President Trump that OPEC "must get prices down now" and by the slide in the crack spread to a 2-month low, which reduces the incentive for refiners to purchase crude to refine into gasoline. Crude oil prices found support from the fall in the dollar index to a 2-1/4 month low.
General Advice Disclosure: Please note that the advice contained herein is general advice and is for the purposes of education only. The risk of loss in trading futures contracts, commodity options, stocks, stock options and forex currencies can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results. You are reminded that past performance is no guarantee or reliable indication of future results. It has not been prepared taking into account your particular investment objectives, financial situation and particular needs.You should therefore assess whether the advice is appropriate to your individual investment objectives, financial situation and particular needs. You should do this before making an investment decision based on this general advice. You can either make the assessment yourself or seek the help of a professional adviser. This commentary is not a recommendation to buy or sell, but rather a guideline to interpreting the specified indicators. This information should only be used by investors who are aware of the risk inherent in securities trading. The Vulcan Report accepts no liability whatsoever for any loss arising from any use of this expert or its contents.liability whatsoever for any loss arising from any use of this expert or its contents. For Related news and other stories please visit - http://www.wideawakenews.com/ For Related videos on our Youtube channel please visit - http://www.youtube.com/user/pulsescan72 Be Sure to register for faster updates and commentaries at - BLOG 1: - http://pulsescan.blogspot.com/ BLOG 2: - http://seekingalpha.com/instablog/466159-pulsescan72/ BULLS make money... BEARS make money.... PIGS get slaughtered! "TAKE WHAT YOU CAN .........GIVE NOTHING BACK"!!
Thursday, September 20, 2018
TVR [#543] END OF DAY REPORT: PM'S GOLD TO RALLY 50+ BUCKS NEXT WEEK???
General Advice Disclosure: Please note that the advice contained herein is general advice and is for the purposes of education only. The risk of loss in trading futures contracts, commodity options, stocks, stock options and forex currencies can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results. You are reminded that past performance is no guarantee or reliable indication of future results. It has not been prepared taking into account your particular investment objectives, financial situation and particular needs.You should therefore assess whether the advice is appropriate to your individual investment objectives, financial situation and particular needs. You should do this before making an investment decision based on this general advice. You can either make the assessment yourself or seek the help of a professional adviser.
This commentary is not a recommendation to buy or sell, but rather a guideline to interpreting the specified indicators. This information should only be used by investors who are aware of the risk inherent in securities trading. The Vulcan Report accepts no liability whatsoever for any loss arising from any use of this expert or its contents.liability whatsoever for any loss arising from any use of this expert or its contents.
For Related news and other stories please visit - http://www.wideawakenews.com/
For Related videos on our Youtube channel please visit - http://www.youtube.com/user/pulsescan72
Be Sure to register for faster updates and commentaries at -
BLOG 1: - http://pulsescan.blogspot.com/
BLOG 2: - http://seekingalpha.com/instablog/466159-pulsescan72/
BULLS make money... BEARS make money.... PIGS get slaughtered!
"TAKE WHAT YOU CAN .........GIVE NOTHING BACK"!!
Trading Terrordome - Dex The Algocapitalist
General Advice Disclosure: Please note that the advice contained herein is general advice and is for the purposes of education only. The risk of loss in trading futures contracts, commodity options, stocks, stock options and forex currencies can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results. You are reminded that past performance is no guarantee or reliable indication of future results. It has not been prepared taking into account your particular investment objectives, financial situation and particular needs.You should therefore assess whether the advice is appropriate to your individual investment objectives, financial situation and particular needs. You should do this before making an investment decision based on this general advice. You can either make the assessment yourself or seek the help of a professional adviser.
This commentary is not a recommendation to buy or sell, but rather a guideline to interpreting the specified indicators. This information should only be used by investors who are aware of the risk inherent in securities trading. The Vulcan Report accepts no liability whatsoever for any loss arising from any use of this expert or its contents.liability whatsoever for any loss arising from any use of this expert or its contents.
For Related news and other stories please visit - http://www.wideawakenews.com/
For Related videos on our Youtube channel please visit - http://www.youtube.com/user/pulsescan72
Be Sure to register for faster updates and commentaries at -
BLOG 1: - http://pulsescan.blogspot.com/
BLOG 2: - http://seekingalpha.com/instablog/466159-pulsescan72/
BULLS make money... BEARS make money.... PIGS get slaughtered!
"TAKE WHAT YOU CAN .........GIVE NOTHING BACK"!!
09/20/2018 - **Overnight Markets and News**
**Overnight Markets and News**
*Dec E-mini S&Ps (ESZ18 +0.19%) this morning are up +0.09% at a 2-1/2 week high and European stocks are up +0.74% at a 2-week high as strength in energy stocks pushes the overall market higher. Energy stocks gained on the heels of a rally in Oct WTI crude oil (CLV18 +0.66%) by +0.66% to a 2-1/4 month high on concern about tight global oil supplies after U.S. crude inventories fell for a fifth week to a 3-1/2 year low and as U.S. sanctions reduce Iran's crude exports. Another positive for stocks is the sign that China may act to further open its markets after people familiar with the matter said that China plans to cut the average tariff on imports from the majority of its trading partners as soon as next month. Stronger-than-expected UK Aug retail sales pushed GBP/USD up +0.66% to a 2-month high. On the negative side, the OECD cut its global 2018 GDP forecast to 3.7% from a May estimate of 3.8%, citing deterioration in emerging markets and intensification of global trade tensions. Asian stocks settled mixed: Japan +0.01%, Hong Kong +0.26%, China -0.06%, Taiwan -0.24%, Australia -0.33%, Singapore +0.12%, South Korea +0.81%, India -0.45%.
*The dollar index (DXY00 -0.39%) is down -0.35% at a 1-1/2 month low on signs that the U.S. and Canada are unlikely to reach a deal on NAFTA this week. EUR/USD (^EURUSD +0.46%) is up +0.38%. USD/JPY (^USDJPY -0.04%) is down -0.06%.
*Dec 10-year T-note prices (ZNZ18 +0-015) are up +1.5 ticks.
*The Organization for Economic Cooperation and Development (OECD) cut its global 2018 GDP forecast to 3.7% from a May estimate of 3.8% and said the global economy is shrouded in "high uncertainty" as the outlook for emerging markets deteriorates and trade tensions intensify.
*UK Aug retail sales ex auto fuel rose +0.3% m/m and +3.5% y/y, stronger than expectations of -0.2% m/m and +2.4% y/y. Aug retail sales including auto fuel rose +0.3% m/m and +3.3% y/y, stronger than expectations of -0.2% m/m and +2.3% y/y.
---------------------------------------------------------------------------------------
**U.S. Stock Preview**
*Key U.S. news today includes: (1) weekly initial unemployment claims (expected +6,000 to 210,000, previous -1,000 to 204,000) and continuing claims (expected +9,000 to 1.705 million, previous -15,000 to 1.696 million), (2) Sep Philadelphia Fed business outlook survey index (expected +6.1 to 18.0, Aug -13.8 to 11.9), (3) Aug leading indicators (expected +0.5%, Jul +0.6%), (4) Aug existing home sales (expected +0.4% to 5.36 million, Jul -0.7% to 5.34 million), (5) Treasury auctions $11 billion of 10-year TIPS.
*Notable Russell 2000 earnings reports today include: Carnival (consensus $2.31), Darden Restaurants (1.24), Thor Industries (2.06), Micron Technology (3.33).
*U.S. IPO's scheduled to price today: none.
*Equity conferences during the remainder of this week: Autonomous Research Future of Commerce Symposium on Thu, BMO Capital Markets Real Estate Conference on Thu, Buckingham Industrials Conference on Thu, D.A Davidson Diversified Industrials & Services Conference on Thu, IAA Commercial Vehicles Trade Show on Thu, Keefe, Bruyette, & Woods Insurance Conference on Thu.
----------------------------------------------------------------------------------------
**Overnight U.S. Stock Movers**
*Caterpillar (CAT +2.48%) was upgraded to 'Outperform' from 'Neutral' at Baird with a price target of $191.
*Darden Restaurants (DRI -0.85%) may open higher initially this morning after the company reported Q1 comparable slaes rose +3.3%, stronger than expectationsof +2.1%, and after it raised guidance on full-year EPS from continuing operations to $5.52 to $5.65 from a prior view of $5.40 to $5.56, better than consensus of $5.54.
*Red Hat (RHT +0.32%) slid 3% in after-hours trading after it reported Q2 revenue of $822.7 million, weaker than consensus of $828.1 million, and then forecast full-year revenue of $3.36 billion to $3.40 billion, the midpoint below consensus of $3.40 billion.
*CRISPR Therapeutics AG (CRSP -2.43%) dropped more than 4% in after-hours trading after it announced that it had commenced an underwritten public offering of $200 million of its common stock.
*Herman Miller (MLHR +0.54%) jumped almost 7% in after-hours trading after it reported Q1 net sales of $624.6 million, better than consensus of $623.3 million, and then forecast Q2 sales of $635 million to $655 million, the midpoint above consensus of $639 million.
*Advanced Micro Devices (AMD -2.25%) may move higher initially this morning after Stifel raised its target price on the stock to $38 from $21.
*Skyline Champion (SKY +1.59%) may move lower initially this morning after it announced that it intends to offer 6 million shares of its common stock in a secondary offering.
*Viking Therapeutics (VKTX +0.98%) announced after the close of trading Wednesday that it intends to sell shares of its common stock in an underwritten public offering, although no amount was given.
*Kosmos Energy Ltd (KOS +0.54%) fell nearly 3% in after-hours trading after it announced more than 10 holders of the company's stock will sell 9 million shares.
*Molecular Templates (MTEM +52.44%) tumbled more than 10% in after-hours trading after it announced that it intends to sell $30 million of its shares of common stock in an underwritten public offering.
*DryShips (DRYS +10.02%) may move higher initially this morning after Economou George reported a 76.2% stake in the company.
*Avon Products (AVP +1.31%) gained more than 2% in after-hours trading after it said it will consolidate its U.S. operations into existing facilities and reduce its workforce by about 100 jobs.
---------------------------------------------------------------------------------------
**Market Comments**
*Dec S&P 500 E-minis (ESZ18 +0.19%) this morning are up +2.75 points (+0.09%) at a fresh 2-1/2 week high. Wednesday's closes: S&P 500 +0.13%, Dow Jones +0.61%, Nasdaq 100 -0.05%. The S&P 500 on Wednesday rose to a 2-1/2 week high and closed higher on a slight easing of trade tensions after Chinese Premier Li Keqiang said China won't "stimulate exports by devaluing the yuan." Stocks were also boosted by the U.S. Aug housing starts report of +9.2% to 1.282 million, stronger than expectations of +5.7% to 1.238 million. There was also strength in energy stocks as crude oil prices rose +1.82%. Stocks were undercut by the unexpected decline in U.S. Aug building permits, a proxy for future construction, which fell -5.7% to a 15-month low of 1.229 million, weaker than expectations of +0.5% to 1.310 million.
*Dec 10-year T-notes (ZNZ18 +0-015) this morning are up +1.5 ticks. Wednesday's closes: TYZ8 -7.50, FVZ8 -3.50. Dec 10-year T-notes on Tuesday sold off to a new 3-3/4 month low and closed lower on negative carry-over from a slump in 10-year British gilts to a 7-month low and a slide in 10-year German bunds to a 3-month low. T-note prices were also undercut by the stronger-than-expected U.S. Aug housing starts report, which was hawkish for Fed policy. T-notes were also hurt by increased inflation expectations after the 10-year breakeven inflation expectations rate rose to a 2-1/4 month high.
*The dollar index (DXY00 -0.39%) this morning is down -0.332 (-0.35%) at a 1-1/2 month low, EUR/USD (^EURUSD +0.46%) is up +0.0044 (+0.38%), and USD/JPY (^USDJPY -0.04%) is down -0.07 (-0.06%). Wednesday's closes: Dollar Index -0.103 (-0.11%), EUR/USD +0.0006 (+0.05%), USD/JPY -0.08 (-0.07%). The dollar index on Wednesday closed lower on strength in the yuan versus the dollar after Chinese Premier Li Keqiang said China won't "stimulate exports by devaluing the yuan." There was strength in GBP/USD which climbed to a 2-month high after UK Aug CPI rose more than expected, which was hawkish for BOE policy.
*Metals prices this morning are weaker with Dec gold (GCZ18 unch) -0.8 (-0.07%), Dec silver (SIZ18 -0.18%) -0.030 (-0.21%) and Dec copper (HGZ18 -0.42%) -0.015 (-0.53%). Wednesday's closes: Dec gold +5.4 (+0.45%), Dec silver +0.095 (+0.67%), Dec copper -0.10 (-0.04%). Metals on Wednesday settled mixed. Metals prices were boosted by dollar weakness and by gold-supportive comments from BOJ Governor Kuroda who said the BOJ won't quit easing before inflation reaches its 2% target. Copper prices were supported by the stronger-than-expected U.S. Aug housing starts report of +9.2% to 1.282 million, better than expectations of +5.7% to 1.238 million, although Aug building permits fell by -5.7% to a 15-month low of 1.229 million.
*Oct WTI crude oil prices (CLV18 +0.66%) this morning are up +47 cents (+0.66%) at a 2-1/4 month high and Oct gasoline (RBV18 +0.09%) is +1.21 (+0.60%). Wednesday's closes: Oct crude oil +1.27 (+1.82%), Oct gasoline +1.58 (+0.79%). Oct crude oil and gasoline on Wednesday closed higher on a weaker dollar and the -1.25 million bbl decline in crude supplies at Cushing. Gasoline prices were boosted by the unexpected -1.72 million bbl decline in EIA gasoline inventories vs. expectations of +100,000 bbl.
General Advice Disclosure: Please note that the advice contained herein is general advice and is for the purposes of education only. The risk of loss in trading futures contracts, commodity options, stocks, stock options and forex currencies can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results. You are reminded that past performance is no guarantee or reliable indication of future results. It has not been prepared taking into account your particular investment objectives, financial situation and particular needs.You should therefore assess whether the advice is appropriate to your individual investment objectives, financial situation and particular needs. You should do this before making an investment decision based on this general advice. You can either make the assessment yourself or seek the help of a professional adviser. This commentary is not a recommendation to buy or sell, but rather a guideline to interpreting the specified indicators. This information should only be used by investors who are aware of the risk inherent in securities trading. The Vulcan Report accepts no liability whatsoever for any loss arising from any use of this expert or its contents.liability whatsoever for any loss arising from any use of this expert or its contents. For Related news and other stories please visit - http://www.wideawakenews.com/ For Related videos on our Youtube channel please visit - http://www.youtube.com/user/pulsescan72 Be Sure to register for faster updates and commentaries at - BLOG 1: - http://pulsescan.blogspot.com/ BLOG 2: - http://seekingalpha.com/instablog/466159-pulsescan72/ BULLS make money... BEARS make money.... PIGS get slaughtered! "TAKE WHAT YOU CAN .........GIVE NOTHING BACK"!!
*Dec E-mini S&Ps (ESZ18 +0.19%) this morning are up +0.09% at a 2-1/2 week high and European stocks are up +0.74% at a 2-week high as strength in energy stocks pushes the overall market higher. Energy stocks gained on the heels of a rally in Oct WTI crude oil (CLV18 +0.66%) by +0.66% to a 2-1/4 month high on concern about tight global oil supplies after U.S. crude inventories fell for a fifth week to a 3-1/2 year low and as U.S. sanctions reduce Iran's crude exports. Another positive for stocks is the sign that China may act to further open its markets after people familiar with the matter said that China plans to cut the average tariff on imports from the majority of its trading partners as soon as next month. Stronger-than-expected UK Aug retail sales pushed GBP/USD up +0.66% to a 2-month high. On the negative side, the OECD cut its global 2018 GDP forecast to 3.7% from a May estimate of 3.8%, citing deterioration in emerging markets and intensification of global trade tensions. Asian stocks settled mixed: Japan +0.01%, Hong Kong +0.26%, China -0.06%, Taiwan -0.24%, Australia -0.33%, Singapore +0.12%, South Korea +0.81%, India -0.45%.
*The dollar index (DXY00 -0.39%) is down -0.35% at a 1-1/2 month low on signs that the U.S. and Canada are unlikely to reach a deal on NAFTA this week. EUR/USD (^EURUSD +0.46%) is up +0.38%. USD/JPY (^USDJPY -0.04%) is down -0.06%.
*Dec 10-year T-note prices (ZNZ18 +0-015) are up +1.5 ticks.
*The Organization for Economic Cooperation and Development (OECD) cut its global 2018 GDP forecast to 3.7% from a May estimate of 3.8% and said the global economy is shrouded in "high uncertainty" as the outlook for emerging markets deteriorates and trade tensions intensify.
*UK Aug retail sales ex auto fuel rose +0.3% m/m and +3.5% y/y, stronger than expectations of -0.2% m/m and +2.4% y/y. Aug retail sales including auto fuel rose +0.3% m/m and +3.3% y/y, stronger than expectations of -0.2% m/m and +2.3% y/y.
---------------------------------------------------------------------------------------
**U.S. Stock Preview**
*Key U.S. news today includes: (1) weekly initial unemployment claims (expected +6,000 to 210,000, previous -1,000 to 204,000) and continuing claims (expected +9,000 to 1.705 million, previous -15,000 to 1.696 million), (2) Sep Philadelphia Fed business outlook survey index (expected +6.1 to 18.0, Aug -13.8 to 11.9), (3) Aug leading indicators (expected +0.5%, Jul +0.6%), (4) Aug existing home sales (expected +0.4% to 5.36 million, Jul -0.7% to 5.34 million), (5) Treasury auctions $11 billion of 10-year TIPS.
*Notable Russell 2000 earnings reports today include: Carnival (consensus $2.31), Darden Restaurants (1.24), Thor Industries (2.06), Micron Technology (3.33).
*U.S. IPO's scheduled to price today: none.
*Equity conferences during the remainder of this week: Autonomous Research Future of Commerce Symposium on Thu, BMO Capital Markets Real Estate Conference on Thu, Buckingham Industrials Conference on Thu, D.A Davidson Diversified Industrials & Services Conference on Thu, IAA Commercial Vehicles Trade Show on Thu, Keefe, Bruyette, & Woods Insurance Conference on Thu.
----------------------------------------------------------------------------------------
**Overnight U.S. Stock Movers**
*Caterpillar (CAT +2.48%) was upgraded to 'Outperform' from 'Neutral' at Baird with a price target of $191.
*Darden Restaurants (DRI -0.85%) may open higher initially this morning after the company reported Q1 comparable slaes rose +3.3%, stronger than expectationsof +2.1%, and after it raised guidance on full-year EPS from continuing operations to $5.52 to $5.65 from a prior view of $5.40 to $5.56, better than consensus of $5.54.
*Red Hat (RHT +0.32%) slid 3% in after-hours trading after it reported Q2 revenue of $822.7 million, weaker than consensus of $828.1 million, and then forecast full-year revenue of $3.36 billion to $3.40 billion, the midpoint below consensus of $3.40 billion.
*CRISPR Therapeutics AG (CRSP -2.43%) dropped more than 4% in after-hours trading after it announced that it had commenced an underwritten public offering of $200 million of its common stock.
*Herman Miller (MLHR +0.54%) jumped almost 7% in after-hours trading after it reported Q1 net sales of $624.6 million, better than consensus of $623.3 million, and then forecast Q2 sales of $635 million to $655 million, the midpoint above consensus of $639 million.
*Advanced Micro Devices (AMD -2.25%) may move higher initially this morning after Stifel raised its target price on the stock to $38 from $21.
*Skyline Champion (SKY +1.59%) may move lower initially this morning after it announced that it intends to offer 6 million shares of its common stock in a secondary offering.
*Viking Therapeutics (VKTX +0.98%) announced after the close of trading Wednesday that it intends to sell shares of its common stock in an underwritten public offering, although no amount was given.
*Kosmos Energy Ltd (KOS +0.54%) fell nearly 3% in after-hours trading after it announced more than 10 holders of the company's stock will sell 9 million shares.
*Molecular Templates (MTEM +52.44%) tumbled more than 10% in after-hours trading after it announced that it intends to sell $30 million of its shares of common stock in an underwritten public offering.
*DryShips (DRYS +10.02%) may move higher initially this morning after Economou George reported a 76.2% stake in the company.
*Avon Products (AVP +1.31%) gained more than 2% in after-hours trading after it said it will consolidate its U.S. operations into existing facilities and reduce its workforce by about 100 jobs.
---------------------------------------------------------------------------------------
**Market Comments**
*Dec S&P 500 E-minis (ESZ18 +0.19%) this morning are up +2.75 points (+0.09%) at a fresh 2-1/2 week high. Wednesday's closes: S&P 500 +0.13%, Dow Jones +0.61%, Nasdaq 100 -0.05%. The S&P 500 on Wednesday rose to a 2-1/2 week high and closed higher on a slight easing of trade tensions after Chinese Premier Li Keqiang said China won't "stimulate exports by devaluing the yuan." Stocks were also boosted by the U.S. Aug housing starts report of +9.2% to 1.282 million, stronger than expectations of +5.7% to 1.238 million. There was also strength in energy stocks as crude oil prices rose +1.82%. Stocks were undercut by the unexpected decline in U.S. Aug building permits, a proxy for future construction, which fell -5.7% to a 15-month low of 1.229 million, weaker than expectations of +0.5% to 1.310 million.
*Dec 10-year T-notes (ZNZ18 +0-015) this morning are up +1.5 ticks. Wednesday's closes: TYZ8 -7.50, FVZ8 -3.50. Dec 10-year T-notes on Tuesday sold off to a new 3-3/4 month low and closed lower on negative carry-over from a slump in 10-year British gilts to a 7-month low and a slide in 10-year German bunds to a 3-month low. T-note prices were also undercut by the stronger-than-expected U.S. Aug housing starts report, which was hawkish for Fed policy. T-notes were also hurt by increased inflation expectations after the 10-year breakeven inflation expectations rate rose to a 2-1/4 month high.
*The dollar index (DXY00 -0.39%) this morning is down -0.332 (-0.35%) at a 1-1/2 month low, EUR/USD (^EURUSD +0.46%) is up +0.0044 (+0.38%), and USD/JPY (^USDJPY -0.04%) is down -0.07 (-0.06%). Wednesday's closes: Dollar Index -0.103 (-0.11%), EUR/USD +0.0006 (+0.05%), USD/JPY -0.08 (-0.07%). The dollar index on Wednesday closed lower on strength in the yuan versus the dollar after Chinese Premier Li Keqiang said China won't "stimulate exports by devaluing the yuan." There was strength in GBP/USD which climbed to a 2-month high after UK Aug CPI rose more than expected, which was hawkish for BOE policy.
*Metals prices this morning are weaker with Dec gold (GCZ18 unch) -0.8 (-0.07%), Dec silver (SIZ18 -0.18%) -0.030 (-0.21%) and Dec copper (HGZ18 -0.42%) -0.015 (-0.53%). Wednesday's closes: Dec gold +5.4 (+0.45%), Dec silver +0.095 (+0.67%), Dec copper -0.10 (-0.04%). Metals on Wednesday settled mixed. Metals prices were boosted by dollar weakness and by gold-supportive comments from BOJ Governor Kuroda who said the BOJ won't quit easing before inflation reaches its 2% target. Copper prices were supported by the stronger-than-expected U.S. Aug housing starts report of +9.2% to 1.282 million, better than expectations of +5.7% to 1.238 million, although Aug building permits fell by -5.7% to a 15-month low of 1.229 million.
*Oct WTI crude oil prices (CLV18 +0.66%) this morning are up +47 cents (+0.66%) at a 2-1/4 month high and Oct gasoline (RBV18 +0.09%) is +1.21 (+0.60%). Wednesday's closes: Oct crude oil +1.27 (+1.82%), Oct gasoline +1.58 (+0.79%). Oct crude oil and gasoline on Wednesday closed higher on a weaker dollar and the -1.25 million bbl decline in crude supplies at Cushing. Gasoline prices were boosted by the unexpected -1.72 million bbl decline in EIA gasoline inventories vs. expectations of +100,000 bbl.
General Advice Disclosure: Please note that the advice contained herein is general advice and is for the purposes of education only. The risk of loss in trading futures contracts, commodity options, stocks, stock options and forex currencies can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results. You are reminded that past performance is no guarantee or reliable indication of future results. It has not been prepared taking into account your particular investment objectives, financial situation and particular needs.You should therefore assess whether the advice is appropriate to your individual investment objectives, financial situation and particular needs. You should do this before making an investment decision based on this general advice. You can either make the assessment yourself or seek the help of a professional adviser. This commentary is not a recommendation to buy or sell, but rather a guideline to interpreting the specified indicators. This information should only be used by investors who are aware of the risk inherent in securities trading. The Vulcan Report accepts no liability whatsoever for any loss arising from any use of this expert or its contents.liability whatsoever for any loss arising from any use of this expert or its contents. For Related news and other stories please visit - http://www.wideawakenews.com/ For Related videos on our Youtube channel please visit - http://www.youtube.com/user/pulsescan72 Be Sure to register for faster updates and commentaries at - BLOG 1: - http://pulsescan.blogspot.com/ BLOG 2: - http://seekingalpha.com/instablog/466159-pulsescan72/ BULLS make money... BEARS make money.... PIGS get slaughtered! "TAKE WHAT YOU CAN .........GIVE NOTHING BACK"!!
Wednesday, September 19, 2018
09/19/2018 - **Overnight Markets and News**
**Overnight Markets and News**
*Dec E-mini S&Ps (ESZ18 -0.09%) this morning are down -0.04% and European stocks are down -0.05% in uninspired trade. Higher interest rates are weighing on equity prices after a jump in UK Aug consumer prices pushed the 10-year Gilt yield up to a 6-3/4 month high of 1.618%, which helped fuel an increase in the German 10-year bund yield to a 3-month high of 0.50%. Losses in European stocks were limited as carmakers rose after Eurozone Aug new car registrations climbed by the most since the data series began in 2004. Asian stocks settled mostly higher: Japan +1.08%, Hong Kong +1.19%, China +1.14%, Taiwan +0.90%, Australia +0.46%, Singapore +1.19%, South Korea +0.18%, India -0.45%. China's Shanghai Composite climbed to a 2-week high on signs that state-sponsored funds entered the market and bought blue chip stocks. Japan's Nikkei Stock Index rallied to a 7-3/4 month after Aug trade data showed Japan exports and imports both rose more than expected. Also, Japanese exporter stocks gained after USD/JPY (^USDJPY -0.02%) climbed to a new 1-3/4 month high, which boosts the earnings prospects of exporters.
*The dollar index (DXY00 -0.08%) is down -0.20%. EUR/USD (^EURUSD +0.14%) is up +0.18%. USD/JPY (^USDJPY -0.02%) is up +0.05% at a new 1-3/4 month high as the yen weakened after BOJ Governor Kuroda said the BOJ won't stop easing until inflation reaches the BOJ's 2% target.
*Dec 10-year T-note prices (ZNZ18 -0-020) are down -3 ticks at a new 3-3/4 month low.
*UK Aug CPI rose +0.7% m/m and +2.7% y/y, stronger than expectations of +0.5% m/m and +2.4% y/y with e +0.7% m/m gain the biggest monthly increase in 1-1/2 years. Aug core CPI rose +2.1% y/y, stronger than expectations of +1.8% y/y.
*Eurozone Aug new car registrations jumped +31.2% y/y to 1.134 million, the largest increase since the data series began in 2004.
*The Japan Aug trade balance was in deficit by -444.6 billion yen, narrower than expectations of -483.2 billion yen. Aug exports rose +6.6% y/y, stronger than expectations of +5.2% y/y. Aug imports rose +15.4% y/y, stronger than expectations of +14.5% y/y.
*The BOJ as expected kept its benchmark target interest rate at -0.1% and its 10-year yield target at 0% and BOJ Governor Kuroda said the BOJ won't quit easing before inflation reaches the BOJ's 2% target.
---------------------------------------------------------------------------------------
**U.S. Stock Preview**
*Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -1.8% to 337.4 with purchase sub-index up +0.9% to 233.5 and refi sub index down -5.9% to 884.3), (2) Q2 current account deficit (expected -$103.3 billion, Q1 -$124.1 billion), (3) Aug housing starts (expected +5.7% to 1.235 million, Jul +0.9% to 1.168 million), (4) EIA weekly Petroleum Status Report.
*Notable Russell 2000 earnings reports today include: Red Hat (consensus $0.82), Copart (0.48).
*U.S. IPO's scheduled to price today: Elanco Animal Health (ELAN).
*Equity conferences during the remainder of this week: Gastech Conference - T1.7 on Tue-Wed, Autonomous Research Future of Commerce Symposium on Thu, BMO Capital Markets Real Estate Conference on Thu, Buckingham Industrials Conference on Thu, D.A Davidson Diversified Industrials & Services Conference on Thu, IAA Commercial Vehicles Trade Show on Thu, Keefe, Bruyette, & Woods Insurance Conference on Thu.
----------------------------------------------------------------------------------------
**Overnight U.S. Stock Movers**
*LyondellBasell Industries NV (LYB -1.31%) was downgraded to 'Underweight' from 'Neutral' at JP Morgan Chase with a price target of $95.
*Juniper (JNPR +2.11%) was upgraded to 'Buy' from 'Neutral' at Nomura Instinet with a price target of $34.
*Tilray (TLRY +28.95%) climbed almost 5% in after-hours trading after the company received approval from the DEA to import cannabis into the U.S. for medical research.
*Kaman (KAMN +1.17%) was rated a new 'Overweight' at Alembic Global Advisors with a price target of $80.
*Evo Payments (EVOP -1.61%) fell almost 4% in after-hours trading after it announced a proposed underwritten offering of 6.0 million shares of its Class A common stock.
*The oilfield services sector was raised to 'Attractive' from 'In-Line' at Morgan Stanley with 'Overweight' ratings on Baker Hughes a GE Co (BHGE +2.02%) , Halliburton (HAL +1.16%) , Cactus (WHD +3.58%) and Transocean Ltd (RIG +2.93%) .
*ProQR Therapeutics NV (PRQR -6.48%) was rated a new 'Outperform' at Evercore ISI with a price target of $35.
*Surface Oncology (SURF +2.54%) rose nearly 3% in after-hours trading after it was rated a new 'Outperform' at Baird with a price target of $23.
*Internap (INAP -2.67%) was rated a 'Buy' at Suntrust Robinson Humphrey with a price target of $22.
*Diamond Offshore Drilling (DO +3.12%) was rated a new 'Underweight' at Morgan Stanley with a price target of $15.
*Resolute Forest Products (RFP +0.34%) was downgraded to 'Neutral' from 'Outperform' at CIBC Capital Markets.
*Trivago NV (TRVG +5.54%) rallied more than 5% in after-hours trading after PAR Investment Partners reported a 34.5% stake in the company.
---------------------------------------------------------------------------------------
**Market Comments**
*Dec S&P 500 E-minis (ESZ18 -0.09%) this morning are down -1.25 points (-0.04%). Tuesday's closes: S&P 500 +0.54%, Dow Jones +0.71%, Nasdaq 100 +0.80%. The S&P 500 on Tuesday rallied to a 2-week high and closed higher on a short-covering rally in global stocks after President Trump imposed a 10% tariff on $200 billion of Chinese imports, less than market expectations of a 25% tariff, although the tariff then steps up to 25% effective Jan 1. Stocks were also supported by the U.S. Sep NAHB housing market report of unchanged at 67, which was stronger than expectations of -1 to 66. Also, energy stocks rallied as crude oil prices rose +1.36%.
*Dec 10-year T-notes (ZNZ18 -0-020) this morning are down -3 ticks at a fresh 3-3/4 month low. Tuesday's closes: TYZ8 -10.50, FVZ8 -4.75. Dec 10-year T-notes on Tuesday tumbled to a 3-3/4 month low and closed lower. T-note prices were undercut by increased inflation expectations after the 10-year breakeven inflation expectations rate rose to a 1-1/4 month high. T-note prices were also undercut by a drop in German 10-year bunds to a 1-1/2 month low.
*The dollar index (DXY00 -0.08%) this morning is down -0.19 (-0.20%), EUR/USD (^EURUSD +0.14%) is up +0.0021 (+0.18%), and USD/JPY (^USDJPY -0.02%) is up +0.06 (+0.05%) at a new 1-3/4 month high. Tuesday's closes: Dollar Index +0.144 (+0.15%), EUR/USD -0.0016 (-0.14%), USD/JPY +0.51 (+0.46%). The dollar index on Tuesday closed higher on the increase in the 10-year T-note yield to a 3-3/4 month high, which improved the dollar's interest rate differentials. The dollar was also supported by the rally in stocks that pushed USD/JPY up to a 1-3/4 month high on reduced safe-haven demand for the yen.
*Metals prices this morning are mixed with Dec gold (GCZ18 +0.37%) +4.9 (+0.41%), Dec silver (SIZ18 +0.21%) +0.030 (+0.21%) and Dec copper (HGZ18 -0.05%) -0.001 (-0.02%). Tuesday's closes: Dec gold -2.9 (-0.24%), Dec silver -0.038 (-0.27%), Dec copper +7.95 (+3.00%). Metals on Tuesday settled mixed with Dec copper at a 2-week high. Metals prices were boosted by signs of tighter copper supplies after LME copper inventories fell -7,575 MT to a 7-3/4 month low of 214,150 MT. Industrial metals were also supported by comments from China's National Development & Reform Commission that it will boost infrastructure spending to boost the domestic economy and offset the impact of tariffs. Metals prices were undercut by a stronger dollar and by ongoing fund liquidation of gold as long gold positions in ETFs fell to a nearly 1-year low on Monday.
*Oct WTI crude oil prices (CLV18 -0.10%) this morning are up +4 cents (+0.06%) and Oct gasoline (RBV18 +0.08%) is +0.48 (+0.24%). Tuesday's closes: Oct crude oil +0.94 (+1.36%), Oct gasoline +2.81 (+1.42%). Oct crude oil and gasoline on Tuesday closed higher on reports that Saudi Arabia is comfortable with Brent oil prices rising above $80 a barrel as the global market adjusts to the loss of Iranian oil supplies from U.S. sanctions. Crude oil prices were also boosted by expectations for Wednesday's EIA crude inventories report to show a decline of -2.5 million bbl.
General Advice Disclosure: Please note that the advice contained herein is general advice and is for the purposes of education only. The risk of loss in trading futures contracts, commodity options, stocks, stock options and forex currencies can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results. You are reminded that past performance is no guarantee or reliable indication of future results. It has not been prepared taking into account your particular investment objectives, financial situation and particular needs.You should therefore assess whether the advice is appropriate to your individual investment objectives, financial situation and particular needs. You should do this before making an investment decision based on this general advice. You can either make the assessment yourself or seek the help of a professional adviser. This commentary is not a recommendation to buy or sell, but rather a guideline to interpreting the specified indicators. This information should only be used by investors who are aware of the risk inherent in securities trading. The Vulcan Report accepts no liability whatsoever for any loss arising from any use of this expert or its contents.liability whatsoever for any loss arising from any use of this expert or its contents. For Related news and other stories please visit - http://www.wideawakenews.com/ For Related videos on our Youtube channel please visit - http://www.youtube.com/user/pulsescan72 Be Sure to register for faster updates and commentaries at - BLOG 1: - http://pulsescan.blogspot.com/ BLOG 2: - http://seekingalpha.com/instablog/466159-pulsescan72/ BULLS make money... BEARS make money.... PIGS get slaughtered! "TAKE WHAT YOU CAN .........GIVE NOTHING BACK"!!
*Dec E-mini S&Ps (ESZ18 -0.09%) this morning are down -0.04% and European stocks are down -0.05% in uninspired trade. Higher interest rates are weighing on equity prices after a jump in UK Aug consumer prices pushed the 10-year Gilt yield up to a 6-3/4 month high of 1.618%, which helped fuel an increase in the German 10-year bund yield to a 3-month high of 0.50%. Losses in European stocks were limited as carmakers rose after Eurozone Aug new car registrations climbed by the most since the data series began in 2004. Asian stocks settled mostly higher: Japan +1.08%, Hong Kong +1.19%, China +1.14%, Taiwan +0.90%, Australia +0.46%, Singapore +1.19%, South Korea +0.18%, India -0.45%. China's Shanghai Composite climbed to a 2-week high on signs that state-sponsored funds entered the market and bought blue chip stocks. Japan's Nikkei Stock Index rallied to a 7-3/4 month after Aug trade data showed Japan exports and imports both rose more than expected. Also, Japanese exporter stocks gained after USD/JPY (^USDJPY -0.02%) climbed to a new 1-3/4 month high, which boosts the earnings prospects of exporters.
*The dollar index (DXY00 -0.08%) is down -0.20%. EUR/USD (^EURUSD +0.14%) is up +0.18%. USD/JPY (^USDJPY -0.02%) is up +0.05% at a new 1-3/4 month high as the yen weakened after BOJ Governor Kuroda said the BOJ won't stop easing until inflation reaches the BOJ's 2% target.
*Dec 10-year T-note prices (ZNZ18 -0-020) are down -3 ticks at a new 3-3/4 month low.
*UK Aug CPI rose +0.7% m/m and +2.7% y/y, stronger than expectations of +0.5% m/m and +2.4% y/y with e +0.7% m/m gain the biggest monthly increase in 1-1/2 years. Aug core CPI rose +2.1% y/y, stronger than expectations of +1.8% y/y.
*Eurozone Aug new car registrations jumped +31.2% y/y to 1.134 million, the largest increase since the data series began in 2004.
*The Japan Aug trade balance was in deficit by -444.6 billion yen, narrower than expectations of -483.2 billion yen. Aug exports rose +6.6% y/y, stronger than expectations of +5.2% y/y. Aug imports rose +15.4% y/y, stronger than expectations of +14.5% y/y.
*The BOJ as expected kept its benchmark target interest rate at -0.1% and its 10-year yield target at 0% and BOJ Governor Kuroda said the BOJ won't quit easing before inflation reaches the BOJ's 2% target.
---------------------------------------------------------------------------------------
**U.S. Stock Preview**
*Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -1.8% to 337.4 with purchase sub-index up +0.9% to 233.5 and refi sub index down -5.9% to 884.3), (2) Q2 current account deficit (expected -$103.3 billion, Q1 -$124.1 billion), (3) Aug housing starts (expected +5.7% to 1.235 million, Jul +0.9% to 1.168 million), (4) EIA weekly Petroleum Status Report.
*Notable Russell 2000 earnings reports today include: Red Hat (consensus $0.82), Copart (0.48).
*U.S. IPO's scheduled to price today: Elanco Animal Health (ELAN).
*Equity conferences during the remainder of this week: Gastech Conference - T1.7 on Tue-Wed, Autonomous Research Future of Commerce Symposium on Thu, BMO Capital Markets Real Estate Conference on Thu, Buckingham Industrials Conference on Thu, D.A Davidson Diversified Industrials & Services Conference on Thu, IAA Commercial Vehicles Trade Show on Thu, Keefe, Bruyette, & Woods Insurance Conference on Thu.
----------------------------------------------------------------------------------------
**Overnight U.S. Stock Movers**
*LyondellBasell Industries NV (LYB -1.31%) was downgraded to 'Underweight' from 'Neutral' at JP Morgan Chase with a price target of $95.
*Juniper (JNPR +2.11%) was upgraded to 'Buy' from 'Neutral' at Nomura Instinet with a price target of $34.
*Tilray (TLRY +28.95%) climbed almost 5% in after-hours trading after the company received approval from the DEA to import cannabis into the U.S. for medical research.
*Kaman (KAMN +1.17%) was rated a new 'Overweight' at Alembic Global Advisors with a price target of $80.
*Evo Payments (EVOP -1.61%) fell almost 4% in after-hours trading after it announced a proposed underwritten offering of 6.0 million shares of its Class A common stock.
*The oilfield services sector was raised to 'Attractive' from 'In-Line' at Morgan Stanley with 'Overweight' ratings on Baker Hughes a GE Co (BHGE +2.02%) , Halliburton (HAL +1.16%) , Cactus (WHD +3.58%) and Transocean Ltd (RIG +2.93%) .
*ProQR Therapeutics NV (PRQR -6.48%) was rated a new 'Outperform' at Evercore ISI with a price target of $35.
*Surface Oncology (SURF +2.54%) rose nearly 3% in after-hours trading after it was rated a new 'Outperform' at Baird with a price target of $23.
*Internap (INAP -2.67%) was rated a 'Buy' at Suntrust Robinson Humphrey with a price target of $22.
*Diamond Offshore Drilling (DO +3.12%) was rated a new 'Underweight' at Morgan Stanley with a price target of $15.
*Resolute Forest Products (RFP +0.34%) was downgraded to 'Neutral' from 'Outperform' at CIBC Capital Markets.
*Trivago NV (TRVG +5.54%) rallied more than 5% in after-hours trading after PAR Investment Partners reported a 34.5% stake in the company.
---------------------------------------------------------------------------------------
**Market Comments**
*Dec S&P 500 E-minis (ESZ18 -0.09%) this morning are down -1.25 points (-0.04%). Tuesday's closes: S&P 500 +0.54%, Dow Jones +0.71%, Nasdaq 100 +0.80%. The S&P 500 on Tuesday rallied to a 2-week high and closed higher on a short-covering rally in global stocks after President Trump imposed a 10% tariff on $200 billion of Chinese imports, less than market expectations of a 25% tariff, although the tariff then steps up to 25% effective Jan 1. Stocks were also supported by the U.S. Sep NAHB housing market report of unchanged at 67, which was stronger than expectations of -1 to 66. Also, energy stocks rallied as crude oil prices rose +1.36%.
*Dec 10-year T-notes (ZNZ18 -0-020) this morning are down -3 ticks at a fresh 3-3/4 month low. Tuesday's closes: TYZ8 -10.50, FVZ8 -4.75. Dec 10-year T-notes on Tuesday tumbled to a 3-3/4 month low and closed lower. T-note prices were undercut by increased inflation expectations after the 10-year breakeven inflation expectations rate rose to a 1-1/4 month high. T-note prices were also undercut by a drop in German 10-year bunds to a 1-1/2 month low.
*The dollar index (DXY00 -0.08%) this morning is down -0.19 (-0.20%), EUR/USD (^EURUSD +0.14%) is up +0.0021 (+0.18%), and USD/JPY (^USDJPY -0.02%) is up +0.06 (+0.05%) at a new 1-3/4 month high. Tuesday's closes: Dollar Index +0.144 (+0.15%), EUR/USD -0.0016 (-0.14%), USD/JPY +0.51 (+0.46%). The dollar index on Tuesday closed higher on the increase in the 10-year T-note yield to a 3-3/4 month high, which improved the dollar's interest rate differentials. The dollar was also supported by the rally in stocks that pushed USD/JPY up to a 1-3/4 month high on reduced safe-haven demand for the yen.
*Metals prices this morning are mixed with Dec gold (GCZ18 +0.37%) +4.9 (+0.41%), Dec silver (SIZ18 +0.21%) +0.030 (+0.21%) and Dec copper (HGZ18 -0.05%) -0.001 (-0.02%). Tuesday's closes: Dec gold -2.9 (-0.24%), Dec silver -0.038 (-0.27%), Dec copper +7.95 (+3.00%). Metals on Tuesday settled mixed with Dec copper at a 2-week high. Metals prices were boosted by signs of tighter copper supplies after LME copper inventories fell -7,575 MT to a 7-3/4 month low of 214,150 MT. Industrial metals were also supported by comments from China's National Development & Reform Commission that it will boost infrastructure spending to boost the domestic economy and offset the impact of tariffs. Metals prices were undercut by a stronger dollar and by ongoing fund liquidation of gold as long gold positions in ETFs fell to a nearly 1-year low on Monday.
*Oct WTI crude oil prices (CLV18 -0.10%) this morning are up +4 cents (+0.06%) and Oct gasoline (RBV18 +0.08%) is +0.48 (+0.24%). Tuesday's closes: Oct crude oil +0.94 (+1.36%), Oct gasoline +2.81 (+1.42%). Oct crude oil and gasoline on Tuesday closed higher on reports that Saudi Arabia is comfortable with Brent oil prices rising above $80 a barrel as the global market adjusts to the loss of Iranian oil supplies from U.S. sanctions. Crude oil prices were also boosted by expectations for Wednesday's EIA crude inventories report to show a decline of -2.5 million bbl.
General Advice Disclosure: Please note that the advice contained herein is general advice and is for the purposes of education only. The risk of loss in trading futures contracts, commodity options, stocks, stock options and forex currencies can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results. You are reminded that past performance is no guarantee or reliable indication of future results. It has not been prepared taking into account your particular investment objectives, financial situation and particular needs.You should therefore assess whether the advice is appropriate to your individual investment objectives, financial situation and particular needs. You should do this before making an investment decision based on this general advice. You can either make the assessment yourself or seek the help of a professional adviser. This commentary is not a recommendation to buy or sell, but rather a guideline to interpreting the specified indicators. This information should only be used by investors who are aware of the risk inherent in securities trading. The Vulcan Report accepts no liability whatsoever for any loss arising from any use of this expert or its contents.liability whatsoever for any loss arising from any use of this expert or its contents. For Related news and other stories please visit - http://www.wideawakenews.com/ For Related videos on our Youtube channel please visit - http://www.youtube.com/user/pulsescan72 Be Sure to register for faster updates and commentaries at - BLOG 1: - http://pulsescan.blogspot.com/ BLOG 2: - http://seekingalpha.com/instablog/466159-pulsescan72/ BULLS make money... BEARS make money.... PIGS get slaughtered! "TAKE WHAT YOU CAN .........GIVE NOTHING BACK"!!
Tuesday, September 18, 2018
TVR [#542] END OF DAY REPORT: PM'S BONDS VIX BULL MARKET PAUSE
General Advice Disclosure: Please note that the advice contained herein is general advice and is for the purposes of education only. The risk of loss in trading futures contracts, commodity options, stocks, stock options and forex currencies can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results. You are reminded that past performance is no guarantee or reliable indication of future results. It has not been prepared taking into account your particular investment objectives, financial situation and particular needs.You should therefore assess whether the advice is appropriate to your individual investment objectives, financial situation and particular needs. You should do this before making an investment decision based on this general advice. You can either make the assessment yourself or seek the help of a professional adviser.
This commentary is not a recommendation to buy or sell, but rather a guideline to interpreting the specified indicators. This information should only be used by investors who are aware of the risk inherent in securities trading. The Vulcan Report accepts no liability whatsoever for any loss arising from any use of this expert or its contents.liability whatsoever for any loss arising from any use of this expert or its contents.
For Related news and other stories please visit - http://www.wideawakenews.com/
For Related videos on our Youtube channel please visit - http://www.youtube.com/user/pulsescan72
Be Sure to register for faster updates and commentaries at -
BLOG 1: - http://pulsescan.blogspot.com/
BLOG 2: - http://seekingalpha.com/instablog/466159-pulsescan72/
BULLS make money... BEARS make money.... PIGS get slaughtered!
"TAKE WHAT YOU CAN .........GIVE NOTHING BACK"!!
09/18/2018 - **Overnight Markets and News**
**Overnight Markets and News**
*Dec E-mini S&Ps (ESZ18 +0.13%) this morning are up +0.20% and European stocks are up +0.12% at a 2-week high as global markets rally on watered-down U.S. tariffs on China. Markets initially declined late yesterday when President Trump announced a 10% tariff on more than 5,000 products from China starting next week, but world equity markets recovered and moved higher after President Trump said the 10% tariffs will not increase to 25% until January 1. 2019. China's Ministry of Commerce said it would respond with levies on $60 billion worth of U.S. goods and President Trump said the U.S. will immediately pursue additional tariffs on $267 billion of Chinese imports if China does retaliate. Technology stocks moved higher after the U.S. list of Chinese-made products to be hit with new tariffs showed some Apple products were spared from tariffs. A rally in miners led European stocks higher after Dec COMEX copper (HGZ18 +1.51%) rose +1.72% on signs of tighter global supplies as LME copper inventories fell -7,885 MT to a 7-3/4 month low. Asian stocks settled mixed: Japan +1.41%, Hong Kong +0.56%, China +1.82%, Taiwan -0.53%, Australia -0.38%, Singapore -0.07%, South Korea +0.29%, India -0.73%. China's Shanghai Composite recovered from a 2-1/2 year low and climbed to a 1-week high on speculation the Chinese government will take steps to offset the negative effects of U.S. tariffs. Japan's Nikkei Stock Index climbed to a 7-1/2 month high as exporter stocks rallied after USD/JPY jumped to a 1-3/4 month high, which boosts the earnings prospects of exporters with the weaker yen.
*The dollar index (DXY00 +0.08%) is up +0.06%. EUR/USD (^EURUSD unch) is up +0.03%. USD/JPY (^USDJPY +0.20%) is up +0.24% at a 1-3/4 month high.
*Dec 10-year T-note prices (ZNZ18 +0-015) are down -0.5 of a tick.
*The ECB said in a report that the Eurozone banking system is unlikely to restore pre-crisis levels of return on equity "due to changes in the environment, risk profile and capitalization."
*Speaking at an event in Paris, ECB President Draghi said Eurozone banks need to speed up disposal of their bad loans and shrink their hard-to-value investments if they want to feel comfortable enough to merge.
---------------------------------------------------------------------------------------
**U.S. Stock Preview**
*Key U.S. news today includes: (1) Sep NAHB housing market index (expected -1 to 66, Aug -1 to 67).
*Notable Russell 2000 earnings reports today include: Lennar (consensus $1.19), AutoZone (17.93), General Mills (0.64).
*U.S. IPO's scheduled to price today: X Financial (XYF).
*Equity conferences during the remainder of this week: J.P. Morgan U.S All Stars Conference on Mon-Tue, AI Hardware Summit on Tue, Janney Montgomery Scott Healthcare Conference on Tue, RBC Capital Markets Aircraft Leasing Investor Day on Tue, Moody's Real Estate Conference on Tue, Gastech Conference - T1.7 on Tue-Wed, Autonomous Research Future of Commerce Symposium on Thu, BMO Capital Markets Real Estate Conference on Thu, Buckingham Industrials Conference on Thu, D.A Davidson Diversified Industrials & Services Conference on Thu, IAA Commercial Vehicles Trade Show on Thu, Keefe, Bruyette, & Woods Insurance Conference on Thu.
----------------------------------------------------------------------------------------
**Overnight U.S. Stock Movers**
*Universal Health Services (UHS +0.14%) was upgraded to 'Buy' from 'Neutral' at Bank of America/Merrill Lynch with a price target of $155.
*FedEx (FDX +0.11%) lost more than 2% in after-hours trading after it reported Q1 adjusted EPS of $3.46, weaker than consensus of $3.80.
*Walmart (WMT +0.24%) was rated a new 'Outperform' at BMO Capital Markets with a price target of $110.
*Argenx SE (ARGX -0.01%) slid more than 3% in after-hours trading after it announced that it had commenced an underwritten public offering of $300 million of American Depositary Shares (ADS).
*Oracle (ORCL -0.14%) fell almost 4% in after-hours trading after it reported Q1 adjusted revenue of $9.20 billion, weaker than consensus of $9.26 billion.
*Nexeo Solutions (NXEO -0.30%) rallied 16% in after-hours trading after Univar announced that it had acquired Nexeo for about $2 billion or $11.65 per share.
*Occidental Petroleum (OXY +0.03%) was upgraded to 'Buy' from 'Hold' at Edward Jones.
*Array BioPharma (ARRY -0.87%) was rated a new 'Buy' at Guggenheim Securities with a price target of $32.
*Radcom (RDCM -28.99%) dropped 3% on top of Monday's 29% plunge as its second-biggest customer, Globe Telecom, which represented 34% of Radcom's revenue in Q2, has sufficient exposure in the Philippines which suffered extensive damage from Typhoon Mangkhut.
*NIO Inc (NIO -14.14%) fell 3% in after-hours trading on top of Monday's 14% decline following last week's surge in the stock price after its initial public offering last Wednesday.
*Avon Products (AVP +2.97%) surged nearly 20% in after-hours trading after the WSJ reported that Brazil's Natura Cosmeticos approached Avon about a takeover.
---------------------------------------------------------------------------------------
**Market Comments**
*Dec S&P 500 E-minis (ESZ18 +0.13%) this morning are up +5.75 points (+0.20%). Monday's closes: S&P 500 -0.56%, Dow Jones -0.35%, Nasdaq 100 -1.47%. The S&P 500 on Monday closed lower on increased China/U.S. trade tensions after reports that China will reject new trade talks with the U.S. if the Trump administration moves ahead with the next round of tariffs on Chinese goods. Stocks were also undercut by the -6.5 point decline in the U.S. Sep Empire manufacturing index to a 5-month low of 19.0, weaker than expectations of -2.6 to 23.0. The broad market was also dragged lower by weakness in technology stocks.
*Dec 10-year T-notes (ZNZ18 +0-015) this morning are down -0.5 of a tick. Monday's closes: TYZ8 -1.50, FVZ8 -0.25. Dec 10-year T-notes fell to a 1-1/2 month low and closed lower on negative carry-over from a slide in 10-year German bund prices to a 1-1/2 month low and on supply pressures as bond dealers put on short T-note hedges ahead of $8 billion in corporate bonds offered by Nestle SA to help finance its partnership with Starbucks. T-note prices were supported by the weaker-than-expected U.S. Sep Empire manufacturing index and increased safe-haven demand with the decline in stocks.
*The dollar index (DXY00 +0.08%) this morning is up +0.056 (+0.06%), EUR/USD (^EURUSD unch) is up +0.0004 (+0.03%), and USD/JPY (^USDJPY +0.20%) is up +0.27 (+0.24%) at a 1-3/4 month high. Monday's closes: Dollar Index -0.431 (-0.45%), EUR/USD +0.0058 (+0.50%), USD/JPY -0.21 (-0.19%). The dollar index on Monday closed lower on the decline in the U.S. Sep Empire manufacturing index to a 5-month low. There was also strength in EUR/USD due to hawkish comments from ECB Governing Council member Vasiliauskas who said, "there's no ground to talk about extension of stimulus at this point in time given the domestic euro area growth."
*Metals prices this morning are mixed with Dec gold (GCZ18 -0.08%) -0.7 (-0.06%), Dec silver (SIZ18 +0.05%) +0.032 (+0.22%) and Dec copper (HGZ18 +1.51%) +0.046 (+1.72%). Monday's closes: Dec gold +4.7 (+0.39%), Dec silver +0.081 (+0.57%), Dec copper +0.50 (+0.19%). Metals on Monday closed higher on a weaker dollar and on increased safe-haven demand for precious metals with the decline in stocks and the increased trade tensions. Copper was undercut by signs of tighter copper supplies after LME copper inventories fell -3,975 MT to a 7-3/4 month low of 221,925 MT.
*Oct WTI crude oil prices (CLV18 +1.28%) this morning are up +86 cents (+1.25%) and Oct gasoline (RBV18 +1.27%) is +2.73 (+1.38%). Monday's closes: Oct crude oil -0.08 (-0.12%), Oct gasoline +0.66 (+0.33%). Oct crude oil and gasoline on Monday settled mixed. Crude oil prices were boosted by a weaker dollar and by concern that global oil supplies will shrink due to production losses in Venezuela and looming full U.S. sanctions on Iran in November. Crude oil prices were undercut by news that Russian crude oil production in the first half of Sep rose to 11.33 million bpd from 11.21 million bpd in Aug.
General Advice Disclosure: Please note that the advice contained herein is general advice and is for the purposes of education only. The risk of loss in trading futures contracts, commodity options, stocks, stock options and forex currencies can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results. You are reminded that past performance is no guarantee or reliable indication of future results. It has not been prepared taking into account your particular investment objectives, financial situation and particular needs.You should therefore assess whether the advice is appropriate to your individual investment objectives, financial situation and particular needs. You should do this before making an investment decision based on this general advice. You can either make the assessment yourself or seek the help of a professional adviser. This commentary is not a recommendation to buy or sell, but rather a guideline to interpreting the specified indicators. This information should only be used by investors who are aware of the risk inherent in securities trading. The Vulcan Report accepts no liability whatsoever for any loss arising from any use of this expert or its contents.liability whatsoever for any loss arising from any use of this expert or its contents. For Related news and other stories please visit - http://www.wideawakenews.com/ For Related videos on our Youtube channel please visit - http://www.youtube.com/user/pulsescan72 Be Sure to register for faster updates and commentaries at - BLOG 1: - http://pulsescan.blogspot.com/ BLOG 2: - http://seekingalpha.com/instablog/466159-pulsescan72/ BULLS make money... BEARS make money.... PIGS get slaughtered! "TAKE WHAT YOU CAN .........GIVE NOTHING BACK"!!
*Dec E-mini S&Ps (ESZ18 +0.13%) this morning are up +0.20% and European stocks are up +0.12% at a 2-week high as global markets rally on watered-down U.S. tariffs on China. Markets initially declined late yesterday when President Trump announced a 10% tariff on more than 5,000 products from China starting next week, but world equity markets recovered and moved higher after President Trump said the 10% tariffs will not increase to 25% until January 1. 2019. China's Ministry of Commerce said it would respond with levies on $60 billion worth of U.S. goods and President Trump said the U.S. will immediately pursue additional tariffs on $267 billion of Chinese imports if China does retaliate. Technology stocks moved higher after the U.S. list of Chinese-made products to be hit with new tariffs showed some Apple products were spared from tariffs. A rally in miners led European stocks higher after Dec COMEX copper (HGZ18 +1.51%) rose +1.72% on signs of tighter global supplies as LME copper inventories fell -7,885 MT to a 7-3/4 month low. Asian stocks settled mixed: Japan +1.41%, Hong Kong +0.56%, China +1.82%, Taiwan -0.53%, Australia -0.38%, Singapore -0.07%, South Korea +0.29%, India -0.73%. China's Shanghai Composite recovered from a 2-1/2 year low and climbed to a 1-week high on speculation the Chinese government will take steps to offset the negative effects of U.S. tariffs. Japan's Nikkei Stock Index climbed to a 7-1/2 month high as exporter stocks rallied after USD/JPY jumped to a 1-3/4 month high, which boosts the earnings prospects of exporters with the weaker yen.
*The dollar index (DXY00 +0.08%) is up +0.06%. EUR/USD (^EURUSD unch) is up +0.03%. USD/JPY (^USDJPY +0.20%) is up +0.24% at a 1-3/4 month high.
*Dec 10-year T-note prices (ZNZ18 +0-015) are down -0.5 of a tick.
*The ECB said in a report that the Eurozone banking system is unlikely to restore pre-crisis levels of return on equity "due to changes in the environment, risk profile and capitalization."
*Speaking at an event in Paris, ECB President Draghi said Eurozone banks need to speed up disposal of their bad loans and shrink their hard-to-value investments if they want to feel comfortable enough to merge.
---------------------------------------------------------------------------------------
**U.S. Stock Preview**
*Key U.S. news today includes: (1) Sep NAHB housing market index (expected -1 to 66, Aug -1 to 67).
*Notable Russell 2000 earnings reports today include: Lennar (consensus $1.19), AutoZone (17.93), General Mills (0.64).
*U.S. IPO's scheduled to price today: X Financial (XYF).
*Equity conferences during the remainder of this week: J.P. Morgan U.S All Stars Conference on Mon-Tue, AI Hardware Summit on Tue, Janney Montgomery Scott Healthcare Conference on Tue, RBC Capital Markets Aircraft Leasing Investor Day on Tue, Moody's Real Estate Conference on Tue, Gastech Conference - T1.7 on Tue-Wed, Autonomous Research Future of Commerce Symposium on Thu, BMO Capital Markets Real Estate Conference on Thu, Buckingham Industrials Conference on Thu, D.A Davidson Diversified Industrials & Services Conference on Thu, IAA Commercial Vehicles Trade Show on Thu, Keefe, Bruyette, & Woods Insurance Conference on Thu.
----------------------------------------------------------------------------------------
**Overnight U.S. Stock Movers**
*Universal Health Services (UHS +0.14%) was upgraded to 'Buy' from 'Neutral' at Bank of America/Merrill Lynch with a price target of $155.
*FedEx (FDX +0.11%) lost more than 2% in after-hours trading after it reported Q1 adjusted EPS of $3.46, weaker than consensus of $3.80.
*Walmart (WMT +0.24%) was rated a new 'Outperform' at BMO Capital Markets with a price target of $110.
*Argenx SE (ARGX -0.01%) slid more than 3% in after-hours trading after it announced that it had commenced an underwritten public offering of $300 million of American Depositary Shares (ADS).
*Oracle (ORCL -0.14%) fell almost 4% in after-hours trading after it reported Q1 adjusted revenue of $9.20 billion, weaker than consensus of $9.26 billion.
*Nexeo Solutions (NXEO -0.30%) rallied 16% in after-hours trading after Univar announced that it had acquired Nexeo for about $2 billion or $11.65 per share.
*Occidental Petroleum (OXY +0.03%) was upgraded to 'Buy' from 'Hold' at Edward Jones.
*Array BioPharma (ARRY -0.87%) was rated a new 'Buy' at Guggenheim Securities with a price target of $32.
*Radcom (RDCM -28.99%) dropped 3% on top of Monday's 29% plunge as its second-biggest customer, Globe Telecom, which represented 34% of Radcom's revenue in Q2, has sufficient exposure in the Philippines which suffered extensive damage from Typhoon Mangkhut.
*NIO Inc (NIO -14.14%) fell 3% in after-hours trading on top of Monday's 14% decline following last week's surge in the stock price after its initial public offering last Wednesday.
*Avon Products (AVP +2.97%) surged nearly 20% in after-hours trading after the WSJ reported that Brazil's Natura Cosmeticos approached Avon about a takeover.
---------------------------------------------------------------------------------------
**Market Comments**
*Dec S&P 500 E-minis (ESZ18 +0.13%) this morning are up +5.75 points (+0.20%). Monday's closes: S&P 500 -0.56%, Dow Jones -0.35%, Nasdaq 100 -1.47%. The S&P 500 on Monday closed lower on increased China/U.S. trade tensions after reports that China will reject new trade talks with the U.S. if the Trump administration moves ahead with the next round of tariffs on Chinese goods. Stocks were also undercut by the -6.5 point decline in the U.S. Sep Empire manufacturing index to a 5-month low of 19.0, weaker than expectations of -2.6 to 23.0. The broad market was also dragged lower by weakness in technology stocks.
*Dec 10-year T-notes (ZNZ18 +0-015) this morning are down -0.5 of a tick. Monday's closes: TYZ8 -1.50, FVZ8 -0.25. Dec 10-year T-notes fell to a 1-1/2 month low and closed lower on negative carry-over from a slide in 10-year German bund prices to a 1-1/2 month low and on supply pressures as bond dealers put on short T-note hedges ahead of $8 billion in corporate bonds offered by Nestle SA to help finance its partnership with Starbucks. T-note prices were supported by the weaker-than-expected U.S. Sep Empire manufacturing index and increased safe-haven demand with the decline in stocks.
*The dollar index (DXY00 +0.08%) this morning is up +0.056 (+0.06%), EUR/USD (^EURUSD unch) is up +0.0004 (+0.03%), and USD/JPY (^USDJPY +0.20%) is up +0.27 (+0.24%) at a 1-3/4 month high. Monday's closes: Dollar Index -0.431 (-0.45%), EUR/USD +0.0058 (+0.50%), USD/JPY -0.21 (-0.19%). The dollar index on Monday closed lower on the decline in the U.S. Sep Empire manufacturing index to a 5-month low. There was also strength in EUR/USD due to hawkish comments from ECB Governing Council member Vasiliauskas who said, "there's no ground to talk about extension of stimulus at this point in time given the domestic euro area growth."
*Metals prices this morning are mixed with Dec gold (GCZ18 -0.08%) -0.7 (-0.06%), Dec silver (SIZ18 +0.05%) +0.032 (+0.22%) and Dec copper (HGZ18 +1.51%) +0.046 (+1.72%). Monday's closes: Dec gold +4.7 (+0.39%), Dec silver +0.081 (+0.57%), Dec copper +0.50 (+0.19%). Metals on Monday closed higher on a weaker dollar and on increased safe-haven demand for precious metals with the decline in stocks and the increased trade tensions. Copper was undercut by signs of tighter copper supplies after LME copper inventories fell -3,975 MT to a 7-3/4 month low of 221,925 MT.
*Oct WTI crude oil prices (CLV18 +1.28%) this morning are up +86 cents (+1.25%) and Oct gasoline (RBV18 +1.27%) is +2.73 (+1.38%). Monday's closes: Oct crude oil -0.08 (-0.12%), Oct gasoline +0.66 (+0.33%). Oct crude oil and gasoline on Monday settled mixed. Crude oil prices were boosted by a weaker dollar and by concern that global oil supplies will shrink due to production losses in Venezuela and looming full U.S. sanctions on Iran in November. Crude oil prices were undercut by news that Russian crude oil production in the first half of Sep rose to 11.33 million bpd from 11.21 million bpd in Aug.
General Advice Disclosure: Please note that the advice contained herein is general advice and is for the purposes of education only. The risk of loss in trading futures contracts, commodity options, stocks, stock options and forex currencies can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results. You are reminded that past performance is no guarantee or reliable indication of future results. It has not been prepared taking into account your particular investment objectives, financial situation and particular needs.You should therefore assess whether the advice is appropriate to your individual investment objectives, financial situation and particular needs. You should do this before making an investment decision based on this general advice. You can either make the assessment yourself or seek the help of a professional adviser. This commentary is not a recommendation to buy or sell, but rather a guideline to interpreting the specified indicators. This information should only be used by investors who are aware of the risk inherent in securities trading. The Vulcan Report accepts no liability whatsoever for any loss arising from any use of this expert or its contents.liability whatsoever for any loss arising from any use of this expert or its contents. For Related news and other stories please visit - http://www.wideawakenews.com/ For Related videos on our Youtube channel please visit - http://www.youtube.com/user/pulsescan72 Be Sure to register for faster updates and commentaries at - BLOG 1: - http://pulsescan.blogspot.com/ BLOG 2: - http://seekingalpha.com/instablog/466159-pulsescan72/ BULLS make money... BEARS make money.... PIGS get slaughtered! "TAKE WHAT YOU CAN .........GIVE NOTHING BACK"!!
Thursday, September 13, 2018
09/13/2018 - **Overnight Markets and News**
**Overnight Markets and News**
*Sep E-mini S&Ps (ESU18 +0.23%) this morning are up +0.21% and European stocks are up +0.39%, both at 1-week highs, on an easing of trade tensions as the U.S. and Chinese governments are working on the logistics for a new round of trade talks. The BOE as expected, voted 9-0 to keep its benchmark interest rate unchanged at 0.75% and to maintain its asset purchase target at 435 billion pounds. The BOE also upgraded its growth forecast as it raised its UK Q3 GDP estimate to +0.5% from 0.4%. The markets are also awaiting the outcome of this morning's ECB meeting and any clues as to when the ECB may tighten its policies. The Turkish lira rallied to a 2-week high after Turkey's central bank raised the 1-week repo rate by 625 bp to 24%, more than expectations for +350 bp increase. Losses in energy stocks were limiting gains in the overall market with Oct WTI crude oil (CLV18 -1.34%) down -1.32%. Asian stocks settled mostly higher : Japan +0.96%, Hong Kong +2.54%, China +1.15%, Taiwan +0.04%, Australia -0.76%, Singapore +0.23%, South Korea +0.02%, India closed for holiday. Asian markets rallied, with Japan's Nikkei Stock Index climbing to a 1-1/2 week high, on renewed hopes that the U.S. and China may enter new trade talks to prevent trade tensions from escalating. Japanese stocks also garnered support on signs of economic strength after Japan Jul core machine orders jumped +11.0% m/m, the biggest increase in 2-1/2 years.
*The dollar index (DXY00 +0.07%) is up +0.05%. EUR/USD (^EURUSD +0.03%) is up +0.03%. USD/JPY (^USDJPY +0.27%) is up +0.26.
*Dec 10-year T-note prices (ZNZ18 -0-035) are down -3.5 ticks.
*Japan Aug PPI was unch m/m and rose +3.0% y/y, weaker than expectations of +0.1% m/m and +3.1% y/y.
*Japan Jul core machine orders jumped +11.0% m/m, stronger than expectations of +5.5% m/m and the biggest increase in 2-1/2 years.
---------------------------------------------------------------------------------------
**U.S. Stock Preview**
*Key U.S. news today includes: (1) weekly initial unemployment claims (expected +7,000 to 210,000, previous -10,000 to 203,000) and continuing claims (expected +3,000 to 1.710 million, previous -3,000 to 1.707 million), (2) Aug CPI (expected +0.3% m/m and +2.8% y/y, Jul +0.2% m/m and +2.9% y/y) and Aug CPI ex food & energy (expected +0.2% m/m and +2.4% y/y, Jul +0.2% m/m and +2.4% y/y), (3) Treasury auctions $15 billion 30-year T-bonds, (4) Atlanta Fed President Raphael Bostic (voter) discusses the economic outlook and monetary policy to the Mississippi Council of Economic Education, (5) Aug monthly budget statement (expected -$183.0 billion, Jul -$76.9 billion).
*Notable Russell 2000 earnings reports today include: none.
*U.S. IPO's scheduled to price today: Navios Maritime Containers (NMCI), FVCBankcorp (FVCB), Principia Biopharma (PRNB), Qutoutiao Inc (QTT), BRP Inc (BRPIF).
*Equity conferences during the remainder of this week: Credit Suisse Basic Materials Conference on Tue-Thu, Bank of America Merrill Lynch Global Health Care Conference on Wed-Thu, CL King & Associates Best Ideas Conference on Wed-Thu, Deutsche Bank Technology Conference on Wed-Thu, Goldman Sachs Communacopia Conference on Wed-Thu, Barclays Global Financial Services Conference on Wed-Fri, Morgan Stanley Global Health Care Conference on Wed-Fri, Morgan Stanley Laguna Conference on Wed-Fri, BMO Capital Markets Back to School Conference on Thu.
----------------------------------------------------------------------------------------
**Overnight U.S. Stock Movers**
*Qualcomm (QCOM -1.05%) was reinstated at Barclays with an 'Overweight' rating and a price target of $95.
*DaVita (DVA +1.50%) was upgraded to 'Neutral' from 'Underweight' at JPMorgan Chase with a price target of $68.
*Rocket Pharmaceuticals (RCKT -2.44%) was rated a new 'Buy' at Ladenburg Thalmann & Co with a price target of $30.
*Oxford Industries (OXM -0.70%) slid more than 3% in after-hours trading after it forecast Q3 net sales of $235 million to $245 million, weaker than consensus of $246.7 million.
*Tailored Brands (TLRD +1.48%) rose more than 4% in after-hours trading after it said Q2 custom sales doubled versus last year with sales averaging $4 million per week.
*Floor & Decor Holdings (FND +1.99%) lost 1% in after-hours trading after it announced that funds affiliated with Ares Management L.P. and Freeman Spogli Management L.P. intend to offer for sale an underwritten secondary offering of 10 million shares of Floor & Decor common stock.
*Brady Corp (BRC +0.48%) boosted its quarterly dividend to $0.2125 a share from $0.2075, higher than expectations of $0.21.
*SemGroup (SEMG +0.21%) lost 2% in after-hours trading after it announced that ten holders of its stock were selling a total of 1.2 million shares between $23.70 and $23.75 a share.
*Aquestive Therapeutics (AQST +1.04%) was rated a new 'Outperform' at Wedbush with a price target of $33.
*Sensus Healthcare (SRTS -4.37%) dropped 6% in after-hours trading after it announced that it had commenced a public offering of its common stock. although no size was given.
*Impinj (PI +1.13%) rallied 15% in after-hours trading after it reported a Q2 adjusted loss of -19 cents per share, narrower than consensus of -31 cents, and then forecast a Q3 adjusted loss per share of -12 cents to -17 cents, a smaller loss than consensus of -26 cents.
*Progenics (PGNX -1.62%) tumbled 16% in after-hours trading after it said the co-primary endpoint in a Phase 3 trial of its Imaging Agent 1404 was not met in detecting clinically meaningful prostate cancer.
*Foamix Pharmaceuticals Ltd (FOMX +3.21%) fell almost 3% in after-hours trading after it announced that it intends to offer $70 million of its ordinary shares in an underwritten public offering.
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**Market Comments**
*Sep S&P 500 E-minis (ESU18 +0.23%) this morning are up +6.00 points (+0.21%) at a 1-week high. Wednesday's closes: S&P 500 +0.04%, Dow Jones +0.11%, Nasdaq 100 -0.26%. The S&P 500 on Wednesday closed higher on optimistic trade news after the WSJ reported that U.S. Treasury officials proposed a new round of trade talks with China, while Canada appears ready to offer the U.S. limited access to Canada's dairy markets in an attempt to secure a new NAFTA agreement. There was also strength in energy stocks after crude oil rose +1.62% to a 1-week high. Stocks were undercut by weakness in technology stocks and by the Fed Beige Book's report that a number of Fed districts noted that "trade concerns had prompted some businesses to scale back or postpone capital investment."
*Dec 10-year T-notes (ZNZ18 -0-035) this morning are down -3.5 ticks. Wednesday's closes: TYZ8 +3.5, FVZ8 +1.25. Dec 10-year T-notes on Wednesday closed higher on the weaker-than-expected U.S. Aug PPI report and on dovish comments from St. Louis Fed President Bullard who said that "the flattening yield curve and subdued market-based inflation expectations suggest that the current monetary policy stance is already neutral or possibly somewhat restrictive."
*The dollar index (DXY00 +0.07%) this morning is up +0.052 (+0.05%), EUR/USD (^EURUSD +0.03%) is up +0.0004 (+0.03%), and USD/JPY (^USDJPY +0.27%) is up +0.29 (+0.26%). Wednesday's closes: Dollar Index -0.450 (-0.47%), EUR/USD +0.0020 (+0.17%), USD/JPY -0.37 (-0.33%). The dollar index on Wednesday fell to a 1-1/2 week low and closed lower on dovish comments from St. Louis Fed President Bullard who said the Fed's current monetary policy stance is already neutral or possibly somewhat restrictive. The dollar was also undercut by lower T-note yields, which reduced the dollar's interest rate differentials.
*Metals prices this morning are mixed with Dec gold (GCZ18 +0.01%) +0.3 (+0.02%), Dec silver (SIZ18 -0.41%) -0.043 (-0.30%) and Dec copper (HGZ18 +0.56%) +0.023 (+0.84%) at a 1-1/2 week high. Wednesday's closes: Dec gold +8.7 (+0.72%), Dec silver +0.140 (+0.99), Dec copper +5.45 (+2.08%). Metals on Wednesday closed higher with Dec gold and Dec copper at 1-1/2 week highs. Metals prices were boosted by the slide in the dollar index to a 1-1/2 week low and by signs of tighter supplies after LME copper inventories fell -1,275 MT to a 7-1/2 month low of 233,025 MT.
*Oct WTI crude oil prices (CLV18 -1.34%) this morning are down -93 cents (-1.32%) and Oct gasoline (RBV18 -0.48%) is -0.94 (-0.46%). Wednesday's closes: Oct crude oil +1.12 (+1.62%), Oct gasoline +2.06 (+1.02%). Oct crude oil and gasoline on Wednesday rallied to 1-week highs and closed higher. Crude oil prices were boosted by a weaker dollar and by the sharp -5.3 million bbl decline in EIA crude inventories to a 3-1/2 year low (vs expectations of -2.0 million bbl). Oil prices were also boosted by concern that East Coast fuel supplies could be disrupted from Hurricane Florence.
General Advice Disclosure: Please note that the advice contained herein is general advice and is for the purposes of education only. The risk of loss in trading futures contracts, commodity options, stocks, stock options and forex currencies can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results. You are reminded that past performance is no guarantee or reliable indication of future results. It has not been prepared taking into account your particular investment objectives, financial situation and particular needs.You should therefore assess whether the advice is appropriate to your individual investment objectives, financial situation and particular needs. You should do this before making an investment decision based on this general advice. You can either make the assessment yourself or seek the help of a professional adviser. This commentary is not a recommendation to buy or sell, but rather a guideline to interpreting the specified indicators. This information should only be used by investors who are aware of the risk inherent in securities trading. The Vulcan Report accepts no liability whatsoever for any loss arising from any use of this expert or its contents.liability whatsoever for any loss arising from any use of this expert or its contents. For Related news and other stories please visit - http://www.wideawakenews.com/ For Related videos on our Youtube channel please visit - http://www.youtube.com/user/pulsescan72 Be Sure to register for faster updates and commentaries at - BLOG 1: - http://pulsescan.blogspot.com/ BLOG 2: - http://seekingalpha.com/instablog/466159-pulsescan72/ BULLS make money... BEARS make money.... PIGS get slaughtered! "TAKE WHAT YOU CAN .........GIVE NOTHING BACK"!!
*Sep E-mini S&Ps (ESU18 +0.23%) this morning are up +0.21% and European stocks are up +0.39%, both at 1-week highs, on an easing of trade tensions as the U.S. and Chinese governments are working on the logistics for a new round of trade talks. The BOE as expected, voted 9-0 to keep its benchmark interest rate unchanged at 0.75% and to maintain its asset purchase target at 435 billion pounds. The BOE also upgraded its growth forecast as it raised its UK Q3 GDP estimate to +0.5% from 0.4%. The markets are also awaiting the outcome of this morning's ECB meeting and any clues as to when the ECB may tighten its policies. The Turkish lira rallied to a 2-week high after Turkey's central bank raised the 1-week repo rate by 625 bp to 24%, more than expectations for +350 bp increase. Losses in energy stocks were limiting gains in the overall market with Oct WTI crude oil (CLV18 -1.34%) down -1.32%. Asian stocks settled mostly higher : Japan +0.96%, Hong Kong +2.54%, China +1.15%, Taiwan +0.04%, Australia -0.76%, Singapore +0.23%, South Korea +0.02%, India closed for holiday. Asian markets rallied, with Japan's Nikkei Stock Index climbing to a 1-1/2 week high, on renewed hopes that the U.S. and China may enter new trade talks to prevent trade tensions from escalating. Japanese stocks also garnered support on signs of economic strength after Japan Jul core machine orders jumped +11.0% m/m, the biggest increase in 2-1/2 years.
*The dollar index (DXY00 +0.07%) is up +0.05%. EUR/USD (^EURUSD +0.03%) is up +0.03%. USD/JPY (^USDJPY +0.27%) is up +0.26.
*Dec 10-year T-note prices (ZNZ18 -0-035) are down -3.5 ticks.
*Japan Aug PPI was unch m/m and rose +3.0% y/y, weaker than expectations of +0.1% m/m and +3.1% y/y.
*Japan Jul core machine orders jumped +11.0% m/m, stronger than expectations of +5.5% m/m and the biggest increase in 2-1/2 years.
---------------------------------------------------------------------------------------
**U.S. Stock Preview**
*Key U.S. news today includes: (1) weekly initial unemployment claims (expected +7,000 to 210,000, previous -10,000 to 203,000) and continuing claims (expected +3,000 to 1.710 million, previous -3,000 to 1.707 million), (2) Aug CPI (expected +0.3% m/m and +2.8% y/y, Jul +0.2% m/m and +2.9% y/y) and Aug CPI ex food & energy (expected +0.2% m/m and +2.4% y/y, Jul +0.2% m/m and +2.4% y/y), (3) Treasury auctions $15 billion 30-year T-bonds, (4) Atlanta Fed President Raphael Bostic (voter) discusses the economic outlook and monetary policy to the Mississippi Council of Economic Education, (5) Aug monthly budget statement (expected -$183.0 billion, Jul -$76.9 billion).
*Notable Russell 2000 earnings reports today include: none.
*U.S. IPO's scheduled to price today: Navios Maritime Containers (NMCI), FVCBankcorp (FVCB), Principia Biopharma (PRNB), Qutoutiao Inc (QTT), BRP Inc (BRPIF).
*Equity conferences during the remainder of this week: Credit Suisse Basic Materials Conference on Tue-Thu, Bank of America Merrill Lynch Global Health Care Conference on Wed-Thu, CL King & Associates Best Ideas Conference on Wed-Thu, Deutsche Bank Technology Conference on Wed-Thu, Goldman Sachs Communacopia Conference on Wed-Thu, Barclays Global Financial Services Conference on Wed-Fri, Morgan Stanley Global Health Care Conference on Wed-Fri, Morgan Stanley Laguna Conference on Wed-Fri, BMO Capital Markets Back to School Conference on Thu.
----------------------------------------------------------------------------------------
**Overnight U.S. Stock Movers**
*Qualcomm (QCOM -1.05%) was reinstated at Barclays with an 'Overweight' rating and a price target of $95.
*DaVita (DVA +1.50%) was upgraded to 'Neutral' from 'Underweight' at JPMorgan Chase with a price target of $68.
*Rocket Pharmaceuticals (RCKT -2.44%) was rated a new 'Buy' at Ladenburg Thalmann & Co with a price target of $30.
*Oxford Industries (OXM -0.70%) slid more than 3% in after-hours trading after it forecast Q3 net sales of $235 million to $245 million, weaker than consensus of $246.7 million.
*Tailored Brands (TLRD +1.48%) rose more than 4% in after-hours trading after it said Q2 custom sales doubled versus last year with sales averaging $4 million per week.
*Floor & Decor Holdings (FND +1.99%) lost 1% in after-hours trading after it announced that funds affiliated with Ares Management L.P. and Freeman Spogli Management L.P. intend to offer for sale an underwritten secondary offering of 10 million shares of Floor & Decor common stock.
*Brady Corp (BRC +0.48%) boosted its quarterly dividend to $0.2125 a share from $0.2075, higher than expectations of $0.21.
*SemGroup (SEMG +0.21%) lost 2% in after-hours trading after it announced that ten holders of its stock were selling a total of 1.2 million shares between $23.70 and $23.75 a share.
*Aquestive Therapeutics (AQST +1.04%) was rated a new 'Outperform' at Wedbush with a price target of $33.
*Sensus Healthcare (SRTS -4.37%) dropped 6% in after-hours trading after it announced that it had commenced a public offering of its common stock. although no size was given.
*Impinj (PI +1.13%) rallied 15% in after-hours trading after it reported a Q2 adjusted loss of -19 cents per share, narrower than consensus of -31 cents, and then forecast a Q3 adjusted loss per share of -12 cents to -17 cents, a smaller loss than consensus of -26 cents.
*Progenics (PGNX -1.62%) tumbled 16% in after-hours trading after it said the co-primary endpoint in a Phase 3 trial of its Imaging Agent 1404 was not met in detecting clinically meaningful prostate cancer.
*Foamix Pharmaceuticals Ltd (FOMX +3.21%) fell almost 3% in after-hours trading after it announced that it intends to offer $70 million of its ordinary shares in an underwritten public offering.
---------------------------------------------------------------------------------------
**Market Comments**
*Sep S&P 500 E-minis (ESU18 +0.23%) this morning are up +6.00 points (+0.21%) at a 1-week high. Wednesday's closes: S&P 500 +0.04%, Dow Jones +0.11%, Nasdaq 100 -0.26%. The S&P 500 on Wednesday closed higher on optimistic trade news after the WSJ reported that U.S. Treasury officials proposed a new round of trade talks with China, while Canada appears ready to offer the U.S. limited access to Canada's dairy markets in an attempt to secure a new NAFTA agreement. There was also strength in energy stocks after crude oil rose +1.62% to a 1-week high. Stocks were undercut by weakness in technology stocks and by the Fed Beige Book's report that a number of Fed districts noted that "trade concerns had prompted some businesses to scale back or postpone capital investment."
*Dec 10-year T-notes (ZNZ18 -0-035) this morning are down -3.5 ticks. Wednesday's closes: TYZ8 +3.5, FVZ8 +1.25. Dec 10-year T-notes on Wednesday closed higher on the weaker-than-expected U.S. Aug PPI report and on dovish comments from St. Louis Fed President Bullard who said that "the flattening yield curve and subdued market-based inflation expectations suggest that the current monetary policy stance is already neutral or possibly somewhat restrictive."
*The dollar index (DXY00 +0.07%) this morning is up +0.052 (+0.05%), EUR/USD (^EURUSD +0.03%) is up +0.0004 (+0.03%), and USD/JPY (^USDJPY +0.27%) is up +0.29 (+0.26%). Wednesday's closes: Dollar Index -0.450 (-0.47%), EUR/USD +0.0020 (+0.17%), USD/JPY -0.37 (-0.33%). The dollar index on Wednesday fell to a 1-1/2 week low and closed lower on dovish comments from St. Louis Fed President Bullard who said the Fed's current monetary policy stance is already neutral or possibly somewhat restrictive. The dollar was also undercut by lower T-note yields, which reduced the dollar's interest rate differentials.
*Metals prices this morning are mixed with Dec gold (GCZ18 +0.01%) +0.3 (+0.02%), Dec silver (SIZ18 -0.41%) -0.043 (-0.30%) and Dec copper (HGZ18 +0.56%) +0.023 (+0.84%) at a 1-1/2 week high. Wednesday's closes: Dec gold +8.7 (+0.72%), Dec silver +0.140 (+0.99), Dec copper +5.45 (+2.08%). Metals on Wednesday closed higher with Dec gold and Dec copper at 1-1/2 week highs. Metals prices were boosted by the slide in the dollar index to a 1-1/2 week low and by signs of tighter supplies after LME copper inventories fell -1,275 MT to a 7-1/2 month low of 233,025 MT.
*Oct WTI crude oil prices (CLV18 -1.34%) this morning are down -93 cents (-1.32%) and Oct gasoline (RBV18 -0.48%) is -0.94 (-0.46%). Wednesday's closes: Oct crude oil +1.12 (+1.62%), Oct gasoline +2.06 (+1.02%). Oct crude oil and gasoline on Wednesday rallied to 1-week highs and closed higher. Crude oil prices were boosted by a weaker dollar and by the sharp -5.3 million bbl decline in EIA crude inventories to a 3-1/2 year low (vs expectations of -2.0 million bbl). Oil prices were also boosted by concern that East Coast fuel supplies could be disrupted from Hurricane Florence.
General Advice Disclosure: Please note that the advice contained herein is general advice and is for the purposes of education only. The risk of loss in trading futures contracts, commodity options, stocks, stock options and forex currencies can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results. You are reminded that past performance is no guarantee or reliable indication of future results. It has not been prepared taking into account your particular investment objectives, financial situation and particular needs.You should therefore assess whether the advice is appropriate to your individual investment objectives, financial situation and particular needs. You should do this before making an investment decision based on this general advice. You can either make the assessment yourself or seek the help of a professional adviser. This commentary is not a recommendation to buy or sell, but rather a guideline to interpreting the specified indicators. This information should only be used by investors who are aware of the risk inherent in securities trading. The Vulcan Report accepts no liability whatsoever for any loss arising from any use of this expert or its contents.liability whatsoever for any loss arising from any use of this expert or its contents. For Related news and other stories please visit - http://www.wideawakenews.com/ For Related videos on our Youtube channel please visit - http://www.youtube.com/user/pulsescan72 Be Sure to register for faster updates and commentaries at - BLOG 1: - http://pulsescan.blogspot.com/ BLOG 2: - http://seekingalpha.com/instablog/466159-pulsescan72/ BULLS make money... BEARS make money.... PIGS get slaughtered! "TAKE WHAT YOU CAN .........GIVE NOTHING BACK"!!
Wednesday, September 12, 2018
Trading Terrordome - Dex The Algocapitalist
General Advice Disclosure: Please note that the advice contained herein is general advice and is for the purposes of education only. The risk of loss in trading futures contracts, commodity options, stocks, stock options and forex currencies can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results. You are reminded that past performance is no guarantee or reliable indication of future results. It has not been prepared taking into account your particular investment objectives, financial situation and particular needs.You should therefore assess whether the advice is appropriate to your individual investment objectives, financial situation and particular needs. You should do this before making an investment decision based on this general advice. You can either make the assessment yourself or seek the help of a professional adviser.
This commentary is not a recommendation to buy or sell, but rather a guideline to interpreting the specified indicators. This information should only be used by investors who are aware of the risk inherent in securities trading. The Vulcan Report accepts no liability whatsoever for any loss arising from any use of this expert or its contents.liability whatsoever for any loss arising from any use of this expert or its contents.
For Related news and other stories please visit - http://www.wideawakenews.com/
For Related videos on our Youtube channel please visit - http://www.youtube.com/user/pulsescan72
Be Sure to register for faster updates and commentaries at -
BLOG 1: - http://pulsescan.blogspot.com/
BLOG 2: - http://seekingalpha.com/instablog/466159-pulsescan72/
BULLS make money... BEARS make money.... PIGS get slaughtered!
"TAKE WHAT YOU CAN .........GIVE NOTHING BACK"!!
09/12/2018 - **Overnight Markets and News**
**Overnight Markets and News**
*Sep E-mini S&Ps (ESU18 -0.03%) this morning are up +0.06% on strength in energy stocks and optimism a trade deal with Canada can be reached. Energy stocks rose with Oct WTI crude oil (CLV18 +0.81%) up +0.88% at a 1-week high on signs of tighter supplies after API data late Tuesday showed U.S. crude inventories fell -8.64 million bbl last week. Positive trade news also bolstered stocks after Reuters reported that Canada is ready to offer the U.S. limited access to Canada's dairy markets, one of the current sticking points in trade negotiations, in order to help forge a new NAFTA deal. European stocks are up +0.20%, although gains were limited after people with knowledge of the matter said the ECB will lower its Eurozone economic growth forecasts for this year at tomorrow's ECB meeting. Asian stocks settled mostly lower: Japan -0.27%, Hong Kong -0.29%, China -0.33%, Taiwan -0.28%, Australia -0.06%, Singapore +0.47%, South Korea -0.04%, India +0.81%. China's Shanghai Composite fell to a new 2-1/2 year low as trade concerns continue to weigh on Chinese stocks. Also, the government's push to cut leverage in the financial system has triggered higher default rates and tighter liquidity, which is seen is today's credit data that shows China Aug new yuan loans rose less than expected.
*The dollar index (DXY00 -0.01%) is down -0.03%. EUR/USD (^EURUSD -0.19%) is down -0.19%. USD/JPY (^USDJPY -0.10%) is down -0.11%.
*Dec 10-year T-note prices (ZNZ18 +0-030) are up +2.5 ticks.
*Eurozone Jul industrial production fell -0.8% m/m, weaker than expectations of -0.5% m/m.
*China Aug new yuan loans increased by +1.28 trillion yuan, weaker than expectations of +1.40 trillion yuan. Aug aggregate financing rose +1.52 trillion yuan, stronger than expectations of +1.30 trillion yuan.
---------------------------------------------------------------------------------------
**U.S. Stock Preview**
*Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -0.1% to 343.5 with purchase sub-index up +0.6% to 231.4 and refi sub-index down -1.4% to 940.0), (2) Aug PPI final demand (expected +0.2% m/m and +3.2% y/y, Jul unch m/m and +3.3% y/y) and Aug PPI ex food & energy (expected +0.2% m/m and +2.7% y/y, Jul +0.1% m/m and +2.7% y/y), (3) St. Louis Fed President James Bullard (non-voter) speaks to the CFA Society of Chicago, (4) EIA weekly Petroleum Status Report, (5) Fed Governor Lael Brainard speaks at the Detroit Economic Club Luncheon about the economy and monetary policy, (6) Treasury auctions $23 billion 10-year T-notes, (7) Fed Beige Book.
*Notable Russell 2000 earnings reports today include: none.
*U.S. IPO's scheduled to price today: none.
*Equity conferences during the remainder of this week: Credit Suisse Basic Materials Conference on Tue-Thu, Bank of America Merrill Lynch Global Health Care Conference on Wed-Thu, CL King & Associates Best Ideas Conference on Wed-Thu, Deutsche Bank Technology Conference on Wed-Thu, Goldman Sachs Communacopia Conference on Wed-Thu, Barclays Global Financial Services Conference on Wed-Fri, Morgan Stanley Global Health Care Conference on Wed-Fri, Morgan Stanley Laguna Conference on Wed-Fri, BMO Capital Markets Back to School Conference on Thu.
----------------------------------------------------------------------------------------
**Overnight U.S. Stock Movers**
*Chevron (CVX +0.47%) was upgraded to 'Buy' from 'Hold' at HSBC with a price target of $139.
*Tiffany (TIF -0.76%) was upgraded to 'Outperform' from 'Market Perform' at Oppenheimer with a price target of $152.
*Acuity Brands (AYI +2.10%) was downgraded to 'Sell' from 'Neutral' at Goldman Sachs with a price target of $126.
*NXP Semiconductors NV (NXPI -4.39%) was downgraded to 'Sell' rom 'Hold' at Stifel.
*Alcoa (AA -2.71%) was upgraded to 'Buy' from 'Neutral' at B Riley FBR with a price target of $50.
*Intuit (INTU +0.58%) was rated a new 'Buy' at William O'Neill & Co Incorporated.
*Gilead Sciences (GILD -0.39%) gained almost 3% in after-hours trading after it announced along with Galapagos NV that its Filgotinib drug met primary and all key secondary endpoints in a Phase 3 study of patients with Rheumatoid Arthritis.
*WellCare Health Plans (WCG +0.52%) may initially open higher this morning when it was announced in after-hours trading Tuesday that it will replace XL Group in the S&P 500 prior to the open of trading on Monday, September 17.
*First Republic Bank (FRC +0.63%) may initially open lower this morning after it announced in after-hours trading Tuesday that it will sell 2.0 million shares of its common stock in an underwritten public offering.
*Cadence Bancorp (CADE -0.65%) lost 1% in after-hours trading after it announced the commencement of a registered public secondary offering of 12.1 million shares of its Class A common stock.
*Farmer Brothers (FARM +1.25%) fell nearly 4% in after-hours trading after it reported Q4 net sales of $149.5 million, weaker than consensus of $152.7 million.
*PGT Innovations (PGTI -0.57%) dropped 5% in after-hours trading after it filed a shelf registration to sell its common stock at any time in one or more offerings.
*U.S. Silica Holdings (@symbolPercentChange(SLCA rose more than 3% in after-hours trading after it announced a supply accord with Pioneer Natural Resources where Pioneer will purchase an interest in U.S. Silica's sand reserves at its Lamesa, TX mine and U.S. Silica will process and supply sand to Pioneer for 15 years.
*Annaly Capital Management (NLY -0.29%) slid more than 2% in after-hours trading after it announced that it intends to make a public offering of 75 million shares of its common stock.
---------------------------------------------------------------------------------------
**Market Comments**
*Sep S&P 500 E-minis (ESU18 -0.03%) this morning are up +1.75 points (+0.06%). Tuesday's closes: S&P 500 +0.37%, Dow Jones +0.44%, Nasdaq 100 +0.81%. The S&P 500 on Tuesday closed higher on the U.S. Jul JOLTS job openings report of +117,000 to a record 6.939 million, stronger than expectations of +13,000 to 6.675 million. Energy stocks rallied as crude oil prices surged +2.53%. Technology stocks were led higher by a +2.5% gain in Apple ahead of the unveiling of new iPhones on Wednesday. Stocks were undercut by continued trade tensions after the World Trade Organization said China asked permission to retaliate against the U.S. due to its failure to modify its anti-dumping methodologies.
*Dec 10-year T-notes (ZNZ18 +0-030) this morning are up +2.5 ticks. Tuesday's closes: TYZ8 -10.5, FVZ8 -6.50. Dec 10-year T-notes on Tuesday tumbled to a 1-month low and closed lower on the rise in the U.S. Jul JOLTS job openings report to a new all-time high, which bolsters the outlook for two more Fed rate hikes this year. T-notes were also undercut by supply pressures with the Treasury auctioning $73 billion of T-notes and T-bonds this week.
*The dollar index (DXY00 -0.01%) this morning is down -0.029 (-0.03%), EUR/USD (^EURUSD -0.19%) is -0.0022 (-0.19%), and USD/JPY (^USDJPY -0.10%) is -0.12 (-0.11%). Tuesday's closes: Dollar Index +0.099 (+0.10%), EUR/USD +0.0012 (+0.10%), USD/JPY +0.50 (+0.45%). The dollar index on Tuesday closed higher on the stronger-than-expected U.S. Jul JOLTS job openings report, which was hawkish for Fed policy. The dollar was also supported by the jump in the 10-year T-note yield to a 1-month high, which boosts the dollar's interest rate differentials.
*Metals prices this morning are mixed with Dec gold (GCZ18 -0.24%) -1.7 (-0.14%), Dec silver (SIZ18 +0.05%) +0.017 (+0.12%) and Dec copper (HGZ18 +0.67%) +0.023 (+0.88%). Tuesday's closes: Dec gold +2.4 (+0.20%), Dec silver -0.028 (-0.20), Dec copper -0.65 (-0.25%). Metals on Tuesday settled mixed with Dec silver at a contract low. Metals prices were undercut by a stronger dollar and the rise in U.S. Jul JOLTS job openings to an all-time high, which bolsters the case for a Fed rate hike. Gold moved higher on an increase in inflation expectations after the 10-year T-note breakeven inflation rate rose to a 1-week high, which boosted demand for gold as a hedge against inflation.
*Oct WTI crude oil prices (CLV18 +0.81%) this morning are up +61 cents (+0.88%) at a 1-week high and Oct gasoline (RBV18 +0.36%) is +0.74 (+0.37%) at a 1-week high. Tuesday's closes: Oct crude oil +1.71 (+2.53%), Oct gasoline +5.50 (+2.81%). Oct crude oil and gasoline on Tuesday closed higher on concern that East Coast fuel supplies could be disrupted from Hurricane Florence. Crude oil prices were also boosted by the increase in the crack spread to a 3-week high and by expectations for Wednesday's weekly EIA crude inventories to fall by -2.O million bbl.
General Advice Disclosure: Please note that the advice contained herein is general advice and is for the purposes of education only. The risk of loss in trading futures contracts, commodity options, stocks, stock options and forex currencies can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results. You are reminded that past performance is no guarantee or reliable indication of future results. It has not been prepared taking into account your particular investment objectives, financial situation and particular needs.You should therefore assess whether the advice is appropriate to your individual investment objectives, financial situation and particular needs. You should do this before making an investment decision based on this general advice. You can either make the assessment yourself or seek the help of a professional adviser. This commentary is not a recommendation to buy or sell, but rather a guideline to interpreting the specified indicators. This information should only be used by investors who are aware of the risk inherent in securities trading. The Vulcan Report accepts no liability whatsoever for any loss arising from any use of this expert or its contents.liability whatsoever for any loss arising from any use of this expert or its contents. For Related news and other stories please visit - http://www.wideawakenews.com/ For Related videos on our Youtube channel please visit - http://www.youtube.com/user/pulsescan72 Be Sure to register for faster updates and commentaries at - BLOG 1: - http://pulsescan.blogspot.com/ BLOG 2: - http://seekingalpha.com/instablog/466159-pulsescan72/ BULLS make money... BEARS make money.... PIGS get slaughtered! "TAKE WHAT YOU CAN .........GIVE NOTHING BACK"!!
*Sep E-mini S&Ps (ESU18 -0.03%) this morning are up +0.06% on strength in energy stocks and optimism a trade deal with Canada can be reached. Energy stocks rose with Oct WTI crude oil (CLV18 +0.81%) up +0.88% at a 1-week high on signs of tighter supplies after API data late Tuesday showed U.S. crude inventories fell -8.64 million bbl last week. Positive trade news also bolstered stocks after Reuters reported that Canada is ready to offer the U.S. limited access to Canada's dairy markets, one of the current sticking points in trade negotiations, in order to help forge a new NAFTA deal. European stocks are up +0.20%, although gains were limited after people with knowledge of the matter said the ECB will lower its Eurozone economic growth forecasts for this year at tomorrow's ECB meeting. Asian stocks settled mostly lower: Japan -0.27%, Hong Kong -0.29%, China -0.33%, Taiwan -0.28%, Australia -0.06%, Singapore +0.47%, South Korea -0.04%, India +0.81%. China's Shanghai Composite fell to a new 2-1/2 year low as trade concerns continue to weigh on Chinese stocks. Also, the government's push to cut leverage in the financial system has triggered higher default rates and tighter liquidity, which is seen is today's credit data that shows China Aug new yuan loans rose less than expected.
*The dollar index (DXY00 -0.01%) is down -0.03%. EUR/USD (^EURUSD -0.19%) is down -0.19%. USD/JPY (^USDJPY -0.10%) is down -0.11%.
*Dec 10-year T-note prices (ZNZ18 +0-030) are up +2.5 ticks.
*Eurozone Jul industrial production fell -0.8% m/m, weaker than expectations of -0.5% m/m.
*China Aug new yuan loans increased by +1.28 trillion yuan, weaker than expectations of +1.40 trillion yuan. Aug aggregate financing rose +1.52 trillion yuan, stronger than expectations of +1.30 trillion yuan.
---------------------------------------------------------------------------------------
**U.S. Stock Preview**
*Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -0.1% to 343.5 with purchase sub-index up +0.6% to 231.4 and refi sub-index down -1.4% to 940.0), (2) Aug PPI final demand (expected +0.2% m/m and +3.2% y/y, Jul unch m/m and +3.3% y/y) and Aug PPI ex food & energy (expected +0.2% m/m and +2.7% y/y, Jul +0.1% m/m and +2.7% y/y), (3) St. Louis Fed President James Bullard (non-voter) speaks to the CFA Society of Chicago, (4) EIA weekly Petroleum Status Report, (5) Fed Governor Lael Brainard speaks at the Detroit Economic Club Luncheon about the economy and monetary policy, (6) Treasury auctions $23 billion 10-year T-notes, (7) Fed Beige Book.
*Notable Russell 2000 earnings reports today include: none.
*U.S. IPO's scheduled to price today: none.
*Equity conferences during the remainder of this week: Credit Suisse Basic Materials Conference on Tue-Thu, Bank of America Merrill Lynch Global Health Care Conference on Wed-Thu, CL King & Associates Best Ideas Conference on Wed-Thu, Deutsche Bank Technology Conference on Wed-Thu, Goldman Sachs Communacopia Conference on Wed-Thu, Barclays Global Financial Services Conference on Wed-Fri, Morgan Stanley Global Health Care Conference on Wed-Fri, Morgan Stanley Laguna Conference on Wed-Fri, BMO Capital Markets Back to School Conference on Thu.
----------------------------------------------------------------------------------------
**Overnight U.S. Stock Movers**
*Chevron (CVX +0.47%) was upgraded to 'Buy' from 'Hold' at HSBC with a price target of $139.
*Tiffany (TIF -0.76%) was upgraded to 'Outperform' from 'Market Perform' at Oppenheimer with a price target of $152.
*Acuity Brands (AYI +2.10%) was downgraded to 'Sell' from 'Neutral' at Goldman Sachs with a price target of $126.
*NXP Semiconductors NV (NXPI -4.39%) was downgraded to 'Sell' rom 'Hold' at Stifel.
*Alcoa (AA -2.71%) was upgraded to 'Buy' from 'Neutral' at B Riley FBR with a price target of $50.
*Intuit (INTU +0.58%) was rated a new 'Buy' at William O'Neill & Co Incorporated.
*Gilead Sciences (GILD -0.39%) gained almost 3% in after-hours trading after it announced along with Galapagos NV that its Filgotinib drug met primary and all key secondary endpoints in a Phase 3 study of patients with Rheumatoid Arthritis.
*WellCare Health Plans (WCG +0.52%) may initially open higher this morning when it was announced in after-hours trading Tuesday that it will replace XL Group in the S&P 500 prior to the open of trading on Monday, September 17.
*First Republic Bank (FRC +0.63%) may initially open lower this morning after it announced in after-hours trading Tuesday that it will sell 2.0 million shares of its common stock in an underwritten public offering.
*Cadence Bancorp (CADE -0.65%) lost 1% in after-hours trading after it announced the commencement of a registered public secondary offering of 12.1 million shares of its Class A common stock.
*Farmer Brothers (FARM +1.25%) fell nearly 4% in after-hours trading after it reported Q4 net sales of $149.5 million, weaker than consensus of $152.7 million.
*PGT Innovations (PGTI -0.57%) dropped 5% in after-hours trading after it filed a shelf registration to sell its common stock at any time in one or more offerings.
*U.S. Silica Holdings (@symbolPercentChange(SLCA rose more than 3% in after-hours trading after it announced a supply accord with Pioneer Natural Resources where Pioneer will purchase an interest in U.S. Silica's sand reserves at its Lamesa, TX mine and U.S. Silica will process and supply sand to Pioneer for 15 years.
*Annaly Capital Management (NLY -0.29%) slid more than 2% in after-hours trading after it announced that it intends to make a public offering of 75 million shares of its common stock.
---------------------------------------------------------------------------------------
**Market Comments**
*Sep S&P 500 E-minis (ESU18 -0.03%) this morning are up +1.75 points (+0.06%). Tuesday's closes: S&P 500 +0.37%, Dow Jones +0.44%, Nasdaq 100 +0.81%. The S&P 500 on Tuesday closed higher on the U.S. Jul JOLTS job openings report of +117,000 to a record 6.939 million, stronger than expectations of +13,000 to 6.675 million. Energy stocks rallied as crude oil prices surged +2.53%. Technology stocks were led higher by a +2.5% gain in Apple ahead of the unveiling of new iPhones on Wednesday. Stocks were undercut by continued trade tensions after the World Trade Organization said China asked permission to retaliate against the U.S. due to its failure to modify its anti-dumping methodologies.
*Dec 10-year T-notes (ZNZ18 +0-030) this morning are up +2.5 ticks. Tuesday's closes: TYZ8 -10.5, FVZ8 -6.50. Dec 10-year T-notes on Tuesday tumbled to a 1-month low and closed lower on the rise in the U.S. Jul JOLTS job openings report to a new all-time high, which bolsters the outlook for two more Fed rate hikes this year. T-notes were also undercut by supply pressures with the Treasury auctioning $73 billion of T-notes and T-bonds this week.
*The dollar index (DXY00 -0.01%) this morning is down -0.029 (-0.03%), EUR/USD (^EURUSD -0.19%) is -0.0022 (-0.19%), and USD/JPY (^USDJPY -0.10%) is -0.12 (-0.11%). Tuesday's closes: Dollar Index +0.099 (+0.10%), EUR/USD +0.0012 (+0.10%), USD/JPY +0.50 (+0.45%). The dollar index on Tuesday closed higher on the stronger-than-expected U.S. Jul JOLTS job openings report, which was hawkish for Fed policy. The dollar was also supported by the jump in the 10-year T-note yield to a 1-month high, which boosts the dollar's interest rate differentials.
*Metals prices this morning are mixed with Dec gold (GCZ18 -0.24%) -1.7 (-0.14%), Dec silver (SIZ18 +0.05%) +0.017 (+0.12%) and Dec copper (HGZ18 +0.67%) +0.023 (+0.88%). Tuesday's closes: Dec gold +2.4 (+0.20%), Dec silver -0.028 (-0.20), Dec copper -0.65 (-0.25%). Metals on Tuesday settled mixed with Dec silver at a contract low. Metals prices were undercut by a stronger dollar and the rise in U.S. Jul JOLTS job openings to an all-time high, which bolsters the case for a Fed rate hike. Gold moved higher on an increase in inflation expectations after the 10-year T-note breakeven inflation rate rose to a 1-week high, which boosted demand for gold as a hedge against inflation.
*Oct WTI crude oil prices (CLV18 +0.81%) this morning are up +61 cents (+0.88%) at a 1-week high and Oct gasoline (RBV18 +0.36%) is +0.74 (+0.37%) at a 1-week high. Tuesday's closes: Oct crude oil +1.71 (+2.53%), Oct gasoline +5.50 (+2.81%). Oct crude oil and gasoline on Tuesday closed higher on concern that East Coast fuel supplies could be disrupted from Hurricane Florence. Crude oil prices were also boosted by the increase in the crack spread to a 3-week high and by expectations for Wednesday's weekly EIA crude inventories to fall by -2.O million bbl.
General Advice Disclosure: Please note that the advice contained herein is general advice and is for the purposes of education only. The risk of loss in trading futures contracts, commodity options, stocks, stock options and forex currencies can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results. You are reminded that past performance is no guarantee or reliable indication of future results. It has not been prepared taking into account your particular investment objectives, financial situation and particular needs.You should therefore assess whether the advice is appropriate to your individual investment objectives, financial situation and particular needs. You should do this before making an investment decision based on this general advice. You can either make the assessment yourself or seek the help of a professional adviser. This commentary is not a recommendation to buy or sell, but rather a guideline to interpreting the specified indicators. This information should only be used by investors who are aware of the risk inherent in securities trading. The Vulcan Report accepts no liability whatsoever for any loss arising from any use of this expert or its contents.liability whatsoever for any loss arising from any use of this expert or its contents. For Related news and other stories please visit - http://www.wideawakenews.com/ For Related videos on our Youtube channel please visit - http://www.youtube.com/user/pulsescan72 Be Sure to register for faster updates and commentaries at - BLOG 1: - http://pulsescan.blogspot.com/ BLOG 2: - http://seekingalpha.com/instablog/466159-pulsescan72/ BULLS make money... BEARS make money.... PIGS get slaughtered! "TAKE WHAT YOU CAN .........GIVE NOTHING BACK"!!
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