Wednesday, August 15, 2018
Comparison To SMH
Yesterday we looked to SMH in relation to where the price is compared to 2000. Today we are going to look at the NASDAQ Composite compared to its 2000 level. As our friend, Fred Meissner would say, this is a tale of two stocks.
The NASDAQ Composite has broken out from its 2000 level and is rocketing higher. The breakout above 2000 happened in 2016 when it cleared 5000 and never looked back.
Futures Lower This Morning On Turkish Fighting Back
IPOs on deck . Secondaries of note CRZO GDDY VRAY WTW .
In After Hours Trading: SURPRISES LUXF +.10 M +.09 MSGN +.02. FLAT: MISSED: PFGC -.08.
Lower Guidance: .
Mixed Guidance: .
Positive Guidance: .
Gold and silver higher and copper lower. WTI Crude and Brent Oil Futures lower. Natural Gas is lower. $ is lower vs Euro, lower vs. Pound and higher vs. Yen. US 10 year Treasury price 120.31 with yields lower since Tuesday. Prices as of 7:55 a.m. EDT.
Top Sectors None of note.
Weak Sectors All, led by Materials, Industrials and Financials.
One month winners Utilities, Healthcare and Consumer Goods.
Three Month Winners Utilities Conglomerates, Services and Technology.
Six Month Winners Services, Technology and Conglomerates.
One Year Winners All except for Utilities.
Year To Date Conglomerates, Services and Technology.
Earnings due tomorrow morning: WMT JD WUBA MSG LANC JCP QIWI.
Wells Fargo (WFC) ups target on Nvidia (NVDA) to $315 from $140 in a double upgrade, something of a rarity. (CNBC)
Manafort lawyers rest without defense. Strategy could lead to an acquittal. (CNBC)
Turkey calls for boycott of U.S. goods. (NYT)
Tencent sees first profit drop in a decade. (WSJ)
Foreign investors flock to the U.S. (WSJ)
Farmers fate remains uncertain. (WSJ)
Lower Guidance: CASA.
Current Morning missing: .
Mixed Guidance: VIAV.
Positive Guidance: .
Yesterday saw 940 stocks rise and 1893 fall on the NYSE. NASDAQ saw 1046 rise and 1971 fall.
The SP 500 is above its 50 day exponential moving average and is above its 200 day exponential moving average. The Russell 2000 is now back below its 50 day moving exponential average and is above 200 day exponential moving average.
The 10 day spread moving average of breadth is now a sell. The Madison Market Timing Indicator is still invested.
YTD 53% of stocks are higher and 47% are lower. Updated 8/10/18 close.
July Industrial Production is due out at 9:15 a.m. EDT and is expected to fall to 0.4% from 0.6%.
Weekly Crude Oil Inventories are due out at 10:30 a.m. EDT. Yesterday the API Release after the close showed supply increasing so the price of crude is lower this morning.
Citi 1 on 1 MLP/Midstream Conference.
Wedbush Pac Growth Healthcare Conference.
|Citigroup CC Merrill Lynchp|
|Banc of America|
|Robert W. Baird|
|Sun Trust RH|
|Jesup & Lamont|
MCDONALDS CORP (MCD)
by Superstock Investor
Sprint (S) and LG
Sprint (S) and LG will team up to produce the first 5G phone in 2019. Sprint is rolling out 5G in six cities this year. Sprint is also merging with T-Mobile (TMUS) pending government approval. Clearly, Sprint is being the innovator.
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