PulseWave Trading "Trigger Trade System" Daily Stock,Forex & Futures Analysis and Commentary.
Wednesday, October 31, 2018
TVR [#552] 10-31-2018 LIVE TRAINING SESSION
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"!!
10/31/2018 - **Overnight Markets and News**
**Overnight Markets and News**
*Dec E-mini S&Ps (ESZ18 +0.68%) this morning are up +0.69% on strength in technology stocks led by a rally in Facebook which is up almost 4% in pre-market trading after it reported better-than-expected Q3 earnings. European stocks are up +1.59% at a 1-week high on better-than expected quarterly earnings results from L'Oreal SA and Sanofi. Also, strength in European exporter stocks are positive for the overall market after EUR/USD (^EURUSD +0.05%) fell to a 2-1/2 month low. Asian stocks settled higher: Japan +2.16%, Hong Kong +1.60%, China +1.35%, Taiwan +2.90%, Australia +0.43%, Singapore +1.76%, South Korea +0.59%, India +1.63%. The BOJ as expected kept its policy interest rates and its QE program unchanged and it forecast inflation will remain below target until at least 2021. That sparked a rally in USD/JPY to a 3-week high that spurred gains in exporter stocks to lead the Nikkei Stock Index higher. Chinese stocks rallied on month-end short covering despite weaker-than-expected manufacturing data that showed the China Oct manufacturing PMI fell -0.6 to 50.2, the slowest pace of growth in 2-1/4 years. The weak economic data spurred losses in the yuan which fell to a 10-1/4 year low of 6.9783 per dollar.
*The dollar index (DXY00 -0.11%) is up +0.01% at a 16-month high. EUR/USD (^EURUSD +0.05%) is down -0.03% at a 2-1/2 month low. USD/JPY (^USDJPY -0.02%) is up +0.02% at a 3-week high.
*Dec 10-year T-note prices (ZNZ18 -0-070) are down -7.5 ticks.
*The Eurozone Sep unemployment rate was unch at 8.1%, right on expectations.
*Eurozone Oct CPI rose +2.2% y/y, right on expectations and the fastest pace of increase in 6 years. Oct core CPI rose +1.1% y/y, right on expectations.
*German Sep retail sales of +0.1% m/m and -2.6% y/y was weaker than expectations of +0.5% m/m and +1.0% y/y with the -2.6% y/y drop the biggest year-on-year decline in 5 years.
*The China Oct manufacturing PMI fell -0.6 to 50.2, weaker than expectations of -0.2 to 50.6 and the slowest pace of growth in 2-1/4 years.
*The China Oct non-manufacturing PMI fell -1.0 to 53.9, weaker than expectations of -0.3 to 54.6 and the slowest pace of growth in 14 months.
*Japan Sep industrial production fell -1.1% m/m, weaker than expectations of -0.3% m/m.
*Japan Oct consumer confidence unexpectedly fell -0.5 to a 1-3/4 year low of 43.0, weaker than expectations of +0.1 to 43.5.
--------------------------------------------------------------------------------------
**U.S. Stock Preview**
*Key U.S. news today includes: (1) weekly MBA mortgage applications (previous +4.9% to 337.8 with purchase sub-index +2.0% to 228.4 and refi sub-index +9.7% to 919.6), (2) Oct ADP employment (expected +190,000, Sep +230,000), (3) Q3 employment cost index (expected +0.7%, Q2 +0.6%), (4) Oct Chicago PMI (expected -0.4 to 60.0, Sep -3.2 to 60.4), (5) EIA weekly Petroleum Status Report.
*Notable S&P 500 earnings reports today include: GM (consensus $1.25), Kellogg (1.06), Allstate (2.21), Apache (0.47), Baxter (0.74), Williams Cos (0.21), Yum Brands (0.85).
*U.S. IPO's scheduled to price today: Axonics Modulation Technologies (AXNX).
*Equity conferences during the remainder of this week: SecureWorld Denver Conference on Wed, Solix EMPOWER New York Conference on Thu, TRANSACT Tech San Francisco Conference on Thu, Data Center Summit on Fri.
--------------------------------------------------------------------------------------
**Overnight U.S. Stock Movers**
*Facebook (FB +2.91%) is up nearly 4% in pre-market trading after it reported Q3 EPS of $1.76, above consensus of $1.47.
*Paycom Software (PAYC +4.62%) fell nearly 9% in after-hours trading after it forecast Q4 adjusted Ebitda of $49.5 million to $51.5 million, weaker than consensus of $52.3 million.
*Electronic Arts (EA +3.99%) fell 6% in after-hours trading after it forecast Q3 adjusted revenue of $1.725 billion, weaker than consensus of $1.990 billion.
*T-Mobile US (TMUS -1.53%) rose more than 3% in after-hours trading after it reported Q3 adjusted Ebitda of $3.24 billion, stronger than consensus of $3.07 billion.
*Shutterfly (SFLY +2.42%) tumbled 12% in after-hours trading after it reported Q3 revenue of $368.8 million, weaker than consensus of $377.5 million, and then forecast Q4 revenue of $943 million to $993 million, the midpoint below consensus of $980.5 million.
*Yum China Holdings (YUMC +1.57%) climbed nearly 4% in after-hours trading after it reported Q3 adjusted EPS of 51 cents, above consensus of 45 cents.
*Exact Sciences (EXAS +4.72%) rallied 8% in after-hours trading after it reported Q3 gross margin of 75%, better than consensus of 72%.
*3D Systems (DDD +8.51%) tumbled 18% in after-hours trading after it reported Q3 revenue of $164.5 million, well below consensus of $172.0 million.
*Whiting Petroleum (WLL +3.07%) rose 4% in after-hours trading after it reported Q3 adjusted EPS of 93 cents, well above consensus of 62 cents.
*Habit Restaurants (HABT +1.08%) jumped 10% in after-hours trading after it reported Q3 revenue of $104.6 million, better than consensus of $101.4 million, and then forecast full-year revenue of $397 million to $399 million, higher than consensus of $395.9 million.
*FireEye (FEYE +2.68%) rose 3% in after-hours trading after it reported Q3 adjusted EPS of 6 cents, better than consensus of 2 cents, and forecast Q4 adjusted EPS of 4 cents to 6 cents. higher than consensus of 3.8 cents.
*The Container Store Group (TCS +3.72%) sank 15% in after-hours trading after it reported Q2 net sales of $224.5 million, below consensus of $225.0 million.
*Clovis Oncology (CLVS -0.54%) slumped more than 21% in after-hours trading after it reported a Q3 adjusted loss per share of -$1.71, wider than consensus of -$1.60, and then forecast Q4 revenue "consistent with or slightly higher" than Q3 revenue of $22.8 million, weaker than consensus of $39.5 million.
--------------------------------------------------------------------------------------
**Market Comments**
*Dec S&P 500 E-minis (ESZ18 +0.68%) this morning are up +18.50 points (+0.69%). Tuesday's closes: S&P 500 +1.57%, Dow Jones +1.77%, Nasdaq 100 +1.43%. The S&P 500 on Tuesday closed higher on some trade optimism after President Trump said that he would like to make a trade deal with China "right now." Stocks were also boosted by the U.S. Oct consumer confidence report of +0.5 to a 6-month high of 116.6, stronger than expectations of -0.9 to 115.1. Stocks were undercut by concern about a slowdown in the U.S. housing market after the Aug S&P CoreLogic composite-20 home price index rose +5.5% y/y, weaker than expectations of +5.8% y/y and the smallest year-on-year increase in 1-3/4 years. There was also weakness in energy stocks after crude oil prices fell -1.28% to a 2-1/2 month low.
*Dec 10-year T-notes (ZNZ18 -0-070) this morning are down -7.5 ticks. Tuesday's closes: TYZ8 -5.50, FVZ8 -3.25. Dec 10-year T-notes on Tuesday closed lower on the unexpected increase in U.S. Oct consumer confidence to a 6-month high and on the rally in stocks, which curbed safe-haven demand for T-notes.
*The dollar index (DXY00 -0.11%) this morning is up +0.011 (+0.01%) at a new 16-month high, EUR/USD (^EURUSD +0.05%) is down -0.0003 (-0.03%) at a 2-1/2 month low, and USD/JPY (^USDJPY -0.02%) is up +0.02 (+0.02%) at a 3-week high. Tuesday's closes: Dollar Index +0.432 (+0.45%), EUR/USD -0.0028 (-0.25%), USD/JPY +0.76 (+0.68%). The dollar index on Tuesday climbed to a 16-month high on higher T-note yields, which boosted the dollar's interest rate differentials. The dollar was also boosted by weakness in the Chinese yuan that sank to a 10-1/4 year low of 6.9741 yuan/USD. The dollar was also boosted by the rally in stocks that reduced safe-haven demand for the yen and sent USD/JPY down to a 2-1/2 week low.
*Metals prices this morning are mixed with Dec gold (GCZ18 -0.43%) -6.0 (-0.49%) at a 2-1/2 week low, Dec silver (SIZ18 -0.74%) -0.0112 (-0.77%) at a 2-1/2 week low, and Dec copper (HGZ18 +0.08%) +0.006 (+0.23%). Tuesday's closes: Dec gold -2.3 (-0.19%), Dec silver +0.020 (+0.14%), Dec copper -0.0765 (-2.79%). Metals on Tuesday settled mixed with Dec gold at a 2-week low and Dec copper at a 6-week low. Metals prices were undercut by the rally in the dollar index to a 16-month high and by the rally in stocks, which curbed the safe-haven demand for precious metals. Gold prices were boosted by the recent stock market volatility that has boosted fund demand for gold as a store of wealth as long gold positions in ETFs rose to a 2-1/2 month high on Monday.
*Dec WTI crude oil prices (CLZ18 +0.26%) this morning are up +26 cents (+0.39%) and Dec gasoline (RBZ18 +0.73%) is +1.48 (+0.82%). Tuesday's closes: Dec crude oil -0.86 (-1.28%), Dec gasoline -1.86 (-1.02%). Dec crude oil and gasoline on Tuesday closed lower with Dec crude at a 2-1/2 month low. Crude oil prices were undercut by the rally in the dollar index to a 16-month high and by expectations for Wednesday's EIA crude inventories to increase by 3 million bbl. Crude oil prices continued to see underlying support from the impending reinstatement of U.S. sanctions on Iran this coming Monday (Nov 5), which will cut Iranian oil exports beyond the 35% drop that has already been seen.
{==========================================================}
*PLACING TRADES*
HOW TO READ THE MARKET
OK SO IF YOU LOOK AT TODAYS SHEET YOU WILL LOOK FOR YOUR BUY/SELL SIGNALS FIRST. THE BUY SELL SIGNAL IS LOCATED UNDER THE "POSMOM" & "NEGMOM" COLUMNS. FOR BUYS SIGNALS YOUR LOOKING FOR EITHER A "311", "411" OR "911" LIKEWISE FOR SELL SIGNALS. BUY AND SELL ARE BASED ON THE POS MOM AND NEG MOM THERE IS ALSO "11" WHICH MEANS THAT THE MARKET IS LOCKED IN WITH EITHER BULLISH OR BEARISH MOMENTUM. THIS IS ANALOGOUS TO A CONTINUATION PATTERN IN EITHER DIRECTION. NEXT YOU LOOK AT THE "TREND" COLUMN. IS YOU HAVE A BUY SIGNAL (AS INDICATED ABOVE) THEN YOU KNOW THAT YOU WILL BE TRADING WITH THE TREND IS THERE IS A "3","2" OR "1" IN THE TREND COLUMN. 3 IS A MATURE STAGE 3 TREND. EVERYTHING IS LOCKED IN MOMENTUM WISE. 2 IS A STAGE 2 TREND THAT IS STRENGTHENING AND WILL BECOME A STAGE 3 SOON. 1 IS THE BEGINNING STAGE OF A TREND THAT DEVELOPING. NEXT......IS THE MARKET TIMING. THATS WHERE THE PRICE TRIGGERS COME INTO PLAY. FOR LONGS YOU CAN ENTER @ THE "ENTRY" COLUMN OR TAKE A MORE CONSERVATIVE APPROACH (IF THE "52WK" COLUMN IS GREATER THAN THE "ENTRY" COLUMN) AND ENTER AT THE "52WK" TRIGGER. ONCE YOU HAVE MADE YOUR DECISION YOU SIMPLY PLACE THE TICKET AND WAIT FOR THE MARKET TO COME TO YOU.
*NOTE: THERE IS A FAILSAFE BUILT INTO THE SYSTEM. EVEN WITHOUT LOOKING AT THE POS MOM & NEG MOM YOU CAN JUST USE THE PRICE TRIGGERS THEMSELVES AND ENTER A TRADE. REASON BEING IS BECAUSE IF THE PRICE TRIGGER IS HIT THE MARKET WILL MOVE IN THE DIRECTION AND TAKE YOU ALONG FOR THE RIDE!
*EXITS* - THERE ARE TWO WAYS TO DO EXITS. FIRST YOU CAN EXIT WHEN THE OPPOSITE PRICE TRIGGER IS HIT.
*EXITS WORK LIKE ENTRY POINTS. YOU LET THE MARKET COME TO YOU. THE MORE CONSERVATIVE APPROACH IS TO USE THE "STOPLOSS" COLUMN AS YOUR EXIT ON LONG POSITIONS AND USE THE "ENTRY" COLUMN TO EXIT ON SHORT POSITIONS.
{==========================================================}
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 +0.68%) this morning are up +0.69% on strength in technology stocks led by a rally in Facebook which is up almost 4% in pre-market trading after it reported better-than-expected Q3 earnings. European stocks are up +1.59% at a 1-week high on better-than expected quarterly earnings results from L'Oreal SA and Sanofi. Also, strength in European exporter stocks are positive for the overall market after EUR/USD (^EURUSD +0.05%) fell to a 2-1/2 month low. Asian stocks settled higher: Japan +2.16%, Hong Kong +1.60%, China +1.35%, Taiwan +2.90%, Australia +0.43%, Singapore +1.76%, South Korea +0.59%, India +1.63%. The BOJ as expected kept its policy interest rates and its QE program unchanged and it forecast inflation will remain below target until at least 2021. That sparked a rally in USD/JPY to a 3-week high that spurred gains in exporter stocks to lead the Nikkei Stock Index higher. Chinese stocks rallied on month-end short covering despite weaker-than-expected manufacturing data that showed the China Oct manufacturing PMI fell -0.6 to 50.2, the slowest pace of growth in 2-1/4 years. The weak economic data spurred losses in the yuan which fell to a 10-1/4 year low of 6.9783 per dollar.
*The dollar index (DXY00 -0.11%) is up +0.01% at a 16-month high. EUR/USD (^EURUSD +0.05%) is down -0.03% at a 2-1/2 month low. USD/JPY (^USDJPY -0.02%) is up +0.02% at a 3-week high.
*Dec 10-year T-note prices (ZNZ18 -0-070) are down -7.5 ticks.
*The Eurozone Sep unemployment rate was unch at 8.1%, right on expectations.
*Eurozone Oct CPI rose +2.2% y/y, right on expectations and the fastest pace of increase in 6 years. Oct core CPI rose +1.1% y/y, right on expectations.
*German Sep retail sales of +0.1% m/m and -2.6% y/y was weaker than expectations of +0.5% m/m and +1.0% y/y with the -2.6% y/y drop the biggest year-on-year decline in 5 years.
*The China Oct manufacturing PMI fell -0.6 to 50.2, weaker than expectations of -0.2 to 50.6 and the slowest pace of growth in 2-1/4 years.
*The China Oct non-manufacturing PMI fell -1.0 to 53.9, weaker than expectations of -0.3 to 54.6 and the slowest pace of growth in 14 months.
*Japan Sep industrial production fell -1.1% m/m, weaker than expectations of -0.3% m/m.
*Japan Oct consumer confidence unexpectedly fell -0.5 to a 1-3/4 year low of 43.0, weaker than expectations of +0.1 to 43.5.
--------------------------------------------------------------------------------------
**U.S. Stock Preview**
*Key U.S. news today includes: (1) weekly MBA mortgage applications (previous +4.9% to 337.8 with purchase sub-index +2.0% to 228.4 and refi sub-index +9.7% to 919.6), (2) Oct ADP employment (expected +190,000, Sep +230,000), (3) Q3 employment cost index (expected +0.7%, Q2 +0.6%), (4) Oct Chicago PMI (expected -0.4 to 60.0, Sep -3.2 to 60.4), (5) EIA weekly Petroleum Status Report.
*Notable S&P 500 earnings reports today include: GM (consensus $1.25), Kellogg (1.06), Allstate (2.21), Apache (0.47), Baxter (0.74), Williams Cos (0.21), Yum Brands (0.85).
*U.S. IPO's scheduled to price today: Axonics Modulation Technologies (AXNX).
*Equity conferences during the remainder of this week: SecureWorld Denver Conference on Wed, Solix EMPOWER New York Conference on Thu, TRANSACT Tech San Francisco Conference on Thu, Data Center Summit on Fri.
--------------------------------------------------------------------------------------
**Overnight U.S. Stock Movers**
*Facebook (FB +2.91%) is up nearly 4% in pre-market trading after it reported Q3 EPS of $1.76, above consensus of $1.47.
*Paycom Software (PAYC +4.62%) fell nearly 9% in after-hours trading after it forecast Q4 adjusted Ebitda of $49.5 million to $51.5 million, weaker than consensus of $52.3 million.
*Electronic Arts (EA +3.99%) fell 6% in after-hours trading after it forecast Q3 adjusted revenue of $1.725 billion, weaker than consensus of $1.990 billion.
*T-Mobile US (TMUS -1.53%) rose more than 3% in after-hours trading after it reported Q3 adjusted Ebitda of $3.24 billion, stronger than consensus of $3.07 billion.
*Shutterfly (SFLY +2.42%) tumbled 12% in after-hours trading after it reported Q3 revenue of $368.8 million, weaker than consensus of $377.5 million, and then forecast Q4 revenue of $943 million to $993 million, the midpoint below consensus of $980.5 million.
*Yum China Holdings (YUMC +1.57%) climbed nearly 4% in after-hours trading after it reported Q3 adjusted EPS of 51 cents, above consensus of 45 cents.
*Exact Sciences (EXAS +4.72%) rallied 8% in after-hours trading after it reported Q3 gross margin of 75%, better than consensus of 72%.
*3D Systems (DDD +8.51%) tumbled 18% in after-hours trading after it reported Q3 revenue of $164.5 million, well below consensus of $172.0 million.
*Whiting Petroleum (WLL +3.07%) rose 4% in after-hours trading after it reported Q3 adjusted EPS of 93 cents, well above consensus of 62 cents.
*Habit Restaurants (HABT +1.08%) jumped 10% in after-hours trading after it reported Q3 revenue of $104.6 million, better than consensus of $101.4 million, and then forecast full-year revenue of $397 million to $399 million, higher than consensus of $395.9 million.
*FireEye (FEYE +2.68%) rose 3% in after-hours trading after it reported Q3 adjusted EPS of 6 cents, better than consensus of 2 cents, and forecast Q4 adjusted EPS of 4 cents to 6 cents. higher than consensus of 3.8 cents.
*The Container Store Group (TCS +3.72%) sank 15% in after-hours trading after it reported Q2 net sales of $224.5 million, below consensus of $225.0 million.
*Clovis Oncology (CLVS -0.54%) slumped more than 21% in after-hours trading after it reported a Q3 adjusted loss per share of -$1.71, wider than consensus of -$1.60, and then forecast Q4 revenue "consistent with or slightly higher" than Q3 revenue of $22.8 million, weaker than consensus of $39.5 million.
--------------------------------------------------------------------------------------
**Market Comments**
*Dec S&P 500 E-minis (ESZ18 +0.68%) this morning are up +18.50 points (+0.69%). Tuesday's closes: S&P 500 +1.57%, Dow Jones +1.77%, Nasdaq 100 +1.43%. The S&P 500 on Tuesday closed higher on some trade optimism after President Trump said that he would like to make a trade deal with China "right now." Stocks were also boosted by the U.S. Oct consumer confidence report of +0.5 to a 6-month high of 116.6, stronger than expectations of -0.9 to 115.1. Stocks were undercut by concern about a slowdown in the U.S. housing market after the Aug S&P CoreLogic composite-20 home price index rose +5.5% y/y, weaker than expectations of +5.8% y/y and the smallest year-on-year increase in 1-3/4 years. There was also weakness in energy stocks after crude oil prices fell -1.28% to a 2-1/2 month low.
*Dec 10-year T-notes (ZNZ18 -0-070) this morning are down -7.5 ticks. Tuesday's closes: TYZ8 -5.50, FVZ8 -3.25. Dec 10-year T-notes on Tuesday closed lower on the unexpected increase in U.S. Oct consumer confidence to a 6-month high and on the rally in stocks, which curbed safe-haven demand for T-notes.
*The dollar index (DXY00 -0.11%) this morning is up +0.011 (+0.01%) at a new 16-month high, EUR/USD (^EURUSD +0.05%) is down -0.0003 (-0.03%) at a 2-1/2 month low, and USD/JPY (^USDJPY -0.02%) is up +0.02 (+0.02%) at a 3-week high. Tuesday's closes: Dollar Index +0.432 (+0.45%), EUR/USD -0.0028 (-0.25%), USD/JPY +0.76 (+0.68%). The dollar index on Tuesday climbed to a 16-month high on higher T-note yields, which boosted the dollar's interest rate differentials. The dollar was also boosted by weakness in the Chinese yuan that sank to a 10-1/4 year low of 6.9741 yuan/USD. The dollar was also boosted by the rally in stocks that reduced safe-haven demand for the yen and sent USD/JPY down to a 2-1/2 week low.
*Metals prices this morning are mixed with Dec gold (GCZ18 -0.43%) -6.0 (-0.49%) at a 2-1/2 week low, Dec silver (SIZ18 -0.74%) -0.0112 (-0.77%) at a 2-1/2 week low, and Dec copper (HGZ18 +0.08%) +0.006 (+0.23%). Tuesday's closes: Dec gold -2.3 (-0.19%), Dec silver +0.020 (+0.14%), Dec copper -0.0765 (-2.79%). Metals on Tuesday settled mixed with Dec gold at a 2-week low and Dec copper at a 6-week low. Metals prices were undercut by the rally in the dollar index to a 16-month high and by the rally in stocks, which curbed the safe-haven demand for precious metals. Gold prices were boosted by the recent stock market volatility that has boosted fund demand for gold as a store of wealth as long gold positions in ETFs rose to a 2-1/2 month high on Monday.
*Dec WTI crude oil prices (CLZ18 +0.26%) this morning are up +26 cents (+0.39%) and Dec gasoline (RBZ18 +0.73%) is +1.48 (+0.82%). Tuesday's closes: Dec crude oil -0.86 (-1.28%), Dec gasoline -1.86 (-1.02%). Dec crude oil and gasoline on Tuesday closed lower with Dec crude at a 2-1/2 month low. Crude oil prices were undercut by the rally in the dollar index to a 16-month high and by expectations for Wednesday's EIA crude inventories to increase by 3 million bbl. Crude oil prices continued to see underlying support from the impending reinstatement of U.S. sanctions on Iran this coming Monday (Nov 5), which will cut Iranian oil exports beyond the 35% drop that has already been seen.
{==========================================================}
*PLACING TRADES*
HOW TO READ THE MARKET
OK SO IF YOU LOOK AT TODAYS SHEET YOU WILL LOOK FOR YOUR BUY/SELL SIGNALS FIRST. THE BUY SELL SIGNAL IS LOCATED UNDER THE "POSMOM" & "NEGMOM" COLUMNS. FOR BUYS SIGNALS YOUR LOOKING FOR EITHER A "311", "411" OR "911" LIKEWISE FOR SELL SIGNALS. BUY AND SELL ARE BASED ON THE POS MOM AND NEG MOM THERE IS ALSO "11" WHICH MEANS THAT THE MARKET IS LOCKED IN WITH EITHER BULLISH OR BEARISH MOMENTUM. THIS IS ANALOGOUS TO A CONTINUATION PATTERN IN EITHER DIRECTION. NEXT YOU LOOK AT THE "TREND" COLUMN. IS YOU HAVE A BUY SIGNAL (AS INDICATED ABOVE) THEN YOU KNOW THAT YOU WILL BE TRADING WITH THE TREND IS THERE IS A "3","2" OR "1" IN THE TREND COLUMN. 3 IS A MATURE STAGE 3 TREND. EVERYTHING IS LOCKED IN MOMENTUM WISE. 2 IS A STAGE 2 TREND THAT IS STRENGTHENING AND WILL BECOME A STAGE 3 SOON. 1 IS THE BEGINNING STAGE OF A TREND THAT DEVELOPING. NEXT......IS THE MARKET TIMING. THATS WHERE THE PRICE TRIGGERS COME INTO PLAY. FOR LONGS YOU CAN ENTER @ THE "ENTRY" COLUMN OR TAKE A MORE CONSERVATIVE APPROACH (IF THE "52WK" COLUMN IS GREATER THAN THE "ENTRY" COLUMN) AND ENTER AT THE "52WK" TRIGGER. ONCE YOU HAVE MADE YOUR DECISION YOU SIMPLY PLACE THE TICKET AND WAIT FOR THE MARKET TO COME TO YOU.
*NOTE: THERE IS A FAILSAFE BUILT INTO THE SYSTEM. EVEN WITHOUT LOOKING AT THE POS MOM & NEG MOM YOU CAN JUST USE THE PRICE TRIGGERS THEMSELVES AND ENTER A TRADE. REASON BEING IS BECAUSE IF THE PRICE TRIGGER IS HIT THE MARKET WILL MOVE IN THE DIRECTION AND TAKE YOU ALONG FOR THE RIDE!
*EXITS* - THERE ARE TWO WAYS TO DO EXITS. FIRST YOU CAN EXIT WHEN THE OPPOSITE PRICE TRIGGER IS HIT.
*EXITS WORK LIKE ENTRY POINTS. YOU LET THE MARKET COME TO YOU. THE MORE CONSERVATIVE APPROACH IS TO USE THE "STOPLOSS" COLUMN AS YOUR EXIT ON LONG POSITIONS AND USE THE "ENTRY" COLUMN TO EXIT ON SHORT POSITIONS.
{==========================================================}
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, October 30, 2018
TVR [#551] 10-30-2018 END OF DAY REPORT: FALSE FLAGS AND BEAR MARKETS
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"!!
10/30/2018 - **Overnight Markets and News**
**Overnight Markets and News**
*Dec E-mini S&Ps (ESZ18 +0.34%) this morning are up +0.32% on optimism the U.S. and China can resolve their trade differences after President Trump in an interview with Fox News late Monday said, "I think we will make a great deal with China, and it has to be great because they've drained our country." President Trump and Chinese President Xi Jinping are scheduled to meet at the G-20 summit in Buenos Aires next month. European stocks are down -0.28% after Eurozone Q3 GDP grew at the slowest pace in nearly 4 years and after Eurozone Oct economic confidence fell to a 17-month low. Asian stocks settled mixed: Japan +1.45%, Hong Kong -0.91%, China +1.02%, Taiwan +0.10%, Australia +1.34%, Singapore -0.51%, South Korea +0.88%, India -0.52%. China's Shanghai Composite recovered from a 1-week low and closed higher after the China Securities Regulatory Commission said it will increase stock market liquidity and encourage long-term funds to invest in shares. Chinese stocks had moved lower on U.S.-China trade concerns along with weakness in the yuan which tumbled to a 10-1/4 year low of 6.9741 per dollar. Japanese shares closed higher as exporter stocks rallied after USD/JPY climbed to a 1-week high, which boosts the earnings prospects of exporters.
*The dollar index (DXY00 +0.34%) is up +0.29% at a 2-1/2 month high. EUR/USD (^EURUSD -0.19%) is down -0.19. USD/JPY (^USDJPY +0.41%) is up +0.39% at a 1-week high.
*Dec 10-year T-note prices (ZNZ18 -0-055) are down -7 ticks.
*Eurozone Q3 GDP rose +0.2% q/q and +1.7% y/y, weaker than expectations of +0.4% q/q and +1.8% y/y with the +1.7% y/y gain the slowest year-on-year pace of growth since Q4 2014.
*Eurozone Oct economic confidence fell -1.1 to a 17-month low of 109.8, weaker than expectations of -0.9 to 110.0. The Oct business climate indicator fell -0.20 to a 17-month low of 1.01, weaker than expectations of -0.05 to 1.16.
*German Oct unemployment fell -11,000 to 2.292 million, slightly less than expectations of -12,00. The Oct unemployment rate remained unchanged as expected at 5.1%, the lowest since German reunification.
*The Japan Sep jobless rate unexpectedly fell -0.1 to 2.3%, stronger than expectations of no change at 2.4%. The Sep job-to-applicant ratio rose +0.1 to a 44-3/4 year high of 1.64, stronger than expectations of no change at 1.63.
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**U.S. Stock Preview**
*Key U.S. news today includes: (1) Aug S&P CoreLogic composite-20 home price index (expected +0.1% m/m and +5.8% y/y, Jul +0.09% m/m and +5.9% y/y), and (2) Conference Board U.S. Oct consumer confidence (expected -2.5 to 135.9, Sep +3.7 to 138.4).
*Notable S&P 500 earnings reports today include: Facebook (consensus $1.47), GE (0.20), eBay (0.55), MasterCard (1.68), Electronic Arts (0.57), Amgen (3.46), MGM Resorts (0.19), Cummins (3.76), Under Armour (0.13), Aetna (2.83), Coca-Cola (0.55), Pfizer (0.75)
*U.S. IPO's scheduled to price today: Orchard Rx (ORTX), Twist Bioscience (TWST).
*Equity conferences during the remainder of this week: GSMA Mobile Russia & CIS Conference on Tue, SecureWorld Denver Conference on Wed, Solix EMPOWER New York Conference on Thu, TRANSACT Tech San Francisco Conference on Thu, Data Center Summit on Fri.
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**Overnight U.S. Stock Movers**
*Phillips 66 (PSX -0.94%) was upgraded to 'Overweight' from 'Neutral' at JPMorgan Chase with a price target of $138.
*KLA-Tencor (KLAC -2.39%) gained almost 2% in after-hours trading after it reported Q1 adjusted EPS of $2.46, higher than consensus of $2.21.
*Tesla (TSLA +1.19%) was downgraded to 'Sell' from 'Hold' at Independent Research GmbH with a price target of $320.
*Akami Technologies (AKAM +0.13%) rallied almost 5% in after-hours trading after it forecast Q4 adjusted EPS of 97 cents to $1.03, better than consensus of 90 cents.
*Texas Roadhouse (TXRH -0.46%) dropped more than 10% in after-hours trading after it reported Q3 EPS of 40 cents, below consensus of 54 cents.
*National Oilwell Varco (NOV -2.17%) was upgraded to 'Buy' from 'Hold' at Societe Generale with a price target of $48.
*Varonis Systems (VRNS -1.99%) rose 3% in after-hours trading after it forecast Q4 adjusted EPS of 32 cents to 34 cents, higher than consensus of 29 cents.
*Trex (TREX -3.68%) fell 5% in after-hours trading after it reported Q3 net sales of $166.4 million, below consensus of $173.2 million, and then forecast Q4 net sales of $131 million, weaker than consensus of $139 million.
*Chegg (CHGG -3.40%) climbed nearly 9% in after-hours trading after it raised guidance on full-year revenue to $315 million to $318 million from a prior forecast of $306 million to $3111 million, higher than consensus of $309.7 million.
*Mondelez International (MDLZ unch) gained more than 2% in after-hours trading after it reported Q3 adjusted EPS of 62 cents, better than consensus of 60 cents.
*Cognex (CGNX -3.95%) tumbled 11% in after-hours trading after it forecast Q4 revenue of $180 million to $190 million, weaker than consensus of $200.2 million.
*Nautilus (NLS +2.92%) dropped 8% in after-hours trading after it reported Q3 net sales of $91.1 million, weaker than consensus of $94.1 million.
*Transocean Ltd (RIG -5.20%) gained 2% in after-hours trading after it reported an unexpected profit of 7 cents EPS, better than consensus of a loss of -10 cents a share.
*Elevate Credit (ELVT -2.61%) plunged 21% in after-hours trading after it reported Q3 adjusted EPS of 2 cents, well below consensus of 13 cents.
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**Market Comments**
*Dec S&P 500 E-minis (ESZ18 +0.34%) this morning are up +8.50 points (+0.32%). Monday's closes: S&P 500 -0.66%, Dow Jones -0.99%, Nasdaq 100 -2.02%. The S&P 500 on Monday sold off to a 5-3/4 month low and closed lower on heightened trade concerns on a report the Trump administration will announce additional tariffs on Chinese imports in early December if trade talks scheduled for next month between President Trump and Chinese President Xi Jinping fail. Stocks were also undercut by the +0.2% increase in U.S. Sep personal income, weaker than expectations of +0.4%. Tech stocks dragged the market lower, led by a 6% slide in Amazon. Stocks found support on M&A activity after IBM acquired Red Hat for $33 billion. There was also strength in automakers on a report that China has proposed cutting the tax on new car purchases in half to 5% from 10% for vehicles with engines no bigger than 1.6 liters.
*Dec 10-year T-notes (ZNZ18 -0-055) this morning are down -7 ticks. Monday's closes: TYZ8 -2.50, FVZ8 -1.75. Dec T-notes on Monday closed lower on the +0.2% m/m increase in the U.S. Sep core PCE deflator (stronger than expectations of +0.1% m/m) and on the solid +0.4% increase in U.S. Sep personal spending.
*The dollar index (DXY00 +0.34%) this morning is up +0.276 (+0.29%) at a 2-1/2 month high, EUR/USD (^EURUSD -0.19%) is down -0.0022 (-0.19%), and USD/JPY (^USDJPY +0.41%) is up +0.44 (+0.39%) at a 1-week high. Monday's closes: Dollar Index -0.320 (-0.33%), EUR/USD -0.0030 (-0.26%), USD/JPY +0.46 (+0.41%). The dollar index on Monday closed higher on the solid +0.4% increase in U.S. Sep personal spending and on the increase in T-note yields, which boosted the dollar's interest rate differentials.
*Metals prices this morning are lower with Dec gold (GCZ18 -0.33%) -5.5 (-0.45%) at a 1-week low, Dec silver (SIZ18 -0.15%) -0.057 (-0.39%), and Dec copper (HGZ18 -1.19%) -0.034 (-1.24%). Monday's closes: Dec gold -8.2 (-0.66%), Dec silver -0.258 (-1.76%), Dec copper -0.0005 (-0.02%). Metals on Monday settled mixed. Metals prices were undercut by dollar strength and by a report that the U.S. will impose additional tariffs on Chinese goods in early December if trade talks scheduled for next month between President Trump and President Xi Jinpimg fail. Metals found support on signs of tight supplies after LME copper inventories fell -3,225 MT to a 2-1/2 year low of 143,225 MT.
*Dec WTI crude oil prices (CLZ18 -0.54%) this morning are down -38 cents (-0.57%) and Dec gasoline (RBZ18 +0.05%) is -0.09 (-0.05%). Monday's closes: Dec crude oil +0.26 (+0.39%), Dec gasoline +0.16 (+0.19%). Dec crude oil and gasoline on Monday settled mixed. Crude oil prices were undercut by a stronger dollar and by expectations for Wednesday's EIA crude inventories to increase by 3 million bbl. Crude oil prices continue to see support from the impending reinstatement of U.S. sanctions on Iran this coming Monday (Nov 5), which will cut Iranian oil exports beyond the 35% drop that has already been seen.
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 +0.34%) this morning are up +0.32% on optimism the U.S. and China can resolve their trade differences after President Trump in an interview with Fox News late Monday said, "I think we will make a great deal with China, and it has to be great because they've drained our country." President Trump and Chinese President Xi Jinping are scheduled to meet at the G-20 summit in Buenos Aires next month. European stocks are down -0.28% after Eurozone Q3 GDP grew at the slowest pace in nearly 4 years and after Eurozone Oct economic confidence fell to a 17-month low. Asian stocks settled mixed: Japan +1.45%, Hong Kong -0.91%, China +1.02%, Taiwan +0.10%, Australia +1.34%, Singapore -0.51%, South Korea +0.88%, India -0.52%. China's Shanghai Composite recovered from a 1-week low and closed higher after the China Securities Regulatory Commission said it will increase stock market liquidity and encourage long-term funds to invest in shares. Chinese stocks had moved lower on U.S.-China trade concerns along with weakness in the yuan which tumbled to a 10-1/4 year low of 6.9741 per dollar. Japanese shares closed higher as exporter stocks rallied after USD/JPY climbed to a 1-week high, which boosts the earnings prospects of exporters.
*The dollar index (DXY00 +0.34%) is up +0.29% at a 2-1/2 month high. EUR/USD (^EURUSD -0.19%) is down -0.19. USD/JPY (^USDJPY +0.41%) is up +0.39% at a 1-week high.
*Dec 10-year T-note prices (ZNZ18 -0-055) are down -7 ticks.
*Eurozone Q3 GDP rose +0.2% q/q and +1.7% y/y, weaker than expectations of +0.4% q/q and +1.8% y/y with the +1.7% y/y gain the slowest year-on-year pace of growth since Q4 2014.
*Eurozone Oct economic confidence fell -1.1 to a 17-month low of 109.8, weaker than expectations of -0.9 to 110.0. The Oct business climate indicator fell -0.20 to a 17-month low of 1.01, weaker than expectations of -0.05 to 1.16.
*German Oct unemployment fell -11,000 to 2.292 million, slightly less than expectations of -12,00. The Oct unemployment rate remained unchanged as expected at 5.1%, the lowest since German reunification.
*The Japan Sep jobless rate unexpectedly fell -0.1 to 2.3%, stronger than expectations of no change at 2.4%. The Sep job-to-applicant ratio rose +0.1 to a 44-3/4 year high of 1.64, stronger than expectations of no change at 1.63.
--------------------------------------------------------------------------------------
**U.S. Stock Preview**
*Key U.S. news today includes: (1) Aug S&P CoreLogic composite-20 home price index (expected +0.1% m/m and +5.8% y/y, Jul +0.09% m/m and +5.9% y/y), and (2) Conference Board U.S. Oct consumer confidence (expected -2.5 to 135.9, Sep +3.7 to 138.4).
*Notable S&P 500 earnings reports today include: Facebook (consensus $1.47), GE (0.20), eBay (0.55), MasterCard (1.68), Electronic Arts (0.57), Amgen (3.46), MGM Resorts (0.19), Cummins (3.76), Under Armour (0.13), Aetna (2.83), Coca-Cola (0.55), Pfizer (0.75)
*U.S. IPO's scheduled to price today: Orchard Rx (ORTX), Twist Bioscience (TWST).
*Equity conferences during the remainder of this week: GSMA Mobile Russia & CIS Conference on Tue, SecureWorld Denver Conference on Wed, Solix EMPOWER New York Conference on Thu, TRANSACT Tech San Francisco Conference on Thu, Data Center Summit on Fri.
--------------------------------------------------------------------------------------
**Overnight U.S. Stock Movers**
*Phillips 66 (PSX -0.94%) was upgraded to 'Overweight' from 'Neutral' at JPMorgan Chase with a price target of $138.
*KLA-Tencor (KLAC -2.39%) gained almost 2% in after-hours trading after it reported Q1 adjusted EPS of $2.46, higher than consensus of $2.21.
*Tesla (TSLA +1.19%) was downgraded to 'Sell' from 'Hold' at Independent Research GmbH with a price target of $320.
*Akami Technologies (AKAM +0.13%) rallied almost 5% in after-hours trading after it forecast Q4 adjusted EPS of 97 cents to $1.03, better than consensus of 90 cents.
*Texas Roadhouse (TXRH -0.46%) dropped more than 10% in after-hours trading after it reported Q3 EPS of 40 cents, below consensus of 54 cents.
*National Oilwell Varco (NOV -2.17%) was upgraded to 'Buy' from 'Hold' at Societe Generale with a price target of $48.
*Varonis Systems (VRNS -1.99%) rose 3% in after-hours trading after it forecast Q4 adjusted EPS of 32 cents to 34 cents, higher than consensus of 29 cents.
*Trex (TREX -3.68%) fell 5% in after-hours trading after it reported Q3 net sales of $166.4 million, below consensus of $173.2 million, and then forecast Q4 net sales of $131 million, weaker than consensus of $139 million.
*Chegg (CHGG -3.40%) climbed nearly 9% in after-hours trading after it raised guidance on full-year revenue to $315 million to $318 million from a prior forecast of $306 million to $3111 million, higher than consensus of $309.7 million.
*Mondelez International (MDLZ unch) gained more than 2% in after-hours trading after it reported Q3 adjusted EPS of 62 cents, better than consensus of 60 cents.
*Cognex (CGNX -3.95%) tumbled 11% in after-hours trading after it forecast Q4 revenue of $180 million to $190 million, weaker than consensus of $200.2 million.
*Nautilus (NLS +2.92%) dropped 8% in after-hours trading after it reported Q3 net sales of $91.1 million, weaker than consensus of $94.1 million.
*Transocean Ltd (RIG -5.20%) gained 2% in after-hours trading after it reported an unexpected profit of 7 cents EPS, better than consensus of a loss of -10 cents a share.
*Elevate Credit (ELVT -2.61%) plunged 21% in after-hours trading after it reported Q3 adjusted EPS of 2 cents, well below consensus of 13 cents.
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**Market Comments**
*Dec S&P 500 E-minis (ESZ18 +0.34%) this morning are up +8.50 points (+0.32%). Monday's closes: S&P 500 -0.66%, Dow Jones -0.99%, Nasdaq 100 -2.02%. The S&P 500 on Monday sold off to a 5-3/4 month low and closed lower on heightened trade concerns on a report the Trump administration will announce additional tariffs on Chinese imports in early December if trade talks scheduled for next month between President Trump and Chinese President Xi Jinping fail. Stocks were also undercut by the +0.2% increase in U.S. Sep personal income, weaker than expectations of +0.4%. Tech stocks dragged the market lower, led by a 6% slide in Amazon. Stocks found support on M&A activity after IBM acquired Red Hat for $33 billion. There was also strength in automakers on a report that China has proposed cutting the tax on new car purchases in half to 5% from 10% for vehicles with engines no bigger than 1.6 liters.
*Dec 10-year T-notes (ZNZ18 -0-055) this morning are down -7 ticks. Monday's closes: TYZ8 -2.50, FVZ8 -1.75. Dec T-notes on Monday closed lower on the +0.2% m/m increase in the U.S. Sep core PCE deflator (stronger than expectations of +0.1% m/m) and on the solid +0.4% increase in U.S. Sep personal spending.
*The dollar index (DXY00 +0.34%) this morning is up +0.276 (+0.29%) at a 2-1/2 month high, EUR/USD (^EURUSD -0.19%) is down -0.0022 (-0.19%), and USD/JPY (^USDJPY +0.41%) is up +0.44 (+0.39%) at a 1-week high. Monday's closes: Dollar Index -0.320 (-0.33%), EUR/USD -0.0030 (-0.26%), USD/JPY +0.46 (+0.41%). The dollar index on Monday closed higher on the solid +0.4% increase in U.S. Sep personal spending and on the increase in T-note yields, which boosted the dollar's interest rate differentials.
*Metals prices this morning are lower with Dec gold (GCZ18 -0.33%) -5.5 (-0.45%) at a 1-week low, Dec silver (SIZ18 -0.15%) -0.057 (-0.39%), and Dec copper (HGZ18 -1.19%) -0.034 (-1.24%). Monday's closes: Dec gold -8.2 (-0.66%), Dec silver -0.258 (-1.76%), Dec copper -0.0005 (-0.02%). Metals on Monday settled mixed. Metals prices were undercut by dollar strength and by a report that the U.S. will impose additional tariffs on Chinese goods in early December if trade talks scheduled for next month between President Trump and President Xi Jinpimg fail. Metals found support on signs of tight supplies after LME copper inventories fell -3,225 MT to a 2-1/2 year low of 143,225 MT.
*Dec WTI crude oil prices (CLZ18 -0.54%) this morning are down -38 cents (-0.57%) and Dec gasoline (RBZ18 +0.05%) is -0.09 (-0.05%). Monday's closes: Dec crude oil +0.26 (+0.39%), Dec gasoline +0.16 (+0.19%). Dec crude oil and gasoline on Monday settled mixed. Crude oil prices were undercut by a stronger dollar and by expectations for Wednesday's EIA crude inventories to increase by 3 million bbl. Crude oil prices continue to see support from the impending reinstatement of U.S. sanctions on Iran this coming Monday (Nov 5), which will cut Iranian oil exports beyond the 35% drop that has already been seen.
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, October 29, 2018
10/29/2019 - **Overnight Markets and News**
**Overnight Markets and News**
*Dec E-mini S&Ps (ESZ18 +1.03%) this morning are up +0.77% and European stocks are up +1.02% on strength in technology stocks. M&A activity gave the technology sector a lift as Red Hat surged 52% in pre-market trading after it was purchased by IBM for about $33 billion. A rally in automobile stocks is also boosting European stocks on a report that China's National Development and Reform Commission, China's top regulator, is proposing cutting the tax levied on new car purchases in half to 5% from 10% for vehicles with engines no bigger than 1.6 liters. European bank stocks are higher as well after quarterly earnings from HSBC Holdings Plc beat expectations. Asian stocks settled mixed: Japan -0.16%, Hong Kong +0.38%, China -2.18%, Taiwan +0.29%, Australia +1.11%, Singapore +0.32%, South Korea -0.95%, India +2.15%. China's Shanghai Composite fell to a 1-week low on concern about weaker corporate earnings after data showed China Sep industrial profits rose at the slowest pace in 6 months.
*The dollar index (DXY00 +0.05%) is up +0.10%. EUR/USD (^EURUSD +0.05%) is up +0.10%. USD/JPY (^USDJPY +0.44%) is up +0.29%.
*Dec 10-year T-note prices (ZNZ18 -0-060) are down -5.5 ticks.
*UK Sep net consumer credit rose +0.8 billion pounds, weaker than expectations of +1.2 billion pounds and the smallest increase in 6 months.
*UK Sep mortgage approvals rose 65,300, stronger than expectations of 64,700.
*Japan Sep retail sales fell -0.2% m/m, right on expectations and the first decline in 4 months.
*China Sep industrial profits rose +4.1% y/y, the smallest increase in 6 months.
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**U.S. Stock Preview**
*Key U.S. news today includes: (1) Sep personal spending (expected +0.4%, Aug +0.3%) and Sep personal income (expected +0.4%, Aug +0.3%), (2) Sep PCE deflator (expected +0.1% m/m and +2.0% y/y, Aug +0.1% m/m and +2.2% y/y) and Sep core PCE deflator (expected +0.1% m/m and +2.0% y/y, Aug unch m/m and +2.0% y/y), (3) Chicago Fed President Charles Evans (non-voter) speaks at a Chicago Fed banking conference, (4) Oct Dallas Fed manufacturing activity (expected +0.9 to 29.0, Sep -2.8 to 28.1).
*Notable S&P 500 earnings reports today include: Akamai Technology (consensus $0.83), Essex Property Trust (3.14), Affiliated Managers Group (3.42), AvalonBay Communities (2.26), Everest Re (2.73), Vornado Realty Trust (0.98), Mondelez (0.60), KLA-Tencor (2.21).
*U.S. IPO's scheduled to price today: none.
*Equity conferences during the remainder of this week: H2O AI World London Conference on Mon, Gabelli & Company Automotive Aftermarket Symposium on Mon, Singapore International Energy Week on Mon, JAMstack Conference on Mon, GSMA Mobile Russia & CIS Conference on Tue, SecureWorld Denver Conference on Wed, Solix EMPOWER New York Conference on Thu, TRANSACT Tech San Francisco Conference on Thu, Data Center Summit on Fri.
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**Overnight U.S. Stock Movers**
*Red Hat (RHT -3.19%) surged 5% in pre-market trading after IBM agreed to purchase it for about $33 billion. International Business machines (@symbolPercentChange(IBM is down nearly 6% on the news.
*Apple (AAPL -1.59%) was rated a new 'Buy' at Jeffries with a price target of $265.
*Martin Marietta (MLM -3.25%) was rated a new 'Buy' at Nomura Instinet with a price target of $220.
*Proofpoint (PFPT -15.59%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs with a price target of $114.
*Ford Motor (F -0.11%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs with a price target of $12.
*Core Laboratories (CLB -1.46%) was upgraded to 'Buy' from 'Hold' at Stifel with a price target of $110.
*Ralph Lauren (RL +0.14%)was rated a new 'Buy' at Deutsche Bank with a price target of $149.
*National Oilwell Varco (NOV -3.03%) was upgraded to 'Outperform' from 'In-Line' at Evercore ISI with a price target of $44.
*Colgate-Palmolive (CL -6.64%) was downgraded to 'Underweight' from 'Neutral' at JPMorgan Chase with a price target of $54.
*Lennar (LEN +3.98%) was upgraded to 'Outperform' from 'Neutral' at Wedbush with a price target of $50.
*CSX Corp (CSX -0.71%) may move higher initially this morning after Mantle Ridge LP reported a 5.1% stake in the company.
*The board of Pacific Premier Bancorp (PPBI -2.15%) approved a $100 million stock buyback program.
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**Market Comments**
*Dec S&P 500 E-minis (ESZ18 +1.03%) this morning are up +20.50 points (+0.77%). Friday's closes: S&P 500 -1.73%, Dow Jones -1.19%, Nasdaq 100 -2.34%. The S&P 500 on Friday sold off to a 5-3/4 month low and closed sharply lower on a slump in technology stocks, led by a 7% drop in Amazon and a 2% decline in Alphabet, after they both reported disappointing quarterly earnings results. Stocks were also undercut by the University of Michigan U.S. Oct consumer sentiment index report of -0.4 to 98.6, weaker than expectations of unchanged at 99.0. There was also technical selling as losses in the S&P 500 accelerated to a 5-3/4 month low. A positive factor was U.S. Q3 GDP report of +3.5% (q/q annualized) pace, stronger than expectations of +3.3%.
*Dec 10-year T-notes (ZNZ18 -0-060) this morning are down -5.5 ticks. Friday's closes: TYZ8 +16.00, FVZ8 +10.75. Dec 10-year T-notes on Friday rallied to a 5-week high on the sharp decline in stocks, which boosted the safe-haven demand for T-notes, and on the +1.6% q/q increase in U.S. Q3 core PCE, weaker than expectations of +1.8% q/q.
*The dollar index (DXY00 +0.05%) this morning is up +0.10 (+0.10%), EUR/USD (^EURUSD +0.05%) is up +0.0011 (+0.10%), and USD/JPY (^USDJPY +0.44%) is up +0.32 (+0.29%). Friday's closes: Dollar Index -0.320 (-0.33%), EUR/USD +0.0028 (+0.25%), USD/JPY -0.51 (-0.45%). The dollar index on Friday retreated from a 2-1/4 month high and closed lower on the decline in T-note yields, which weakened the dollar's interest rate differentials. There was also weakness in USD/JPY which fell to a 1-1/2 month low as the slide in stocks boosted safe-haven demand for the yen.
*Metals prices this morning are mixed with Dec gold (GCZ18 -0.36%) -3.9 (-0.32%), Dec silver (SIZ18 -0.10%) -0.020 (-0.14%), and Dec copper (HGZ18 +0.88%) +0.021 (+0.77%). Friday's closes: Dec gold +3.4 (+0.28%), Dec silver +0.070 (+0.48%), Dec copper -0.0135 (-0.49%). Metals on Friday settled mixed with Dec gold at a 3-1/4 month high and Dec copper at a 5-week low. Metals prices were boosted by the weaker dollar and by the sell-off in stocks, which boosted safe-haven demand for precious metals. Copper prices fell on concern the sell-off in stocks will crimp economic growth and diminish demand for copper, and also on Chinese demand concerns after weekly Shanghai copper inventories rose +8,154 MT to a 2-1/4 month high of 148,943 MT.
*Dec WTI crude oil prices (CLZ18 -0.28%) this morning are down -32 cents (-0.37%) and Dec gasoline (RBZ18 -0.02%) is -0.45 (-0.25%). Friday's closes: Dec crude oil +0.26 (+0.39%), Dec gasoline +0.16 (+0.19%). Dec crude oil and gasoline on Friday closed higher on dollar weakness and the stronger-than-expected U.S. Q3 GDP report of +3.5%, which signals increased fuel demand and consumption. Crude oil prices were undercut by the plunge in the S&P 500 to a 5-3/4 month low, which undercut confidence in the economic outlook and in energy demand.
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 +1.03%) this morning are up +0.77% and European stocks are up +1.02% on strength in technology stocks. M&A activity gave the technology sector a lift as Red Hat surged 52% in pre-market trading after it was purchased by IBM for about $33 billion. A rally in automobile stocks is also boosting European stocks on a report that China's National Development and Reform Commission, China's top regulator, is proposing cutting the tax levied on new car purchases in half to 5% from 10% for vehicles with engines no bigger than 1.6 liters. European bank stocks are higher as well after quarterly earnings from HSBC Holdings Plc beat expectations. Asian stocks settled mixed: Japan -0.16%, Hong Kong +0.38%, China -2.18%, Taiwan +0.29%, Australia +1.11%, Singapore +0.32%, South Korea -0.95%, India +2.15%. China's Shanghai Composite fell to a 1-week low on concern about weaker corporate earnings after data showed China Sep industrial profits rose at the slowest pace in 6 months.
*The dollar index (DXY00 +0.05%) is up +0.10%. EUR/USD (^EURUSD +0.05%) is up +0.10%. USD/JPY (^USDJPY +0.44%) is up +0.29%.
*Dec 10-year T-note prices (ZNZ18 -0-060) are down -5.5 ticks.
*UK Sep net consumer credit rose +0.8 billion pounds, weaker than expectations of +1.2 billion pounds and the smallest increase in 6 months.
*UK Sep mortgage approvals rose 65,300, stronger than expectations of 64,700.
*Japan Sep retail sales fell -0.2% m/m, right on expectations and the first decline in 4 months.
*China Sep industrial profits rose +4.1% y/y, the smallest increase in 6 months.
--------------------------------------------------------------------------------------
**U.S. Stock Preview**
*Key U.S. news today includes: (1) Sep personal spending (expected +0.4%, Aug +0.3%) and Sep personal income (expected +0.4%, Aug +0.3%), (2) Sep PCE deflator (expected +0.1% m/m and +2.0% y/y, Aug +0.1% m/m and +2.2% y/y) and Sep core PCE deflator (expected +0.1% m/m and +2.0% y/y, Aug unch m/m and +2.0% y/y), (3) Chicago Fed President Charles Evans (non-voter) speaks at a Chicago Fed banking conference, (4) Oct Dallas Fed manufacturing activity (expected +0.9 to 29.0, Sep -2.8 to 28.1).
*Notable S&P 500 earnings reports today include: Akamai Technology (consensus $0.83), Essex Property Trust (3.14), Affiliated Managers Group (3.42), AvalonBay Communities (2.26), Everest Re (2.73), Vornado Realty Trust (0.98), Mondelez (0.60), KLA-Tencor (2.21).
*U.S. IPO's scheduled to price today: none.
*Equity conferences during the remainder of this week: H2O AI World London Conference on Mon, Gabelli & Company Automotive Aftermarket Symposium on Mon, Singapore International Energy Week on Mon, JAMstack Conference on Mon, GSMA Mobile Russia & CIS Conference on Tue, SecureWorld Denver Conference on Wed, Solix EMPOWER New York Conference on Thu, TRANSACT Tech San Francisco Conference on Thu, Data Center Summit on Fri.
--------------------------------------------------------------------------------------
**Overnight U.S. Stock Movers**
*Red Hat (RHT -3.19%) surged 5% in pre-market trading after IBM agreed to purchase it for about $33 billion. International Business machines (@symbolPercentChange(IBM is down nearly 6% on the news.
*Apple (AAPL -1.59%) was rated a new 'Buy' at Jeffries with a price target of $265.
*Martin Marietta (MLM -3.25%) was rated a new 'Buy' at Nomura Instinet with a price target of $220.
*Proofpoint (PFPT -15.59%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs with a price target of $114.
*Ford Motor (F -0.11%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs with a price target of $12.
*Core Laboratories (CLB -1.46%) was upgraded to 'Buy' from 'Hold' at Stifel with a price target of $110.
*Ralph Lauren (RL +0.14%)was rated a new 'Buy' at Deutsche Bank with a price target of $149.
*National Oilwell Varco (NOV -3.03%) was upgraded to 'Outperform' from 'In-Line' at Evercore ISI with a price target of $44.
*Colgate-Palmolive (CL -6.64%) was downgraded to 'Underweight' from 'Neutral' at JPMorgan Chase with a price target of $54.
*Lennar (LEN +3.98%) was upgraded to 'Outperform' from 'Neutral' at Wedbush with a price target of $50.
*CSX Corp (CSX -0.71%) may move higher initially this morning after Mantle Ridge LP reported a 5.1% stake in the company.
*The board of Pacific Premier Bancorp (PPBI -2.15%) approved a $100 million stock buyback program.
--------------------------------------------------------------------------------------
**Market Comments**
*Dec S&P 500 E-minis (ESZ18 +1.03%) this morning are up +20.50 points (+0.77%). Friday's closes: S&P 500 -1.73%, Dow Jones -1.19%, Nasdaq 100 -2.34%. The S&P 500 on Friday sold off to a 5-3/4 month low and closed sharply lower on a slump in technology stocks, led by a 7% drop in Amazon and a 2% decline in Alphabet, after they both reported disappointing quarterly earnings results. Stocks were also undercut by the University of Michigan U.S. Oct consumer sentiment index report of -0.4 to 98.6, weaker than expectations of unchanged at 99.0. There was also technical selling as losses in the S&P 500 accelerated to a 5-3/4 month low. A positive factor was U.S. Q3 GDP report of +3.5% (q/q annualized) pace, stronger than expectations of +3.3%.
*Dec 10-year T-notes (ZNZ18 -0-060) this morning are down -5.5 ticks. Friday's closes: TYZ8 +16.00, FVZ8 +10.75. Dec 10-year T-notes on Friday rallied to a 5-week high on the sharp decline in stocks, which boosted the safe-haven demand for T-notes, and on the +1.6% q/q increase in U.S. Q3 core PCE, weaker than expectations of +1.8% q/q.
*The dollar index (DXY00 +0.05%) this morning is up +0.10 (+0.10%), EUR/USD (^EURUSD +0.05%) is up +0.0011 (+0.10%), and USD/JPY (^USDJPY +0.44%) is up +0.32 (+0.29%). Friday's closes: Dollar Index -0.320 (-0.33%), EUR/USD +0.0028 (+0.25%), USD/JPY -0.51 (-0.45%). The dollar index on Friday retreated from a 2-1/4 month high and closed lower on the decline in T-note yields, which weakened the dollar's interest rate differentials. There was also weakness in USD/JPY which fell to a 1-1/2 month low as the slide in stocks boosted safe-haven demand for the yen.
*Metals prices this morning are mixed with Dec gold (GCZ18 -0.36%) -3.9 (-0.32%), Dec silver (SIZ18 -0.10%) -0.020 (-0.14%), and Dec copper (HGZ18 +0.88%) +0.021 (+0.77%). Friday's closes: Dec gold +3.4 (+0.28%), Dec silver +0.070 (+0.48%), Dec copper -0.0135 (-0.49%). Metals on Friday settled mixed with Dec gold at a 3-1/4 month high and Dec copper at a 5-week low. Metals prices were boosted by the weaker dollar and by the sell-off in stocks, which boosted safe-haven demand for precious metals. Copper prices fell on concern the sell-off in stocks will crimp economic growth and diminish demand for copper, and also on Chinese demand concerns after weekly Shanghai copper inventories rose +8,154 MT to a 2-1/4 month high of 148,943 MT.
*Dec WTI crude oil prices (CLZ18 -0.28%) this morning are down -32 cents (-0.37%) and Dec gasoline (RBZ18 -0.02%) is -0.45 (-0.25%). Friday's closes: Dec crude oil +0.26 (+0.39%), Dec gasoline +0.16 (+0.19%). Dec crude oil and gasoline on Friday closed higher on dollar weakness and the stronger-than-expected U.S. Q3 GDP report of +3.5%, which signals increased fuel demand and consumption. Crude oil prices were undercut by the plunge in the S&P 500 to a 5-3/4 month low, which undercut confidence in the economic outlook and in energy demand.
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, October 26, 2018
10/26/2018 - **Overnight Markets and News**
**Overnight Markets and News**
*Dec E-mini S&Ps (ESZ18 -1.02%) this morning are down sharply by -1.20% at a 5-3/4 month low and European stocks are down -1.93% at a fresh 1-3/4 year low. Global stocks plunged as disappointing earnings reports from bellwether companies Alphabet and Amazon fuel a broad sell-off in technology stocks with Amazon down 8% and Alphabet down more than 5% in pre-market trading. Adding to market concerns, officials from the U.S. and China are increasingly pessimistic about the prospects for a resolution to their trade war. Larry Kudlow, head of President Trump's National Economic Council, accuses China of refusing to engage on trade issues while Chinese officials are said to be bracing for a prolonged fight and are focusing on adapting to a "new normal" in relations. The weakness in stocks boosted the safe-haven demand for government debt as the yield on the 10-year German bund fell to a 1-1/2 month low of 0.345% and the 10-year T-note yield dropped to a 3-week low of 3.075%. Asian stocks settled mostly lower: Japan -0.40%, Hong Kong -1.11%, China -0.19%, Taiwan -0.33%, Australia +0.02%, Singapore -1.35%, South Korea -1.51%, India -1.01%. Asian markets slumped on weakness in technology stocks along with concern about a global economic slowdown as Japan's Nikkei Stock Index tumbled to a 6-3/4 month low.
*The dollar index (DXY00 +0.11%) is up +0.09% at a 2-1/4 month high. EUR/USD (^EURUSD -0.26%) is down -0.25% at a 2-1/4 month low. USD/JPY (^USDJPY -0.31%) is down -0.41%. GBP/USD is down -0.16% at a 2-month low after people familiar with the matter said UK Prime Minister May's Cabinet is not close enough to agreeing on a way forward for top level Brexit negotiations to resume.
*Dec 10-year T-note prices (ZNZ18 +0-140) are up +15 ticks at a 5-week high.
*German Nov GfK consumer confidence was unch at 10.6, stronger than expectations of -0.1 to 10.5.
*France Oct consumer confidence rose +1 to 95, right on expectations.
--------------------------------------------------------------------------------------
**U.S. Stock Preview**
*Key U.S. news today includes: (1) Q3 GDP (expected +3.3% q/q annualized, Q2 +4.2%), (2) final-Oct University of Michigan U.S. consumer sentiment index (expected unch at 99.0, previous -1.1 to 99.0).
*Notable S&P 500 earnings reports today include: Charter Communications (consensus $1.02), Phillips 66 (2.47), Moody's (1.79), Rockwell Collins (2.00), Weyerhaeuser (0.37), Aon (1.23), Cabot Oil & Gas (0.28), Goodyear (0.74).
*U.S. IPO's scheduled to price today: none.
*Equity conferences during the remainder of this week: none.
--------------------------------------------------------------------------------------
**Overnight U.S. Stock Movers**
*Amazon.com (AMZN +7.09%) dropped more than 8% in pre-market trading after it reported Q3 net sales of $56.58 billion, below consensus of $57.07 billion, and then forecast Q4 net sales of $66.5 billion to $72.5 billion, weaker than consensus of $73.78 billion.
*Alphabet (GOOGL +4.40%) fell 5% in pre-market trading after it reported Q3 revenue ex-TAC of $27.20 billion, below consensus of $27.33 billion.
*Chipotle Mexican Grill (CMG +2.63%) gained almost 4% in after-hours trading after it reported Q3 adjusted EPS of $2.16, higher than consensus of $2.01.
*Intel (INTC +4.46%) rose 3% in after-hours trading after it reported Q3 revenue of $19.16 billion, well above consensus of $18.12 billion.
*Mohawk Industries (MHK +2.41%) tumbled 16% in after-hours trading after it reported Q3 adjusted EPS of $3.29, weaker than consensus of $3.58, and then forecast Q4 adjusted EPS of 2.45 to $2.60, well below consensus of $3.51.
*Expedia Group (EXPE +2.93%) climbed more than 6% in after-hours trading after it reported Q3 adjusted EPS of $3.56, better than consensus of $3.10.n
*Stryker (SYK +1.27%) fell 4% in after-hours trading after it reported Q3 net sales of $3.20 billion, weaker than consensus of $3.26 billion.
*First Solar (FSLR +2.57%) dropped almost 8% in after-hours trading after it forecast full-year net sales of $2.3 billion to $2.4 billion, below consensus of $2.5 billion.
*Western Digital (WDC +3.19%) declined more than 7% in after-hours trading after it reported Q1 net revenue of $5.03 billion, below consensus of $5.14 billion.
*L Brands (LB +3.24%) was rated a new 'Buy' at Goldman Sachs with a price target of $36.
*Mattel (MAT +2.98%) jumped 8% in after-hours trading after it reported Q3 gross margin of 42.6%, above consensus of 41.5%.
*Briggs & Stratton (BGG +2.02%) dropped 6% in after-hours trading after it reported Q1 net sales of $279 million, weaker than consensus of $296.5 million.
*Snap (SNAP +6.07%) fell nearly 4% in after-hours trading after it said Q3 daily active users fell -1% to 186 million, less than expectations of 186.8 million, and forecast Q4 revenue of $355 million to $380 million, the midpoint below consensus of $372.9 million.
--------------------------------------------------------------------------------------
**Market Comments**
*Dec S&P 500 E-minis (ESZ18 -1.02%) this morning are down -32.25 points (-1.20%) at a 5-3/4 month low. The S&P 500 on Thursday closed higher: S&P 500 +1.86%, Dow Jones +1.63%, Nasdaq 100 +3.35%. Bullish factors included (1) a rally in technology stocks, led by a 5% gain in Microsoft, after it reported stronger-than-expected Q1 revenue growth, (2) signs of strength in the U.S. labor market after weekly continuing unemployment claims unexpectedly fell -5,000 to a 45-year low of 1.636 million, and (3) the +0.5% m/m increase in U.S. Sep pending home sales, stronger than expectations of unch m/m.
*Dec 10-year T-notes (ZNZ18 +0-140) this morning are up +15 ticks at a 5-week high. Dec 10-year T-notes on Thursday closed lower: TYZ8 +11.50, FVZ8 +7.00. Bearish factors included (1) the stronger-than-expected U.S. Sep pending home sales, and (2) the rally in stocks that reduced the safe-haven demand for T-notes.
*The dollar index (DXY00 +0.11%) this morning is up +0.085 (+0.09%) at a 2-1/4 month high, EUR/USD (^EURUSD -0.26%) is down -0.0028 (-0.25%) at a 2-1/4 month low, and USD/JPY (^USDJPY -0.31%) is down -0.46 (-0.41%). The dollar index on Thursday climbed to a 2-1/4 month high and closed higher: Dollar Index +0.245 (+0.25%), EUR/USD -0.0017 (-0.15%), USD/JPY +0.16 (+0.14%). Bullish factors included (1) weakness in the yuan which tumbled to a 1-3/4 year low against the dollar, and (2) an increase in T-note yields that boosted the dollar's interest rate differentials.
*Metals prices this morning are mixed with Dec gold (GCZ18 +0.45%) +6.5 (+0.53%), Dec silver (SIZ18 +0.48%) +0.080 (+0.55%) and Dec copper (HGZ18 -1.20%) down -0.039 (-1.40%). Metals on Thursday settle mixed with Dec copper at a 2-week low: Dec gold +1.3 (+0.11%), Dec silver -0.046 (-0.31%), Dec copper -0.0030 (-0.11%). Bearish factors included (1) the rally in the dollar index to a 2-1/4 month high, and (2) strength in stock prices that curbed the safe-haven demand for precious metals. A bullish factor is the sell-off in global stock markets this week that has spurred fund buying of gold as long gold positions in ETFs rose to a 1-3/4 month high Wednesday.
*Dec WTI crude oil prices (CLZ18 -1.20%) this morning are down -97 cents (-1.44%) and Dec gasoline (RBZ18 -1.32%) is -3.19 (-1.76%). Dec crude oil and gasoline on Thursday settled mixed with Dec gasoline at an 8-month low: Dec crude oil +0.51 (+0.76%), Dec gasoline -0.89 (-0.49%). Bearish factors included (1) the rally in the dollar index to a 2-1/4 month high, and (2) the decline in the crack spread to a 1-week low, which reduces incentive for refiners to purchase gasoline to turn it into gasoline. A bullish factor was the statement from the Joint Ministerial Monitoring Committee that said OPEC must prepare "options" for how much oil it should produce next year to prevent the market slipping back into oversupply.
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 -1.02%) this morning are down sharply by -1.20% at a 5-3/4 month low and European stocks are down -1.93% at a fresh 1-3/4 year low. Global stocks plunged as disappointing earnings reports from bellwether companies Alphabet and Amazon fuel a broad sell-off in technology stocks with Amazon down 8% and Alphabet down more than 5% in pre-market trading. Adding to market concerns, officials from the U.S. and China are increasingly pessimistic about the prospects for a resolution to their trade war. Larry Kudlow, head of President Trump's National Economic Council, accuses China of refusing to engage on trade issues while Chinese officials are said to be bracing for a prolonged fight and are focusing on adapting to a "new normal" in relations. The weakness in stocks boosted the safe-haven demand for government debt as the yield on the 10-year German bund fell to a 1-1/2 month low of 0.345% and the 10-year T-note yield dropped to a 3-week low of 3.075%. Asian stocks settled mostly lower: Japan -0.40%, Hong Kong -1.11%, China -0.19%, Taiwan -0.33%, Australia +0.02%, Singapore -1.35%, South Korea -1.51%, India -1.01%. Asian markets slumped on weakness in technology stocks along with concern about a global economic slowdown as Japan's Nikkei Stock Index tumbled to a 6-3/4 month low.
*The dollar index (DXY00 +0.11%) is up +0.09% at a 2-1/4 month high. EUR/USD (^EURUSD -0.26%) is down -0.25% at a 2-1/4 month low. USD/JPY (^USDJPY -0.31%) is down -0.41%. GBP/USD is down -0.16% at a 2-month low after people familiar with the matter said UK Prime Minister May's Cabinet is not close enough to agreeing on a way forward for top level Brexit negotiations to resume.
*Dec 10-year T-note prices (ZNZ18 +0-140) are up +15 ticks at a 5-week high.
*German Nov GfK consumer confidence was unch at 10.6, stronger than expectations of -0.1 to 10.5.
*France Oct consumer confidence rose +1 to 95, right on expectations.
--------------------------------------------------------------------------------------
**U.S. Stock Preview**
*Key U.S. news today includes: (1) Q3 GDP (expected +3.3% q/q annualized, Q2 +4.2%), (2) final-Oct University of Michigan U.S. consumer sentiment index (expected unch at 99.0, previous -1.1 to 99.0).
*Notable S&P 500 earnings reports today include: Charter Communications (consensus $1.02), Phillips 66 (2.47), Moody's (1.79), Rockwell Collins (2.00), Weyerhaeuser (0.37), Aon (1.23), Cabot Oil & Gas (0.28), Goodyear (0.74).
*U.S. IPO's scheduled to price today: none.
*Equity conferences during the remainder of this week: none.
--------------------------------------------------------------------------------------
**Overnight U.S. Stock Movers**
*Amazon.com (AMZN +7.09%) dropped more than 8% in pre-market trading after it reported Q3 net sales of $56.58 billion, below consensus of $57.07 billion, and then forecast Q4 net sales of $66.5 billion to $72.5 billion, weaker than consensus of $73.78 billion.
*Alphabet (GOOGL +4.40%) fell 5% in pre-market trading after it reported Q3 revenue ex-TAC of $27.20 billion, below consensus of $27.33 billion.
*Chipotle Mexican Grill (CMG +2.63%) gained almost 4% in after-hours trading after it reported Q3 adjusted EPS of $2.16, higher than consensus of $2.01.
*Intel (INTC +4.46%) rose 3% in after-hours trading after it reported Q3 revenue of $19.16 billion, well above consensus of $18.12 billion.
*Mohawk Industries (MHK +2.41%) tumbled 16% in after-hours trading after it reported Q3 adjusted EPS of $3.29, weaker than consensus of $3.58, and then forecast Q4 adjusted EPS of 2.45 to $2.60, well below consensus of $3.51.
*Expedia Group (EXPE +2.93%) climbed more than 6% in after-hours trading after it reported Q3 adjusted EPS of $3.56, better than consensus of $3.10.n
*Stryker (SYK +1.27%) fell 4% in after-hours trading after it reported Q3 net sales of $3.20 billion, weaker than consensus of $3.26 billion.
*First Solar (FSLR +2.57%) dropped almost 8% in after-hours trading after it forecast full-year net sales of $2.3 billion to $2.4 billion, below consensus of $2.5 billion.
*Western Digital (WDC +3.19%) declined more than 7% in after-hours trading after it reported Q1 net revenue of $5.03 billion, below consensus of $5.14 billion.
*L Brands (LB +3.24%) was rated a new 'Buy' at Goldman Sachs with a price target of $36.
*Mattel (MAT +2.98%) jumped 8% in after-hours trading after it reported Q3 gross margin of 42.6%, above consensus of 41.5%.
*Briggs & Stratton (BGG +2.02%) dropped 6% in after-hours trading after it reported Q1 net sales of $279 million, weaker than consensus of $296.5 million.
*Snap (SNAP +6.07%) fell nearly 4% in after-hours trading after it said Q3 daily active users fell -1% to 186 million, less than expectations of 186.8 million, and forecast Q4 revenue of $355 million to $380 million, the midpoint below consensus of $372.9 million.
--------------------------------------------------------------------------------------
**Market Comments**
*Dec S&P 500 E-minis (ESZ18 -1.02%) this morning are down -32.25 points (-1.20%) at a 5-3/4 month low. The S&P 500 on Thursday closed higher: S&P 500 +1.86%, Dow Jones +1.63%, Nasdaq 100 +3.35%. Bullish factors included (1) a rally in technology stocks, led by a 5% gain in Microsoft, after it reported stronger-than-expected Q1 revenue growth, (2) signs of strength in the U.S. labor market after weekly continuing unemployment claims unexpectedly fell -5,000 to a 45-year low of 1.636 million, and (3) the +0.5% m/m increase in U.S. Sep pending home sales, stronger than expectations of unch m/m.
*Dec 10-year T-notes (ZNZ18 +0-140) this morning are up +15 ticks at a 5-week high. Dec 10-year T-notes on Thursday closed lower: TYZ8 +11.50, FVZ8 +7.00. Bearish factors included (1) the stronger-than-expected U.S. Sep pending home sales, and (2) the rally in stocks that reduced the safe-haven demand for T-notes.
*The dollar index (DXY00 +0.11%) this morning is up +0.085 (+0.09%) at a 2-1/4 month high, EUR/USD (^EURUSD -0.26%) is down -0.0028 (-0.25%) at a 2-1/4 month low, and USD/JPY (^USDJPY -0.31%) is down -0.46 (-0.41%). The dollar index on Thursday climbed to a 2-1/4 month high and closed higher: Dollar Index +0.245 (+0.25%), EUR/USD -0.0017 (-0.15%), USD/JPY +0.16 (+0.14%). Bullish factors included (1) weakness in the yuan which tumbled to a 1-3/4 year low against the dollar, and (2) an increase in T-note yields that boosted the dollar's interest rate differentials.
*Metals prices this morning are mixed with Dec gold (GCZ18 +0.45%) +6.5 (+0.53%), Dec silver (SIZ18 +0.48%) +0.080 (+0.55%) and Dec copper (HGZ18 -1.20%) down -0.039 (-1.40%). Metals on Thursday settle mixed with Dec copper at a 2-week low: Dec gold +1.3 (+0.11%), Dec silver -0.046 (-0.31%), Dec copper -0.0030 (-0.11%). Bearish factors included (1) the rally in the dollar index to a 2-1/4 month high, and (2) strength in stock prices that curbed the safe-haven demand for precious metals. A bullish factor is the sell-off in global stock markets this week that has spurred fund buying of gold as long gold positions in ETFs rose to a 1-3/4 month high Wednesday.
*Dec WTI crude oil prices (CLZ18 -1.20%) this morning are down -97 cents (-1.44%) and Dec gasoline (RBZ18 -1.32%) is -3.19 (-1.76%). Dec crude oil and gasoline on Thursday settled mixed with Dec gasoline at an 8-month low: Dec crude oil +0.51 (+0.76%), Dec gasoline -0.89 (-0.49%). Bearish factors included (1) the rally in the dollar index to a 2-1/4 month high, and (2) the decline in the crack spread to a 1-week low, which reduces incentive for refiners to purchase gasoline to turn it into gasoline. A bullish factor was the statement from the Joint Ministerial Monitoring Committee that said OPEC must prepare "options" for how much oil it should produce next year to prevent the market slipping back into oversupply.
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, October 25, 2018
TVR [#550] 10-25-2018 END OF DAY REPORT: FALSE FLAG INDEX
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"!!
10/25/2018 - **Overnight Markets and News**
**Overnight Markets and News**
*Dec E-mini S&Ps (ESZ18 +0.79%) this morning are up +0.80% and European stocks recovered from a 1-3/4 year low and are up +0.81%. Stronger than expected Q1 quarterly earnings results from Microsoft have pushed the stock up 5% in pre-market trading to lead a rally in technology stocks that is pushing the overall market higher. A rally in automakers lifted European stocks out of negative territory as Peugeot SA jumped 6% to lead auto stocks higher when the carmaker said plants are running "at full capacity" as demand remains strong for new models. Weaker than expected German Oct IFO business confidence fueled a rally in German bunds as the 10-year bund yield fell to a 1-1/2 month low of 0.380%. Trading activity in Europe was muted ahead of the results of the ECB meeting and press conference from ECB President Draghi later today. Asian stocks settled mostly lower: Japan -3.72%, Hong Kong -1.01%, China +0.02%, Taiwan -2.44%, Australia -2.83%, Singapore -0.63%, South Korea -1.71%, India -1.01%. Japan's Nikkei Stock Index tumbled to a 6-1/2 month low due to a sell-off in technology stocks and the plunge in U.S. equities on Wednesday. Chinese equity markets stabilized and actually recovered early losses and closed slightly higher on reports that state-sponsored funds were buying stocks in the last hour of trade. Chinese equities rebounded even after the yuan fell to a new 1-3/4 year low of 6.9558 against the dollar.
*The dollar index (DXY00 -0.10%) is down -0.10%. EUR/USD (^EURUSD +0.14%) is up +0.09%. USD/JPY (^USDJPY +0.08%) is up +0.02%.
*Dec 10-year T-note prices (ZNZ18 -0-015) are down -1.5 ticks.
*The German Oct IFO business climate fell -0.9 to 102.8, weaker than expectations of -0.5 to 103.2.
*Japan Sep PPI services rose +1.2% y/y, right on expectations.
--------------------------------------------------------------------------------------
**U.S. Stock Preview**
*Key U.S. news today includes: (1) weekly initial unemployment claims (expected +5,000 to 215,000, previous -5,000 to 210,000) and continuing claims (expected +4,000 to 1.644 million, previous -13,000 to 1.640 million), (2) Sep durable goods orders (expected -1.5% and +0.4% ex transportation, Aug +4.4% and unch ex transportation), (3) Sep wholesale inventories (expected +0.5%, Aug +1.0%) and Sep retail inventories (Aug +0.7%), (4) Sep pending home sales (expected unch m/m and -2.6% y/y, Aug -1.8% m/m and -2.5% y/y), (5) Oct Kansas City Fed manufacturing activity (expected +1 to 14, Sep -1 to 13), (6) Fed Vice Chairman Richard Clarida speaks about his outlook for the U.S. economy and monetary policy at an event in Washington, D.C., (7) Treasury auctions $31 billion of 7-year T-notes, (8) Cleveland Fed President Loretta Mester (voter) speaks to the Money Marketeers of NYU.
*Notable S&P 500 earnings reports today include: Amazon (consensus $3.11), Alphabet (10.45), Twitter (0.14), Intel (1.15), American Airlines (1.13), Comcast (0.61), Expedia (3.10), Merck (1.14), Newmont Mining (0.19), Ratheon (1.97), Simon Property Group (3.00), VeriSign (1.20), Waste Management (1.11).
*U.S. IPO's scheduled to price today: Gamida Cell (GMDA), Lovesac (LOVE).
*Equity conferences during the remainder of this week: Collaborative Robots, Advanced Vision and AI Conference on Wed-Thu.
--------------------------------------------------------------------------------------
**Overnight U.S. Stock Movers**
*Microsoft (MSFT -5.35%) rallied nearly 5% in pre-market trading after it reported Q1 EPS of $1.14, better than consensus of 96 cents.
*Tesla (TSLA -1.92%) jumped 11% in after-hours trading after it reported an unexpected Q3 adjusted EPS profit of $2.90, well above consensus for a -15 cents EPS loss.
*Align Technology (ALGN -6.69%) slumped more than 20% in after-hours trading after it forecast Q4 EPS of $1.10 to $1.15, well below consensus of $1.33.
*Xilinx (XLNX -7.70%) climbed 11% in after-hours trading after it forecast Q3 sales of $760 million to $780 million, well above consensus of $718.7 million.
*Vertex Pharmaceuticals (VRTX -6.36%) slid 3% in after-hours trading after it reported Q3 adjusted revenue of $783.9 million, below consensus of $786.9 million.
*Norfolk Southern (NSC +2.05%) was upgraded to 'Buy' from 'Hold' at Stifel with a price target of $189.
*Hilton Worldwide Holdings (HLT -7.33%) was upgraded to 'Buy' from 'Neutral' at B Riley FBR with a price target of $85.
*F5 Networks (FFIV -4.23%) rose more than 3% in after-hours trading after it reported Q4 adjusted EPS of $2.90, well above consensus of $2.63, and then forecast Q1 adjusted EPS of $2.51 to $2.54, higher than consensus of $2.47.
*Equifax (EFX -3.09%) tumbled almost 13% in after-hours trading after it reported Q3 adjusted EPS of $1.41, below consensus of $1.42, and then forecast Q4 adjusted EPS of $1.30 to $1.35, weaker than consensus of $1.43.
*O'Reilly Automotive (ORLY -5.14%) fell nearly 5% in after-hours trading after it forecast Q4 EPS of $3.60 to $3.70, below consensus of $3.74.
*Visa (V -3.49%) gained 2% in after-hours trading after it reported Q4 adjusted EPS of $1.21, better than consensus of $1.20.
*Whirlpool (WHR -4.97%) rallied 9% in after-hours trading after it reported Q3 ongoing EPS of $4.55, well above consensus of $3.76, and then forecast full-year ongoing EPS of $14.50 to $14.80, higher than consensus of $14.00.
*Kraton (KRA -5.31%) dropped more than 5% in after-hours trading after it reported Q3 adjusted EPS of $1.02, weaker than consensus of $1.29.
*Advanced Micro Devices (AMD -9.17%) sold-off nearly 17% in after-hours trading after it forecast Q4 revenue of about $1.45 billion, plus or minus $50 million, weaker than consensus of $1.6 billion.
*Ford Motor (F -4.77%) jumped 7% in after-hours trading after it reported Q3 automotive revenue of $34.70 billion, above consensus of $33.56 billion.
--------------------------------------------------------------------------------------
**Market Comments**
*Dec S&P 500 E-minis (ESZ18 +0.79%) this morning are up +21.25 points (+0.80%). Wednesday's closes: S&P 500 -3.09%, Dow Jones -2.41%, Nasdaq 100 -4.63%. The S&P 500 on Wednesday sold off to a 5-1/2 month low and settled sharply lower on carry-over weakness from a decline in European stocks to a 1-3/4 year low after the Eurozone Oct Markit manufacturing PMI fell -1.1 to a 2-year low of 52.1. There was also severe weakness in technology stocks, led by an 8% sell-off in Texas Instruments, after the company forecast slower growth for the rest of the year. Stocks were also undercut by concern about a slowdown in the U.S. housing market after Sep new home sales fell -5.5% to a 1-3/4 year low of 553,000, weaker than expectations of -0.6% to 625,000.
*Dec 10-year T-notes (ZNZ18 -0-015) this morning are down -1.5 ticks. Wednesday's closes: TYZ8 +11.50, FVZ8 +7.00. Dec 10-year T-notes on Wednesday rose to a 3-week high and closed higher on the larger-than-expected decline in U.S. Sep new home sales to a 1-3/4 year low and the slump in stock prices, which boosted the safe-haven demand for T-notes.
*The dollar index (DXY00 -0.10%) this morning is down -0.10 (-0.10%), EUR/USD (^EURUSD +0.14%) is up +0.0010 (+0.09%), and USD/JPY (^USDJPY +0.08%) is up +0.02 (+0.02%). Wednesday's closes: Dollar Index +0.473 (+0.49%), EUR/USD -0.0079 (-0.69%), USD/JPY -0.18 (-0.16%). The dollar index on Wednesday climbed to a 2-1/4 month high and closed higher on the slump in EUR/USD to a 2-1/4 month low after the Eurozone Oct Markit manufacturing PMI fell to a 2-year low, which is dovish for ECB policy. The dollar was also boosted by hawkish comments from Dallas Fed President Kaplan who said the Fed should keep raising interest rates until we get into the range of a "neutral stance."
*Metals prices this morning are higher with Dec gold (GCZ18 +0.37%) +4.8 (+0.39%), Dec silver (SIZ18 +0.57%) +0.099 (+0.67%) and Dec copper (HGZ18 +0.05%) +0.003 (+0.09%). Wednesday's closes: Dec gold -5.7 (-0.46%), Dec silver -0.117 (-0.79%), Dec copper -0.0005 (-0.02%). Metals on Wednesday closed lower on the rally in the dollar index to a 2-1/4 month high and the larger-than-expected drop in U.S. Sep new home sales to a 1-3/4 year low, which is negative for copper demand.
*Dec WTI crude oil prices (CLZ18 +0.40%) this morning are up +3 cents (+0.04%) and Dec gasoline (RBZ18 +0.29%) is +0.15 (+0.08%). Wednesday's closes: Dec crude oil +0.39 (+0.59%), Dec gasoline -1.51 (-0.82%). Dec crude oil and gasoline on Wednesday settled mixed. Product prices were boosted by the -4.826 million bbl decline in EIA gasoline inventories to a 10-month low (a bigger decline than expectations of -1.75 million bbl), and the -2.262 million bbl decline in EIA distillate supplies (a bigger decline than expectations of -2.0 million bbl). Crude oil prices were undercut by the rally in the dollar index to a 2-1/4 month high, and by the +6.346 million bbl increase in EIA crude supplies to a 4-month high, more than expectations of +3.5 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 +0.79%) this morning are up +0.80% and European stocks recovered from a 1-3/4 year low and are up +0.81%. Stronger than expected Q1 quarterly earnings results from Microsoft have pushed the stock up 5% in pre-market trading to lead a rally in technology stocks that is pushing the overall market higher. A rally in automakers lifted European stocks out of negative territory as Peugeot SA jumped 6% to lead auto stocks higher when the carmaker said plants are running "at full capacity" as demand remains strong for new models. Weaker than expected German Oct IFO business confidence fueled a rally in German bunds as the 10-year bund yield fell to a 1-1/2 month low of 0.380%. Trading activity in Europe was muted ahead of the results of the ECB meeting and press conference from ECB President Draghi later today. Asian stocks settled mostly lower: Japan -3.72%, Hong Kong -1.01%, China +0.02%, Taiwan -2.44%, Australia -2.83%, Singapore -0.63%, South Korea -1.71%, India -1.01%. Japan's Nikkei Stock Index tumbled to a 6-1/2 month low due to a sell-off in technology stocks and the plunge in U.S. equities on Wednesday. Chinese equity markets stabilized and actually recovered early losses and closed slightly higher on reports that state-sponsored funds were buying stocks in the last hour of trade. Chinese equities rebounded even after the yuan fell to a new 1-3/4 year low of 6.9558 against the dollar.
*The dollar index (DXY00 -0.10%) is down -0.10%. EUR/USD (^EURUSD +0.14%) is up +0.09%. USD/JPY (^USDJPY +0.08%) is up +0.02%.
*Dec 10-year T-note prices (ZNZ18 -0-015) are down -1.5 ticks.
*The German Oct IFO business climate fell -0.9 to 102.8, weaker than expectations of -0.5 to 103.2.
*Japan Sep PPI services rose +1.2% y/y, right on expectations.
--------------------------------------------------------------------------------------
**U.S. Stock Preview**
*Key U.S. news today includes: (1) weekly initial unemployment claims (expected +5,000 to 215,000, previous -5,000 to 210,000) and continuing claims (expected +4,000 to 1.644 million, previous -13,000 to 1.640 million), (2) Sep durable goods orders (expected -1.5% and +0.4% ex transportation, Aug +4.4% and unch ex transportation), (3) Sep wholesale inventories (expected +0.5%, Aug +1.0%) and Sep retail inventories (Aug +0.7%), (4) Sep pending home sales (expected unch m/m and -2.6% y/y, Aug -1.8% m/m and -2.5% y/y), (5) Oct Kansas City Fed manufacturing activity (expected +1 to 14, Sep -1 to 13), (6) Fed Vice Chairman Richard Clarida speaks about his outlook for the U.S. economy and monetary policy at an event in Washington, D.C., (7) Treasury auctions $31 billion of 7-year T-notes, (8) Cleveland Fed President Loretta Mester (voter) speaks to the Money Marketeers of NYU.
*Notable S&P 500 earnings reports today include: Amazon (consensus $3.11), Alphabet (10.45), Twitter (0.14), Intel (1.15), American Airlines (1.13), Comcast (0.61), Expedia (3.10), Merck (1.14), Newmont Mining (0.19), Ratheon (1.97), Simon Property Group (3.00), VeriSign (1.20), Waste Management (1.11).
*U.S. IPO's scheduled to price today: Gamida Cell (GMDA), Lovesac (LOVE).
*Equity conferences during the remainder of this week: Collaborative Robots, Advanced Vision and AI Conference on Wed-Thu.
--------------------------------------------------------------------------------------
**Overnight U.S. Stock Movers**
*Microsoft (MSFT -5.35%) rallied nearly 5% in pre-market trading after it reported Q1 EPS of $1.14, better than consensus of 96 cents.
*Tesla (TSLA -1.92%) jumped 11% in after-hours trading after it reported an unexpected Q3 adjusted EPS profit of $2.90, well above consensus for a -15 cents EPS loss.
*Align Technology (ALGN -6.69%) slumped more than 20% in after-hours trading after it forecast Q4 EPS of $1.10 to $1.15, well below consensus of $1.33.
*Xilinx (XLNX -7.70%) climbed 11% in after-hours trading after it forecast Q3 sales of $760 million to $780 million, well above consensus of $718.7 million.
*Vertex Pharmaceuticals (VRTX -6.36%) slid 3% in after-hours trading after it reported Q3 adjusted revenue of $783.9 million, below consensus of $786.9 million.
*Norfolk Southern (NSC +2.05%) was upgraded to 'Buy' from 'Hold' at Stifel with a price target of $189.
*Hilton Worldwide Holdings (HLT -7.33%) was upgraded to 'Buy' from 'Neutral' at B Riley FBR with a price target of $85.
*F5 Networks (FFIV -4.23%) rose more than 3% in after-hours trading after it reported Q4 adjusted EPS of $2.90, well above consensus of $2.63, and then forecast Q1 adjusted EPS of $2.51 to $2.54, higher than consensus of $2.47.
*Equifax (EFX -3.09%) tumbled almost 13% in after-hours trading after it reported Q3 adjusted EPS of $1.41, below consensus of $1.42, and then forecast Q4 adjusted EPS of $1.30 to $1.35, weaker than consensus of $1.43.
*O'Reilly Automotive (ORLY -5.14%) fell nearly 5% in after-hours trading after it forecast Q4 EPS of $3.60 to $3.70, below consensus of $3.74.
*Visa (V -3.49%) gained 2% in after-hours trading after it reported Q4 adjusted EPS of $1.21, better than consensus of $1.20.
*Whirlpool (WHR -4.97%) rallied 9% in after-hours trading after it reported Q3 ongoing EPS of $4.55, well above consensus of $3.76, and then forecast full-year ongoing EPS of $14.50 to $14.80, higher than consensus of $14.00.
*Kraton (KRA -5.31%) dropped more than 5% in after-hours trading after it reported Q3 adjusted EPS of $1.02, weaker than consensus of $1.29.
*Advanced Micro Devices (AMD -9.17%) sold-off nearly 17% in after-hours trading after it forecast Q4 revenue of about $1.45 billion, plus or minus $50 million, weaker than consensus of $1.6 billion.
*Ford Motor (F -4.77%) jumped 7% in after-hours trading after it reported Q3 automotive revenue of $34.70 billion, above consensus of $33.56 billion.
--------------------------------------------------------------------------------------
**Market Comments**
*Dec S&P 500 E-minis (ESZ18 +0.79%) this morning are up +21.25 points (+0.80%). Wednesday's closes: S&P 500 -3.09%, Dow Jones -2.41%, Nasdaq 100 -4.63%. The S&P 500 on Wednesday sold off to a 5-1/2 month low and settled sharply lower on carry-over weakness from a decline in European stocks to a 1-3/4 year low after the Eurozone Oct Markit manufacturing PMI fell -1.1 to a 2-year low of 52.1. There was also severe weakness in technology stocks, led by an 8% sell-off in Texas Instruments, after the company forecast slower growth for the rest of the year. Stocks were also undercut by concern about a slowdown in the U.S. housing market after Sep new home sales fell -5.5% to a 1-3/4 year low of 553,000, weaker than expectations of -0.6% to 625,000.
*Dec 10-year T-notes (ZNZ18 -0-015) this morning are down -1.5 ticks. Wednesday's closes: TYZ8 +11.50, FVZ8 +7.00. Dec 10-year T-notes on Wednesday rose to a 3-week high and closed higher on the larger-than-expected decline in U.S. Sep new home sales to a 1-3/4 year low and the slump in stock prices, which boosted the safe-haven demand for T-notes.
*The dollar index (DXY00 -0.10%) this morning is down -0.10 (-0.10%), EUR/USD (^EURUSD +0.14%) is up +0.0010 (+0.09%), and USD/JPY (^USDJPY +0.08%) is up +0.02 (+0.02%). Wednesday's closes: Dollar Index +0.473 (+0.49%), EUR/USD -0.0079 (-0.69%), USD/JPY -0.18 (-0.16%). The dollar index on Wednesday climbed to a 2-1/4 month high and closed higher on the slump in EUR/USD to a 2-1/4 month low after the Eurozone Oct Markit manufacturing PMI fell to a 2-year low, which is dovish for ECB policy. The dollar was also boosted by hawkish comments from Dallas Fed President Kaplan who said the Fed should keep raising interest rates until we get into the range of a "neutral stance."
*Metals prices this morning are higher with Dec gold (GCZ18 +0.37%) +4.8 (+0.39%), Dec silver (SIZ18 +0.57%) +0.099 (+0.67%) and Dec copper (HGZ18 +0.05%) +0.003 (+0.09%). Wednesday's closes: Dec gold -5.7 (-0.46%), Dec silver -0.117 (-0.79%), Dec copper -0.0005 (-0.02%). Metals on Wednesday closed lower on the rally in the dollar index to a 2-1/4 month high and the larger-than-expected drop in U.S. Sep new home sales to a 1-3/4 year low, which is negative for copper demand.
*Dec WTI crude oil prices (CLZ18 +0.40%) this morning are up +3 cents (+0.04%) and Dec gasoline (RBZ18 +0.29%) is +0.15 (+0.08%). Wednesday's closes: Dec crude oil +0.39 (+0.59%), Dec gasoline -1.51 (-0.82%). Dec crude oil and gasoline on Wednesday settled mixed. Product prices were boosted by the -4.826 million bbl decline in EIA gasoline inventories to a 10-month low (a bigger decline than expectations of -1.75 million bbl), and the -2.262 million bbl decline in EIA distillate supplies (a bigger decline than expectations of -2.0 million bbl). Crude oil prices were undercut by the rally in the dollar index to a 2-1/4 month high, and by the +6.346 million bbl increase in EIA crude supplies to a 4-month high, more than expectations of +3.5 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"!!
Wednesday, October 24, 2018
TVR [#549] 10-24-2018 END OF DAY REPORT: POINTERS IN SNP 500
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 -
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BULLS make money... BEARS make money.... PIGS get slaughtered!
"TAKE WHAT YOU CAN .........GIVE NOTHING BACK"!!
10/24/2018 - **Overnight Markets and News**
**Overnight Markets and News**
*Dec E-mini S&Ps (ESZ18 -0.54%) this morning are down -0.56% on weakness in technology stocks with Texas Instruments down 6% in pre-market trading after it forecast a slowdown in revenue in Q4. European stocks are up +0.79% on strength in exporters as EUR/USD falls -0.57% to a 2-month low, which boosts the earnings prospects for European exporters. EUR/USD declined, and the German 10-year bund yield tumbled to a 1-1/2 month low of 0.389% on signs of weakness n European manufacturing activity after the Eurozone Oct Markit manufacturing PMI fell -1.1 to 52.1, the slowest pace of expansion in 2-years. GBP/USD slid -0.52% to a 6-week low as UK Prime Minister May faces another showdown with her party over her Brexit plans later today. Asian stocks settled mixed: Japan +0.37%, Hong Kong -0.38%, China +0.33%, Taiwan -0.16%, Australia -0.24%, Singapore +0.02%, South Korea -0.43%, India +0.55%. Japan's Nikkei Stock Index recovered from a 2-1/4 month low and closed higher on signs of strength in Japanese manufacturing activity after the Japan Oct Nikkei manufacturing PMI rose +0.6 to a 6-month high of 53.1.
*The dollar index (DXY00 +0.47%) is up +0.41% at a 2-month high. EUR/USD (^EURUSD -0.61%) is down -0.57% at a 2-month low on the weaker-than-expected Eurozone Oct Markit manufacturing PMI. USD/JPY (^USDJPY +0.21%) is up +0.15%.
*Dec 10-year T-note prices (ZNZ18 +0-045) are up +4.5 ticks.
*Eurozone Oct Markit manufacturing PMI fell -1.1 to 52.1, weaker than expectations of -0.2 to 53.0 and the slowest pace of expansion in 2-years. The Oct Markit composite PMI fell -1.4 to a 2-year low of 52.7, weaker than expectations of -0.2 to 53.9.
*The German Oct Markit/BME manufacturing PMI fell -1.4 to a nearly 2-1/2 year low of 52.3, weaker than expectations of -0.3 to 53.4.
*Japan Oct Nikkei manufacturing PMI rose +0.6 to a 6-month high of 53.1.
--------------------------------------------------------------------------------------
**U.S. Stock Preview**
*Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -7.1% to 322.1 with purchase sub-index -5.9% to 224.0 and refi sub-index -9.0% to 838.1), (2) Aug FHFA house price index (expected +0.3% m/m, Jul +0.2% m/m), (3) Oct Markit manufacturing PMI (expected -0.3 to 55.3, Sep +0.9 to 55.6), (4) Sep new home sales (expected -0.6% to 625,000, Aug +3.5% to 629,000), (5) EIA weekly Petroleum Status Report, (6) Treasury auctions $19 billion of 2-year floating-rate notes and $39 billion of 5-year T-notes, (7) Atlanta Fed President Raphael Bostic (voter) takes part at the LSU Energy Summit in Baton Rouge, LA, (8) Cleveland Fed President Loretta Mester (voter) speaks in a moderated Q&A to the Forecasters Club in New York, (9) Fed Beige Book, (10) Fed Governor Lael Brainard speaks at an event in New York on economic and financial literacy.
*Notable Russell 2000 earnings reports today include: Microsoft (consensus $0.96), Ford (0.28), Visa (1.20), Boeing (3.47), AT&T (0.94), UPS (1.82).
*U.S. IPO's scheduled to price today: Pintec Technology Holdings (PT), Yeti Holdings (YETI).
*Equity conferences during the remainder of this week: Well Characterized Biologics & Biological Assays Conference on Wed, Collaborative Robots, Advanced Vision and AI Conference on Wed-Thu.
--------------------------------------------------------------------------------------
**Overnight U.S. Stock Movers**
*Texas Instruments (TXN +0.53%) fell more than 6% in pre-market trading after it reported Q3 revenue of $4.26 billion, weaker than consensus of $4.30 billion, and then forecast Q4 revenue of $3.60 billion to $3.90 billion, below consensus o $4 billion.
*South State Corp (SSB -5.31%) was downgraded to 'Underweight' from 'Equal-Weight' at Stephens with a price target of $57.
*Dish Network (DISH -8.34%) was upgraded to 'Buy' from 'Neutral' at Guggenheim Securities with a price target of $50.
*Carlisle (CSL -0.55%) dropped 7% in after-hours trading after the company reported Q3 revenue of $1.200 billion, below consensus of $1.205 billion.
*MKS Instruments (MKSI -1.46%) tumbled 13% in after-hours trading after it forecast Q4 adjusted EPS of $138 to $1.64, weaker than consensus of $1.77.
*iRobot (IRBT +1.17%) sank 10% in after-hours trading after it forecast full-year gross margins of 50.0%, below consensus of 50.7%,
*2U Inc (TWOU -1.60%) was rated a new 'Buy' at Needham & Co, with a price target of $80.
*Manhattan Associates (MANH -0.77%) climbed over 5% in after-hours trading after it reported Q3 adjusted EPS of 49 cents, higher than consensus of 40 cents.
*Navient (NAVI -0.96%) gained 2% in after-hours trading after it reported Q3 core EPS of 53 cents, higher than consensus of 49 cents.
*Vici Properties (VICI +0.42%) was rated a new 'Outperform' at Baird with a price target of $26.
*Noodles & Co (NDLS +0.64%) fell almost 12% in after-hours trading after it forecast full-year adjusted EPS of 1 cent to 4 cents, the midpoint below consensus of 4 cents.
*Clementia Pharmaceuticals (CMTA +6.27%) surged 20% in after-hours trading after it said it will submit a new drug application to the FDA for its Palovarotene in the treatment of fibrodysplasia ossificans progressiva.
--------------------------------------------------------------------------------------
**Market Comments**
*Dec S&P 500 E-minis (ESZ18 -0.54%) this morning are down -15.25 points (-0.56%). Tuesday's closes: S&P 500 -0.55%, Dow Jones -0.50%, Nasdaq 100 -0.32%. The S&P 500 on Tuesday sold off sharply to a 4-3/4 month low but then rebounded to close the day just moderately lower. U.S. stocks were undercut by negative carry-over from a slide in Asian and European equity markets. There was also concern that corporate profit growth has peaked after Caterpillar warned of rising raw material costs and 3M cut its profit forecast, resulting in sharp drops in those stocks. The market is also worried about recent corporate warnings about lower profit margins due to tariffs and higher input costs, and weaker sales in China. Energy stocks showed weakness after Dec WTI crude oil tumbled -4.22% to a 2-month low.
*Dec 10-year T-notes (ZNZ18 +0-045) this morning are up +4.5 ticks. Tuesday's closes: TYZ8 +8.50, FVZ8 +5.75. Dec 10-year T-notes on Tuesday rallied to a 2-1/2 week high and closed higher. T-notes were supported by increased safe-haven demand with the sell-off in stocks. T-notes also received a boost from reduced inflation expectations after the 10-year T-note breakeven rate tumbled to a 2-month low.
*The dollar index (DXY00 +0.47%) this morning is up +0.392 (+0.41%) at a 2-month high, EUR/USD (^EURUSD -0.61%) is down -0.0065 (-0.57%) at a 2-month low, and USD/JPY (^USDJPY +0.21%) is up +0.17 (+0.15%). Tuesday's closes: Dollar Index -0.052 (-0.05%), EUR/USD -0.0050 (-0.43%), USD/JPY +0.27 (+0.24%). The dollar index on Tuesday closed lower on the decline in the 10-year T-note yield to a 2-1/2 week low, which reduced the dollar's interest rate differentials. There was also weakness in USD/JPY as the slide in global stock prices boosted the safe-haven demand for the yen.
*Metals prices this morning are mixed with Dec gold (GCZ18 -0.32%) -3.7 (-0.30%), Dec silver (SIZ18 -0.09%) -0.023 (-0.16%) and Dec copper (HGZ18 +0.42%) +0.010 (+0.36%). Tuesday's closes: Dec gold +12.2 (+1.00%), Dec silver +0.206 (+1.41%), Dec copper -0.0275 (-0.99%). Metals on Tuesday settled mixed with Dec gold at a 2-3/4 month high. Metals prices were boosted by a weaker dollar and by increased safe-haven demand for precious metals after the S&P 500 dropped sharply to a 4-3/4 month low. Copper prices closed lower as the plunge in global stock prices spurred concern about the economic outlook and demand for commodities, including copper.
*Dec WTI crude oil prices (CLZ18 +0.38%) this morning are up +3 cents (+0.05%) and Dec gasoline (RBZ18 -0.11%) is -0.89 (-0.49%). Tuesday's closes: Dec crude oil -2.93 (-4.22%), Dec gasoline -7.06 (-3.71%). Dec crude oil and gasoline on Tuesday moved sharply lower with Dec crude at a 2-month low. The main bearish factor was Saudi Arabian Energy Minister Khalid Al-Falih's comment that OPEC and its allies are in a "produce as much as you can mode" to offset any shortfall in supply as a result of U.S. sanctions on Iran. Crude oil prices were also undercut by the plunge in the S&P 500 to a 4-3/4 month low, which undercuts confidence in the economic outlook and in energy demand. Crude oil prices also took a hit on expectations for Wednesday's EIA crude inventories report to jump +3.0 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 -0.54%) this morning are down -0.56% on weakness in technology stocks with Texas Instruments down 6% in pre-market trading after it forecast a slowdown in revenue in Q4. European stocks are up +0.79% on strength in exporters as EUR/USD falls -0.57% to a 2-month low, which boosts the earnings prospects for European exporters. EUR/USD declined, and the German 10-year bund yield tumbled to a 1-1/2 month low of 0.389% on signs of weakness n European manufacturing activity after the Eurozone Oct Markit manufacturing PMI fell -1.1 to 52.1, the slowest pace of expansion in 2-years. GBP/USD slid -0.52% to a 6-week low as UK Prime Minister May faces another showdown with her party over her Brexit plans later today. Asian stocks settled mixed: Japan +0.37%, Hong Kong -0.38%, China +0.33%, Taiwan -0.16%, Australia -0.24%, Singapore +0.02%, South Korea -0.43%, India +0.55%. Japan's Nikkei Stock Index recovered from a 2-1/4 month low and closed higher on signs of strength in Japanese manufacturing activity after the Japan Oct Nikkei manufacturing PMI rose +0.6 to a 6-month high of 53.1.
*The dollar index (DXY00 +0.47%) is up +0.41% at a 2-month high. EUR/USD (^EURUSD -0.61%) is down -0.57% at a 2-month low on the weaker-than-expected Eurozone Oct Markit manufacturing PMI. USD/JPY (^USDJPY +0.21%) is up +0.15%.
*Dec 10-year T-note prices (ZNZ18 +0-045) are up +4.5 ticks.
*Eurozone Oct Markit manufacturing PMI fell -1.1 to 52.1, weaker than expectations of -0.2 to 53.0 and the slowest pace of expansion in 2-years. The Oct Markit composite PMI fell -1.4 to a 2-year low of 52.7, weaker than expectations of -0.2 to 53.9.
*The German Oct Markit/BME manufacturing PMI fell -1.4 to a nearly 2-1/2 year low of 52.3, weaker than expectations of -0.3 to 53.4.
*Japan Oct Nikkei manufacturing PMI rose +0.6 to a 6-month high of 53.1.
--------------------------------------------------------------------------------------
**U.S. Stock Preview**
*Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -7.1% to 322.1 with purchase sub-index -5.9% to 224.0 and refi sub-index -9.0% to 838.1), (2) Aug FHFA house price index (expected +0.3% m/m, Jul +0.2% m/m), (3) Oct Markit manufacturing PMI (expected -0.3 to 55.3, Sep +0.9 to 55.6), (4) Sep new home sales (expected -0.6% to 625,000, Aug +3.5% to 629,000), (5) EIA weekly Petroleum Status Report, (6) Treasury auctions $19 billion of 2-year floating-rate notes and $39 billion of 5-year T-notes, (7) Atlanta Fed President Raphael Bostic (voter) takes part at the LSU Energy Summit in Baton Rouge, LA, (8) Cleveland Fed President Loretta Mester (voter) speaks in a moderated Q&A to the Forecasters Club in New York, (9) Fed Beige Book, (10) Fed Governor Lael Brainard speaks at an event in New York on economic and financial literacy.
*Notable Russell 2000 earnings reports today include: Microsoft (consensus $0.96), Ford (0.28), Visa (1.20), Boeing (3.47), AT&T (0.94), UPS (1.82).
*U.S. IPO's scheduled to price today: Pintec Technology Holdings (PT), Yeti Holdings (YETI).
*Equity conferences during the remainder of this week: Well Characterized Biologics & Biological Assays Conference on Wed, Collaborative Robots, Advanced Vision and AI Conference on Wed-Thu.
--------------------------------------------------------------------------------------
**Overnight U.S. Stock Movers**
*Texas Instruments (TXN +0.53%) fell more than 6% in pre-market trading after it reported Q3 revenue of $4.26 billion, weaker than consensus of $4.30 billion, and then forecast Q4 revenue of $3.60 billion to $3.90 billion, below consensus o $4 billion.
*South State Corp (SSB -5.31%) was downgraded to 'Underweight' from 'Equal-Weight' at Stephens with a price target of $57.
*Dish Network (DISH -8.34%) was upgraded to 'Buy' from 'Neutral' at Guggenheim Securities with a price target of $50.
*Carlisle (CSL -0.55%) dropped 7% in after-hours trading after the company reported Q3 revenue of $1.200 billion, below consensus of $1.205 billion.
*MKS Instruments (MKSI -1.46%) tumbled 13% in after-hours trading after it forecast Q4 adjusted EPS of $138 to $1.64, weaker than consensus of $1.77.
*iRobot (IRBT +1.17%) sank 10% in after-hours trading after it forecast full-year gross margins of 50.0%, below consensus of 50.7%,
*2U Inc (TWOU -1.60%) was rated a new 'Buy' at Needham & Co, with a price target of $80.
*Manhattan Associates (MANH -0.77%) climbed over 5% in after-hours trading after it reported Q3 adjusted EPS of 49 cents, higher than consensus of 40 cents.
*Navient (NAVI -0.96%) gained 2% in after-hours trading after it reported Q3 core EPS of 53 cents, higher than consensus of 49 cents.
*Vici Properties (VICI +0.42%) was rated a new 'Outperform' at Baird with a price target of $26.
*Noodles & Co (NDLS +0.64%) fell almost 12% in after-hours trading after it forecast full-year adjusted EPS of 1 cent to 4 cents, the midpoint below consensus of 4 cents.
*Clementia Pharmaceuticals (CMTA +6.27%) surged 20% in after-hours trading after it said it will submit a new drug application to the FDA for its Palovarotene in the treatment of fibrodysplasia ossificans progressiva.
--------------------------------------------------------------------------------------
**Market Comments**
*Dec S&P 500 E-minis (ESZ18 -0.54%) this morning are down -15.25 points (-0.56%). Tuesday's closes: S&P 500 -0.55%, Dow Jones -0.50%, Nasdaq 100 -0.32%. The S&P 500 on Tuesday sold off sharply to a 4-3/4 month low but then rebounded to close the day just moderately lower. U.S. stocks were undercut by negative carry-over from a slide in Asian and European equity markets. There was also concern that corporate profit growth has peaked after Caterpillar warned of rising raw material costs and 3M cut its profit forecast, resulting in sharp drops in those stocks. The market is also worried about recent corporate warnings about lower profit margins due to tariffs and higher input costs, and weaker sales in China. Energy stocks showed weakness after Dec WTI crude oil tumbled -4.22% to a 2-month low.
*Dec 10-year T-notes (ZNZ18 +0-045) this morning are up +4.5 ticks. Tuesday's closes: TYZ8 +8.50, FVZ8 +5.75. Dec 10-year T-notes on Tuesday rallied to a 2-1/2 week high and closed higher. T-notes were supported by increased safe-haven demand with the sell-off in stocks. T-notes also received a boost from reduced inflation expectations after the 10-year T-note breakeven rate tumbled to a 2-month low.
*The dollar index (DXY00 +0.47%) this morning is up +0.392 (+0.41%) at a 2-month high, EUR/USD (^EURUSD -0.61%) is down -0.0065 (-0.57%) at a 2-month low, and USD/JPY (^USDJPY +0.21%) is up +0.17 (+0.15%). Tuesday's closes: Dollar Index -0.052 (-0.05%), EUR/USD -0.0050 (-0.43%), USD/JPY +0.27 (+0.24%). The dollar index on Tuesday closed lower on the decline in the 10-year T-note yield to a 2-1/2 week low, which reduced the dollar's interest rate differentials. There was also weakness in USD/JPY as the slide in global stock prices boosted the safe-haven demand for the yen.
*Metals prices this morning are mixed with Dec gold (GCZ18 -0.32%) -3.7 (-0.30%), Dec silver (SIZ18 -0.09%) -0.023 (-0.16%) and Dec copper (HGZ18 +0.42%) +0.010 (+0.36%). Tuesday's closes: Dec gold +12.2 (+1.00%), Dec silver +0.206 (+1.41%), Dec copper -0.0275 (-0.99%). Metals on Tuesday settled mixed with Dec gold at a 2-3/4 month high. Metals prices were boosted by a weaker dollar and by increased safe-haven demand for precious metals after the S&P 500 dropped sharply to a 4-3/4 month low. Copper prices closed lower as the plunge in global stock prices spurred concern about the economic outlook and demand for commodities, including copper.
*Dec WTI crude oil prices (CLZ18 +0.38%) this morning are up +3 cents (+0.05%) and Dec gasoline (RBZ18 -0.11%) is -0.89 (-0.49%). Tuesday's closes: Dec crude oil -2.93 (-4.22%), Dec gasoline -7.06 (-3.71%). Dec crude oil and gasoline on Tuesday moved sharply lower with Dec crude at a 2-month low. The main bearish factor was Saudi Arabian Energy Minister Khalid Al-Falih's comment that OPEC and its allies are in a "produce as much as you can mode" to offset any shortfall in supply as a result of U.S. sanctions on Iran. Crude oil prices were also undercut by the plunge in the S&P 500 to a 4-3/4 month low, which undercuts confidence in the economic outlook and in energy demand. Crude oil prices also took a hit on expectations for Wednesday's EIA crude inventories report to jump +3.0 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, October 23, 2018
TVR [#548] 10-23-2018 END OF DAY REPORT: BEAR MARKET RALLIES.
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"!!
10/23/2018 - **Overnight Markets and News**
**Overnight Markets and News**
*Dec E-mini S&Ps (ESZ18 -1.28%) this morning are down sharply by -1.19% at a 1-week low and European stocks are down -1.04% at a 1-3/4 year low. A rout in Asian equities carried over into European and U.S. markets on increased concern about a slowdown in China's economy and upcoming corporate earnings. Technology stocks are weaker led by a sell-off in Europe, after Apple chip supplier AMS AG plunged 27% after its margin outlook for Q4 disappointed. Energy stocks are lower as well as Dec WTI crude oil (CLZ18 -1.60%) is down -1.73% at a 1-1/2 month low after Saudi Arabian Energy Minister Khalid Al-Falih said Saudi Arabia will meet any shortfall in supply due to sanctions on Iran. The slump in global stock markets has boosted demand for safe-havens as Dec COMEX gold (GCZ18 +1.06%) is up +1.08% at a 2-3/4 month high. Asian stocks settled sharply lower: Japan -2.67%, Hong Kong -3.08%, China -2.26%, Taiwan -2.00%, Australia -1.05%, Singapore -1.52%, South Korea -2.46%, India -0.84%. Japan's Nikkei Stock Index tumbled to a 2-1/4 month low and Chinese shares plummeted on concern about a Chinese economic slowdown even after the Chinese government this past weekend announced fresh measures to boost economic growth.
*The dollar index (DXY00 -0.01%) is down -0.06%. EUR/USD (^EURUSD -0.03%) is down -0.01%. USD/JPY (^USDJPY -0.44%) is down -0.44% as a decline in global stock markets boosts safe-haven demand for the yen.
*Dec 10-year T-note prices (ZNZ18 +0-100) are up +9.5 ticks at a 1-week high.
*UK Oct CBI trends total orders unexpectedly fell -5 to a 2-year low of -6, weaker than expectations of +3 to 2. The Oct CBI trends selling prices fell -5 to a 13-month low of 10, weaker than expectations of +2 to 15.
*German Sep PPI of +0.5% m/m and +3.2% y/y was stronger than expectations of +0.3% m/m and +3.0% y/y and the fastest pace of increase in 1-1/2 years.
--------------------------------------------------------------------------------------
**U.S. Stock Preview**
*Key U.S. news today includes: (1) Oct Richmond Fed manufacturing survey (expected -5 to 24, Sep +5 to 29), (2) Treasury auctions $38 billion of 2-year T-notes, (3) Atlanta Fed President Raphael Bostic (voter) speaks about the U.S. economy and monetary policy at he LSU Alumni Center, (4) Dallas Fed President Robert Kaplan (non-voter) speaks at the Galveston Economic Development Partnership Summit, (5) Kansas City Fed President Esther George (non-voter) speaks on the U.S. payment system on a panel at a conference in Sydney, Australia.
*Notable Russell 2000 earnings reports today include: Caterpillar (consensus $2.85), McDonalds (1.99), PulteGroup (0.94), Verizon (1.19), Texas Instruments (1.53), Capital One (1.09).
*U.S. IPO's scheduled to price today: Alzheon (ALZH).
*Equity conferences during the remainder of this week: Well Characterized Biologics & Biological Assays Conference on Wed, Collaborative Robots, Advanced Vision and AI Conference on Wed-Thu.
--------------------------------------------------------------------------------------
**Overnight U.S. Stock Movers**
*NetApp (NTAP +3.55%) and Micron Technology (MU -1.71%) were both downgraded to 'Neutral' from 'Positive' at Susquehanna Financial.
*Red Hat (RHT +1.48%) was rated a new 'Buy' at Needham & Co with a price target of $183.
*Hilton Worldwide Holdings (HLT -0.71%) was rated a new 'Outperform' at Cowen with a price target of $81.
*Chevron (@symbolPercentChange(CVX was assumed an 'Overweight' rating at Piper Jaffray with a price target of $139.
*Zions Bancorp NA (ZION -3.45%) gained 2% in after-hours trading after it reported Q3 EPS of $1.04, better than consensus of 96 cents.
*Moelis & Co (MC -0.37%) fell 3% in after-hours trading after it reported Q3 revenue of $207.7 million, weaker than consensus of $230.3 million.
*SS&C Technologies Holdings (SSNC -0.74%) climbed more than 6% in after-hours trading after it reported preliminary Q3 adjusted EPS of 78 cents-79 cents, above consensus of 66 cents.
*Cadence Design Systems (CDNS +1.25%) jumped 9% in after-hours trading after it reported Q3 adjusted EPS of 49 cents, higher than consensus of 1 cents, and then forecast full-year adjusted EPS of $1.80 to $1.82, above consensus of $1.68.
*Fabrinet (FN -0.60%) was reinstated at Stifel with a 'Buy' rating and a price target of $53.
*Superior Energy Services (SPN -3.86%) slid more than 2% in after-hours trading after it reported Q3 adjusted Ebitda of $99.8 million, weaker than consensus of $104.2 million.
*Aratna Therapeutics (PETX +13.06%) rose 2% in after-hours trading, on top on Monday's 13% gain, after dealReporter said the company is working with Barclays to explore alternatives.
*Proteostasis Therapeutics (PTI -9.43%) fell 3% in after-hours trading after it announced that it intends to offer 9 million shares of its common stock in an underwritten public offering.
*Senseonics Holdings (SENS -4.16%) rallied nearly 6% in after-hours trading after Aetna said it would provide coverage for Senseonic's Eversense glucose monitoring system.
*Affimed NV (AFMD -1.87%) tumbled 8% in after-hours trading after it filed to sell a $150 million shelf of mixed securities.
--------------------------------------------------------------------------------------
**Market Comments**
*Dec S&P 500 E-minis (ESZ18 -1.28%) this morning are down sharply by -32.75 points (-1.19%) at a 1-week low. Monday's closes: S&P 500 -0.43%, Dow Jones -0.50%, Nasdaq 100 +0.48%. The S&P 500 on Monday closed lower on weakness in bank stocks and on caution ahead of a spate of S&P 500 company quarterly earnings results that will be released this week. Stocks were supported by Monday's 4% rally in China's Shanghai Composite to a 1-week high after Chinese President Xi Jinping vowed "unwavering" support for non-state firms and the government released a detailed draft plan to cut personal income taxes.
*Dec 10-year T-notes (ZNZ18 +0-100) this morning are up +9.5 ticks at a 1-week high. Monday's closes: TYZ8 +1.50, FVZ8 +0.75. Dec 10-year T-notes on Monday closed higher on stock market weakness that boosted safe-haven demand for T-notes. T-notes were also supported by the weaker-than-expected Sep Chicago Fed national activity index. T-note prices were undercut by supply pressures as the Treasury will auction $127 billion of T-notes and floating-rate notes this week.
*The dollar index (DXY00 -0.01%) this morning is down -0.068 (-0.06%), EUR/USD (^EURUSD -0.03%) is -0.0001 (-0.01%), and USD/JPY (^USDJPY -0.44%) is down -0.50 (-0.44%). Monday's closes: Dollar Index +0.300 (+0.31%), EUR/USD -0.0050 (-0.43%), USD/JPY +0.27 (+0.24%). The dollar index on Monday rose to a 1-1/2 week high and closed higher on strength in USD/JPY which climbed to a 1-week high after Chinese stocks rallied sharply to a 1-week high and curbed the safe-haven demand for the yen. The dollar was also boosted by a slide in EUR/USD after the Bundesbank warned that German Q3 GDP would be weak due to new emission-test procedures in the auto industry that left "deep marks" on industrial production.
*Metals prices this morning are mixed with Dec gold (GCZ18 +1.06%) +13.2 (+1.08%) at a 2-3/4 month high, Dec silver (SIZ18 +0.98%) +0.153 (+1.05%) and Dec copper (HGZ18 -0.97%) -0.022 (-0.77%). Monday's closes: Dec gold -1.4 (-0.11%), Dec silver +0.046 (+0.31%), Dec copper +0.0315 (+1.15%). Metals on Monday settled mixed. Metals prices were undercut by a rally in the dollar index and by reduced Italian political risks that curbed the safe-haven demand for precious metals after the yield on Italy's 10-year government bond fell to a 2-week low when Moody's Investors Service late Friday cut Italy's sovereign debt rating but said the outlook was "stable," which bolstered speculation another credit rating cut was not imminent.
*Dec WTI crude oil prices (CLZ18 -1.60%) this morning are down -$1.20 a barrel (-1.73%) at a 1-1/2 month low and Dec gasoline (RBZ18 -2.04%) is -4.50 (-2.36%). Monday's closes: Dec crude oil +0.08 (+0.12%), Dec gasoline -0.52 (-0.27%). Dec crude oil and gasoline on Monday settled mixed with Dec gasoline at a 7-1/4 month low. Crude oil prices were undercut by a stronger dollar and by reduced concern about Saudi Arabia using its crude exports as a political weapon after Saudi Energy Minister Khalid Al-Falih said Saudi Arabia "for decades has used its oil policy as a responsible economic tool and isolated it from politics." The main bullish factor continues to be global supply concerns with the collapse in Venezuelan crude production and the imminent U.S. sanctions on Iran next month that will further reduce Iran's crude exports.
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 -1.28%) this morning are down sharply by -1.19% at a 1-week low and European stocks are down -1.04% at a 1-3/4 year low. A rout in Asian equities carried over into European and U.S. markets on increased concern about a slowdown in China's economy and upcoming corporate earnings. Technology stocks are weaker led by a sell-off in Europe, after Apple chip supplier AMS AG plunged 27% after its margin outlook for Q4 disappointed. Energy stocks are lower as well as Dec WTI crude oil (CLZ18 -1.60%) is down -1.73% at a 1-1/2 month low after Saudi Arabian Energy Minister Khalid Al-Falih said Saudi Arabia will meet any shortfall in supply due to sanctions on Iran. The slump in global stock markets has boosted demand for safe-havens as Dec COMEX gold (GCZ18 +1.06%) is up +1.08% at a 2-3/4 month high. Asian stocks settled sharply lower: Japan -2.67%, Hong Kong -3.08%, China -2.26%, Taiwan -2.00%, Australia -1.05%, Singapore -1.52%, South Korea -2.46%, India -0.84%. Japan's Nikkei Stock Index tumbled to a 2-1/4 month low and Chinese shares plummeted on concern about a Chinese economic slowdown even after the Chinese government this past weekend announced fresh measures to boost economic growth.
*The dollar index (DXY00 -0.01%) is down -0.06%. EUR/USD (^EURUSD -0.03%) is down -0.01%. USD/JPY (^USDJPY -0.44%) is down -0.44% as a decline in global stock markets boosts safe-haven demand for the yen.
*Dec 10-year T-note prices (ZNZ18 +0-100) are up +9.5 ticks at a 1-week high.
*UK Oct CBI trends total orders unexpectedly fell -5 to a 2-year low of -6, weaker than expectations of +3 to 2. The Oct CBI trends selling prices fell -5 to a 13-month low of 10, weaker than expectations of +2 to 15.
*German Sep PPI of +0.5% m/m and +3.2% y/y was stronger than expectations of +0.3% m/m and +3.0% y/y and the fastest pace of increase in 1-1/2 years.
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**U.S. Stock Preview**
*Key U.S. news today includes: (1) Oct Richmond Fed manufacturing survey (expected -5 to 24, Sep +5 to 29), (2) Treasury auctions $38 billion of 2-year T-notes, (3) Atlanta Fed President Raphael Bostic (voter) speaks about the U.S. economy and monetary policy at he LSU Alumni Center, (4) Dallas Fed President Robert Kaplan (non-voter) speaks at the Galveston Economic Development Partnership Summit, (5) Kansas City Fed President Esther George (non-voter) speaks on the U.S. payment system on a panel at a conference in Sydney, Australia.
*Notable Russell 2000 earnings reports today include: Caterpillar (consensus $2.85), McDonalds (1.99), PulteGroup (0.94), Verizon (1.19), Texas Instruments (1.53), Capital One (1.09).
*U.S. IPO's scheduled to price today: Alzheon (ALZH).
*Equity conferences during the remainder of this week: Well Characterized Biologics & Biological Assays Conference on Wed, Collaborative Robots, Advanced Vision and AI Conference on Wed-Thu.
--------------------------------------------------------------------------------------
**Overnight U.S. Stock Movers**
*NetApp (NTAP +3.55%) and Micron Technology (MU -1.71%) were both downgraded to 'Neutral' from 'Positive' at Susquehanna Financial.
*Red Hat (RHT +1.48%) was rated a new 'Buy' at Needham & Co with a price target of $183.
*Hilton Worldwide Holdings (HLT -0.71%) was rated a new 'Outperform' at Cowen with a price target of $81.
*Chevron (@symbolPercentChange(CVX was assumed an 'Overweight' rating at Piper Jaffray with a price target of $139.
*Zions Bancorp NA (ZION -3.45%) gained 2% in after-hours trading after it reported Q3 EPS of $1.04, better than consensus of 96 cents.
*Moelis & Co (MC -0.37%) fell 3% in after-hours trading after it reported Q3 revenue of $207.7 million, weaker than consensus of $230.3 million.
*SS&C Technologies Holdings (SSNC -0.74%) climbed more than 6% in after-hours trading after it reported preliminary Q3 adjusted EPS of 78 cents-79 cents, above consensus of 66 cents.
*Cadence Design Systems (CDNS +1.25%) jumped 9% in after-hours trading after it reported Q3 adjusted EPS of 49 cents, higher than consensus of 1 cents, and then forecast full-year adjusted EPS of $1.80 to $1.82, above consensus of $1.68.
*Fabrinet (FN -0.60%) was reinstated at Stifel with a 'Buy' rating and a price target of $53.
*Superior Energy Services (SPN -3.86%) slid more than 2% in after-hours trading after it reported Q3 adjusted Ebitda of $99.8 million, weaker than consensus of $104.2 million.
*Aratna Therapeutics (PETX +13.06%) rose 2% in after-hours trading, on top on Monday's 13% gain, after dealReporter said the company is working with Barclays to explore alternatives.
*Proteostasis Therapeutics (PTI -9.43%) fell 3% in after-hours trading after it announced that it intends to offer 9 million shares of its common stock in an underwritten public offering.
*Senseonics Holdings (SENS -4.16%) rallied nearly 6% in after-hours trading after Aetna said it would provide coverage for Senseonic's Eversense glucose monitoring system.
*Affimed NV (AFMD -1.87%) tumbled 8% in after-hours trading after it filed to sell a $150 million shelf of mixed securities.
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**Market Comments**
*Dec S&P 500 E-minis (ESZ18 -1.28%) this morning are down sharply by -32.75 points (-1.19%) at a 1-week low. Monday's closes: S&P 500 -0.43%, Dow Jones -0.50%, Nasdaq 100 +0.48%. The S&P 500 on Monday closed lower on weakness in bank stocks and on caution ahead of a spate of S&P 500 company quarterly earnings results that will be released this week. Stocks were supported by Monday's 4% rally in China's Shanghai Composite to a 1-week high after Chinese President Xi Jinping vowed "unwavering" support for non-state firms and the government released a detailed draft plan to cut personal income taxes.
*Dec 10-year T-notes (ZNZ18 +0-100) this morning are up +9.5 ticks at a 1-week high. Monday's closes: TYZ8 +1.50, FVZ8 +0.75. Dec 10-year T-notes on Monday closed higher on stock market weakness that boosted safe-haven demand for T-notes. T-notes were also supported by the weaker-than-expected Sep Chicago Fed national activity index. T-note prices were undercut by supply pressures as the Treasury will auction $127 billion of T-notes and floating-rate notes this week.
*The dollar index (DXY00 -0.01%) this morning is down -0.068 (-0.06%), EUR/USD (^EURUSD -0.03%) is -0.0001 (-0.01%), and USD/JPY (^USDJPY -0.44%) is down -0.50 (-0.44%). Monday's closes: Dollar Index +0.300 (+0.31%), EUR/USD -0.0050 (-0.43%), USD/JPY +0.27 (+0.24%). The dollar index on Monday rose to a 1-1/2 week high and closed higher on strength in USD/JPY which climbed to a 1-week high after Chinese stocks rallied sharply to a 1-week high and curbed the safe-haven demand for the yen. The dollar was also boosted by a slide in EUR/USD after the Bundesbank warned that German Q3 GDP would be weak due to new emission-test procedures in the auto industry that left "deep marks" on industrial production.
*Metals prices this morning are mixed with Dec gold (GCZ18 +1.06%) +13.2 (+1.08%) at a 2-3/4 month high, Dec silver (SIZ18 +0.98%) +0.153 (+1.05%) and Dec copper (HGZ18 -0.97%) -0.022 (-0.77%). Monday's closes: Dec gold -1.4 (-0.11%), Dec silver +0.046 (+0.31%), Dec copper +0.0315 (+1.15%). Metals on Monday settled mixed. Metals prices were undercut by a rally in the dollar index and by reduced Italian political risks that curbed the safe-haven demand for precious metals after the yield on Italy's 10-year government bond fell to a 2-week low when Moody's Investors Service late Friday cut Italy's sovereign debt rating but said the outlook was "stable," which bolstered speculation another credit rating cut was not imminent.
*Dec WTI crude oil prices (CLZ18 -1.60%) this morning are down -$1.20 a barrel (-1.73%) at a 1-1/2 month low and Dec gasoline (RBZ18 -2.04%) is -4.50 (-2.36%). Monday's closes: Dec crude oil +0.08 (+0.12%), Dec gasoline -0.52 (-0.27%). Dec crude oil and gasoline on Monday settled mixed with Dec gasoline at a 7-1/4 month low. Crude oil prices were undercut by a stronger dollar and by reduced concern about Saudi Arabia using its crude exports as a political weapon after Saudi Energy Minister Khalid Al-Falih said Saudi Arabia "for decades has used its oil policy as a responsible economic tool and isolated it from politics." The main bullish factor continues to be global supply concerns with the collapse in Venezuelan crude production and the imminent U.S. sanctions on Iran next month that will further reduce Iran's crude exports.
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, October 22, 2018
10/22/2018 - **Overnight Markets and News**
**Overnight Markets and News**
*Dec E-mini S&Ps (ESZ18 +0.40%) this morning are up +0.31% on support from a surge in Chinese stocks along with a decline in Italian government bond yields. European stocks are up +0.33% and moved higher after the 10-year Italian government bond yield fell to a 2-week low of 3.30% when Italian Finance Minister Tria said he's aware that Italy's spending plans don't comply with EU rules and he wants "constructive" talks on the issue with officials in Brussels. Italian political risks remain after an EU official with knowledge of the preparations said that EU Commissioners will discuss Italy's budget at a meeting on Tuesday and likely will issue a "negative opinion" and Italy will have three weeks to submit a revised budget. Gains in European stocks were also limited after the Bundesbank warned that German Q3 GDP likely stalled due to new emission-test procedures in the auto industry that left "deep marks" om industrial production. Asian stocks settled mostly higher: Japan +0.37%, Hong Kong +2.32%, China +4.09%, Taiwan +0.55%, Australia -0.58%, Singapore +0.51%, South Korea +0.28%, India =0.53%. China's Shanghai Composite rallied sharply to a 1-week high, which improved market sentiment in global stock markets, after China's President Xi Jinping vowed "unwavering" support for non-state firms and the government released a detailed draft plan to cut personal income taxes. Japanese stocks also moved higher on positive carry-over from the rally in Chinese equities along with the rally in USD/JPY (^USDJPY +0.28%) to a 1-week high, as the weaker yen boosted exporter stocks.
The dollar index (DXY00 +0.10%) is up +0.06%. EUR/USD (^EURUSD -0.11%) is down -0.13%. USD/JPY (^USDJPY +0.28%) is up +0.26% at a 1-week high.
Dec 10-year T-note prices (ZNZ18 +0-015) are little changed, down -0.5 of a tick.
In its monthly report, the Bundesbank said "the upswing in Germany is still fundamentally intact. However, it may have come to a temporary halt in the summer quarter of 2018" due to new emission-test procedures in the auto industry that left "deep marks" om industrial production.
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**U.S. Stock Preview**
*Key U.S. news today includes: (1) Sep Chicago Fed national activity index (expected +0.04 to 0.22, Aug unch at 0.18).
Notable Russell 2000 earnings reports today include: Halliburton (consensus $0.49), Hasbro (2.24), Kimberly-Clark (1.63).
U.S. IPO's scheduled to price today: none.
Equity conferences during the remainder of this week: European Society for Medical Oncology Meeting on Mon, Well Characterized Biologics & Biological Assays Conference on Wed, Collaborative Robots, Advanced Vision and AI Conference on Wed-Thu.
--------------------------------------------------------------------------------------
**Overnight U.S. Stock Movers**
*Chipotle Mexican Grill (CMG -0.74%) was upgraded to 'Outperform' from 'Sector Perform' at RBC Capital Markets with a price target of $510.
Occidental Petroleum (OXY +0.39%) was upgraded to 'Strong Buy' from 'Outperform' at Raymond James with a price target of $90.
Lennar (LEN -3.75%) was upgraded to 'Buy' from 'Hold' at Deutsche Bank with a price target of $51.
Union Pacific (UNP +0.12%) was cut to 'Underweight' from 'Equal-Weight' at Morgan Stanley with a price target of $134.
Arco Platform Ltd (ARCE -1.04%) was rated a new 'Buy' at Goldman Sachs with a price target of $26.
RA Medical Systems (RMED +11.72%) was rated a new 'Buy' at SunTrust Robinson Humphrey with a price target of $16.
Urovant Sciences Ltd (UROV +4.02%) was rated anew 'Overweight' at JPMorgan Chase with a price target of $21.
Tribune Media (TRCO +0.28%) may open higher initially this morning after Gamco Investors reported a 5.47% stake in the company after the close of trading on Friday.
International Seaways (INSW +2.23%) may initially open lower this morning after it filed a $100 million mixed securities shelf after the close on Friday.
Bank OZK (OZK -26.77%) was downgraded by Morgan Stanley to 'Equal-Weight' from 'Overweight.'
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**Market Comments**
*Dec S&P 500 E-minis (ESZ18 +0.40%) this morning are up +8.50 points (+0.31%). Friday's closes: S&P 500 -0.04%, Dow Jones +0.26%, Nasdaq 100 -0.12%. The S&P 500 on Friday closed slightly lower on the U.S. Sep existing home sales report of -3.4% to a 2-3/4 year low of 5.15 million, weaker than expectations of -0.9% to 5.29 million. There was also concern that a slowdown in China's economy will drag global growth lower after China Q3 GDP eased to a 9-1/2 year low of +6.5% y/y, weaker than expectations of +6.6% y/y. Stocks found support on a rally in consumer staples stocks led by a 7% jump in Procter & Gamble after it reported stronger-than-expected Q1 sales. There was also strength in energy stocks as crude oil prices rose +0.68%.
Dec 10-year T-notes (ZNZ18 +0-015) this morning are down -0.5 of a tick. Friday's closes: TYZ8 -6.00, FVZ8 -4.25. Dec 10-year T-notes on Friday closed lower on negative carry-over from a sell-off in German bunds, which were undercut by reduced safe-haven demand after EU Commissioner Moscovici said the EU would not interfere in Italian economic policies. T-note prices were also undercut by hawkish comments from Dallas Fed President Kaplan who said the Fed should raise interest rates "another two, but more likely three times" over the next nine months to around a neutral setting. T-notes found support on the decline in U.S. Sep existing home sales to a 2-3/4 year low.
The dollar index (DXY00 +0.10%) this morning is up +0.055 (+0.06%), EUR/USD (^EURUSD -0.11%) is down -0.0015 (-0.13%), and USD/JPY (^USDJPY +0.28%) is up +0.29 (+0.26%) at a 1-week high. Friday's closes: Dollar Index -0.187 (-0.19%), EUR/USD +0.0061 (+0.53%), USD/JPY +0.34 (+0.30%). The dollar index on Friday closed lower on the decline in U.S. Sep existing home sales to a 2-3/4 year low. There was also strength in EUR/USD on reduced Italian political concerns after EU Commissioner Moscovici said the EU would not interfere in Italian economic policies.
Metals prices this morning are mixed with Dec gold (GCZ18 -0.24%) -2.3 (-0.19%), Dec silver (SIZ18 -0.10%) +0.005 (+0.03%) and Dec copper (HGZ18 +1.24%) +0.041 (+1.46%). Friday's closes: Dec gold -1.4 (-0.11%), Dec silver +0.046 (+0.31%), Dec copper +0.0315 (+1.15%). Metals on Friday settled mixed. Metals prices were boosted by a weaker dollar and by signs of tighter copper supplies after LME copper inventories fell -4,350 MT to a 2-1/3 year low of 153,950 MT. Metals prices were undercut by concern about Chinese copper demand after China Sep industrial production rose a weaker-than-expected +5.8% y/y, the slowest pace of increase in nearly 3 years.
Nov WTI crude oil prices (CLX18 +0.03%) this morning are up +14 cents (+0.20%) and Nov gasoline (RBX18 -0.54%) is -0.52 (-0.27%). Friday's closes: Nov crude oil +0.47 (+0.68%), Nov gasoline +2.28 (+1.21%). Nov crude oil and gasoline on Friday closed higher on a weaker dollar and on the increase in the crack spread to a 1-week high, which gives incentive to refiners to purchase crude oil to refine it into gasoline. Crude oil prices were undercut by news from the OPEC+ Joint Technical Committee that showed OPEC+ compliance with its crude production cuts fell to 110% in Sep from 129% 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 +0.40%) this morning are up +0.31% on support from a surge in Chinese stocks along with a decline in Italian government bond yields. European stocks are up +0.33% and moved higher after the 10-year Italian government bond yield fell to a 2-week low of 3.30% when Italian Finance Minister Tria said he's aware that Italy's spending plans don't comply with EU rules and he wants "constructive" talks on the issue with officials in Brussels. Italian political risks remain after an EU official with knowledge of the preparations said that EU Commissioners will discuss Italy's budget at a meeting on Tuesday and likely will issue a "negative opinion" and Italy will have three weeks to submit a revised budget. Gains in European stocks were also limited after the Bundesbank warned that German Q3 GDP likely stalled due to new emission-test procedures in the auto industry that left "deep marks" om industrial production. Asian stocks settled mostly higher: Japan +0.37%, Hong Kong +2.32%, China +4.09%, Taiwan +0.55%, Australia -0.58%, Singapore +0.51%, South Korea +0.28%, India =0.53%. China's Shanghai Composite rallied sharply to a 1-week high, which improved market sentiment in global stock markets, after China's President Xi Jinping vowed "unwavering" support for non-state firms and the government released a detailed draft plan to cut personal income taxes. Japanese stocks also moved higher on positive carry-over from the rally in Chinese equities along with the rally in USD/JPY (^USDJPY +0.28%) to a 1-week high, as the weaker yen boosted exporter stocks.
The dollar index (DXY00 +0.10%) is up +0.06%. EUR/USD (^EURUSD -0.11%) is down -0.13%. USD/JPY (^USDJPY +0.28%) is up +0.26% at a 1-week high.
Dec 10-year T-note prices (ZNZ18 +0-015) are little changed, down -0.5 of a tick.
In its monthly report, the Bundesbank said "the upswing in Germany is still fundamentally intact. However, it may have come to a temporary halt in the summer quarter of 2018" due to new emission-test procedures in the auto industry that left "deep marks" om industrial production.
--------------------------------------------------------------------------------------
**U.S. Stock Preview**
*Key U.S. news today includes: (1) Sep Chicago Fed national activity index (expected +0.04 to 0.22, Aug unch at 0.18).
Notable Russell 2000 earnings reports today include: Halliburton (consensus $0.49), Hasbro (2.24), Kimberly-Clark (1.63).
U.S. IPO's scheduled to price today: none.
Equity conferences during the remainder of this week: European Society for Medical Oncology Meeting on Mon, Well Characterized Biologics & Biological Assays Conference on Wed, Collaborative Robots, Advanced Vision and AI Conference on Wed-Thu.
--------------------------------------------------------------------------------------
**Overnight U.S. Stock Movers**
*Chipotle Mexican Grill (CMG -0.74%) was upgraded to 'Outperform' from 'Sector Perform' at RBC Capital Markets with a price target of $510.
Occidental Petroleum (OXY +0.39%) was upgraded to 'Strong Buy' from 'Outperform' at Raymond James with a price target of $90.
Lennar (LEN -3.75%) was upgraded to 'Buy' from 'Hold' at Deutsche Bank with a price target of $51.
Union Pacific (UNP +0.12%) was cut to 'Underweight' from 'Equal-Weight' at Morgan Stanley with a price target of $134.
Arco Platform Ltd (ARCE -1.04%) was rated a new 'Buy' at Goldman Sachs with a price target of $26.
RA Medical Systems (RMED +11.72%) was rated a new 'Buy' at SunTrust Robinson Humphrey with a price target of $16.
Urovant Sciences Ltd (UROV +4.02%) was rated anew 'Overweight' at JPMorgan Chase with a price target of $21.
Tribune Media (TRCO +0.28%) may open higher initially this morning after Gamco Investors reported a 5.47% stake in the company after the close of trading on Friday.
International Seaways (INSW +2.23%) may initially open lower this morning after it filed a $100 million mixed securities shelf after the close on Friday.
Bank OZK (OZK -26.77%) was downgraded by Morgan Stanley to 'Equal-Weight' from 'Overweight.'
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**Market Comments**
*Dec S&P 500 E-minis (ESZ18 +0.40%) this morning are up +8.50 points (+0.31%). Friday's closes: S&P 500 -0.04%, Dow Jones +0.26%, Nasdaq 100 -0.12%. The S&P 500 on Friday closed slightly lower on the U.S. Sep existing home sales report of -3.4% to a 2-3/4 year low of 5.15 million, weaker than expectations of -0.9% to 5.29 million. There was also concern that a slowdown in China's economy will drag global growth lower after China Q3 GDP eased to a 9-1/2 year low of +6.5% y/y, weaker than expectations of +6.6% y/y. Stocks found support on a rally in consumer staples stocks led by a 7% jump in Procter & Gamble after it reported stronger-than-expected Q1 sales. There was also strength in energy stocks as crude oil prices rose +0.68%.
Dec 10-year T-notes (ZNZ18 +0-015) this morning are down -0.5 of a tick. Friday's closes: TYZ8 -6.00, FVZ8 -4.25. Dec 10-year T-notes on Friday closed lower on negative carry-over from a sell-off in German bunds, which were undercut by reduced safe-haven demand after EU Commissioner Moscovici said the EU would not interfere in Italian economic policies. T-note prices were also undercut by hawkish comments from Dallas Fed President Kaplan who said the Fed should raise interest rates "another two, but more likely three times" over the next nine months to around a neutral setting. T-notes found support on the decline in U.S. Sep existing home sales to a 2-3/4 year low.
The dollar index (DXY00 +0.10%) this morning is up +0.055 (+0.06%), EUR/USD (^EURUSD -0.11%) is down -0.0015 (-0.13%), and USD/JPY (^USDJPY +0.28%) is up +0.29 (+0.26%) at a 1-week high. Friday's closes: Dollar Index -0.187 (-0.19%), EUR/USD +0.0061 (+0.53%), USD/JPY +0.34 (+0.30%). The dollar index on Friday closed lower on the decline in U.S. Sep existing home sales to a 2-3/4 year low. There was also strength in EUR/USD on reduced Italian political concerns after EU Commissioner Moscovici said the EU would not interfere in Italian economic policies.
Metals prices this morning are mixed with Dec gold (GCZ18 -0.24%) -2.3 (-0.19%), Dec silver (SIZ18 -0.10%) +0.005 (+0.03%) and Dec copper (HGZ18 +1.24%) +0.041 (+1.46%). Friday's closes: Dec gold -1.4 (-0.11%), Dec silver +0.046 (+0.31%), Dec copper +0.0315 (+1.15%). Metals on Friday settled mixed. Metals prices were boosted by a weaker dollar and by signs of tighter copper supplies after LME copper inventories fell -4,350 MT to a 2-1/3 year low of 153,950 MT. Metals prices were undercut by concern about Chinese copper demand after China Sep industrial production rose a weaker-than-expected +5.8% y/y, the slowest pace of increase in nearly 3 years.
Nov WTI crude oil prices (CLX18 +0.03%) this morning are up +14 cents (+0.20%) and Nov gasoline (RBX18 -0.54%) is -0.52 (-0.27%). Friday's closes: Nov crude oil +0.47 (+0.68%), Nov gasoline +2.28 (+1.21%). Nov crude oil and gasoline on Friday closed higher on a weaker dollar and on the increase in the crack spread to a 1-week high, which gives incentive to refiners to purchase crude oil to refine it into gasoline. Crude oil prices were undercut by news from the OPEC+ Joint Technical Committee that showed OPEC+ compliance with its crude production cuts fell to 110% in Sep from 129% in Aug.
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