Wednesday, March 11, 2020
Weekly Timing Chart Of The S&P 500
We are updating our look at the S&P 500 via our favorite chart of SPY through Tuesday's close.
The Weekly Displaced Moving Average (DMA) Channel (Yellow Band) sees the current price below the channel. As such, bias is negative.
Second, the Erlanger Volume Swing (EVS) is at -47.82 from 14.79. Above 0 is good and below 0 is bad. The current action is now negative.
Third, the Erlanger Crossover Spread (EC) Spread is at -167.17 from -33.31.
Last,the Erlanger Trend Direction (ETD) moves to downtrend.
So what is an investor to do here? We would recommend to be defensive and do not nibble yet.
Positioning in our Morning Matters Portfolio off this chart and several other indicators moved to 100% cash last week.
S&P 500 Futures Lower By -3% Heading Into The Open
IPOs on deck: None of note.
IPOs Filed: None of note.
Secondaries Priced: KALA of note.
Notes Priced of note: None of note.
Common Stock filings: KALA of note.
Mixed Shelf Offerings: of note.
Convertible Offering Files: Note of note.
Senior Notes Filed: None of note.
Courtesy of IPO Financial
Earnings After The Close:
NEX +0.15, CLDR +0.07 of note.
KFY (0.34), VSLR (0.33) 0f note.
APEI +0.00 of note.
News After The Close (In Order of Time)
LPL Financial (LPLA) sees assets drop by 4% in February.
Invesco (IVZ) sees assets drop by 4.9% in February.
NASDAQ and NYSE Short Interest was released after the close through 2/28 and saw them rise by 0.34% and 2.83%.
U.S. Commerce Department extends Huawei business licenses until May 15th per Reuters.
Gilead Sciences (GILD) has provided hundreds of coronavirus patients with experimental Ebola treatment per Bloomberg.
Lowers Guidance: MCO
Withdraws Guidance: CLDT (FY 20) SKYW (FY20) HLT (FY20) XHR (FY 20)
Stock Buybacks: CCK EQC IRBT STWD
Gap Higher: DXC +11%, MNK +10%, KALA +10%, NCNA +7%, STNG +7%, CLDR +7%, INO +5%, PRTK +4%
Gap Lower: VSLR -9%, APEI -8%, NVTA -4%, PDD -4%, JBLU -4%, MGM -4%, HLT -4%, IRBT -4%
What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction.
S&P 500 -109 Dow Jones Industrial Average -934 NASDAQ -284 Russell 2000 -44.73. Fair values are lower. Asia lower and Europe mixed.
Gold and silver higher with copper lower. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is lower. $ is lower vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury price is at $138.11 from $137.06 and yields at 0.704% from 0.716%. Prices as of 8:20 a.m. EDT.
Positive Sectors On Tuesday: All lead by Materials, Energy, Financials and Technology.
Negative Sectors On Tuesday: None of note.
One Month Winners: None of note.
Three Month Winners: None of note.
Six Month Winners: Consumer Goods, Technology and Healthcare.
Twelve Month Winners: Consumer Goods, Technology, Utilities, Services and Healthcare.
Year to Date: None of note.
Upcoming Earnings Of Note (sorted by market cap, highest to lowest)
Today After The Close: WPM WUBA SMTC KRO INSG HABT HUD TACO ZAGG VFF FLNT of note.
Wednesday Before The Open: DG JBL AZUL CRON BEST LX RDNT SY GCO TLRA FINV GNC TUP of note.
Earnings This Morning Of Note
PDD +2.27, UNFI +0.06, EXPR +0.01, MEET +0.01 of note.
Still to Report: VRA
Rags & Mags: Highlighted Stories may be clicked through to the original story.
Top News Story: Stock Losses Accelerate Again. (CNBC)
5 Things To Know To Start Your Day. (Bloomberg)
5 Things To Know Before The Stock Market Opens. (CNBC)
Stocks Moving This Morning. (CNBC)
Coronavirus update: Germany’s Merkel notes most will get COVID-19 and Italy ups spending. (CNBC)
Coronavirus Map. (Bloomberg)
Bank of England (BOE) cuts rates by 50 basis points to 0,25%.
Democratic Candidate Joe Biden won Michigan, Idaho, Mississippi, Missouri and Washington and North Dakota too close to call. (CNBC)
NBC News declares Senator Bernie Sanders the winner of North Dakota.
Both Republicans and Democrats reject a payroll tax cut. (WSJ)
U.S. Treasury to postpone 4/15 tax deadline. (WSJ)
Oil lobbyist push the White House to buy oil to increase the strategic reserve as oil is cheap. (Bloomberg)
Uber (UBER) may postpone accounts of riders and drivers with coronavirus. (CNN)
Stock Index Tracking
Current through 3/10 close.
Bold means a change from prior day.
Courtesy of Phil Erlanger Research, Inc.
Economic & Related:
API Data was out yesterday at 4:30 p.m. EDT and saw crude oil inventories rise by .
MBA Mortgage Applications up 55% with refinance applications up 79%.
February CPI is due out at 8:30 a.m. EDT and is expected to fall to 0.0% from 0.1%
Weekly Crude Oil Inventories are due out at 10:30 a.m.
President Trump will meet with the Secretary of State at 12:15 p.m. EDT and then meet with Wall Street Leaders at 3:00 p.m. EDT followed by the Coronavirus Task Force at 5:30 p.m. EDT and then a dinner at the Vice President’s house at the U.S. Naval Observatory.
$24 billion of the 10 Year Treasury to be auctioned at 1:00 p.m. EDT.
Meetings, Calls & Conferences
Investor/Analyst Days & Conference Calls of Note: AEP ELUXY (Investor Day) FLEX MCO (webcast)
Sellside Conferences: Deutsche Bank dbAccess 28th Annual Media, Internet and Telecom Conference (3/9-3/11). Suntrust Robinson Humphrey Annual Technology, Internet and Services Conference. (3/10-3/11). RBC Global Healthcare Conference 2020. Bank of America Refining Conference 2020 (3/11). Susquehanna Financial Group 9th Annual Technology Conference (3/11-3/12).
Industry Conferences: None of note.
Pepsi (PEP) in talks and now announces they will buy Rockstar Energy for $3.85 billion. (WSJ)
Upgrades & Downgrades updated through 8:45 a.m. EDT.
Today's Superstock Investor Stock Scorecard:
iRobot Corporation (IRBT)
by Superstock Investor
iRobot (IRBT) announced a $200 million stock repurchase program. We like when companies buy back their stock. The price is at $39.61 down from just above $130.
Stock data last updated 03/19/2019.
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