Thursday, September 03, 2020
Weekly Charts Updated
Each week we highlight charts below of the SP500, Russell 2000, NASDAQ Composite, UUP, EEM, TLT, HYG,LQD and recently GLD. The charts use the 50 day moving average slope indicator. When it is green we like the instrument we are tracking and when it is red we avoid the name/sector/asset class.
CHARTS UPDATED BY THE OPEN
U.S. Equity indexes are now all negative. Emerging Markets are now negative as well. The U.S. Dollar has rallied. Bond ETFs are mixed with TLT up and LQD as well as HYG. GLD is the ETF that tracks the price of gold is now mixed./p>
Remember what matters is the slope of the 50 day moving average not the 50 day moving average itself. As mentioned above, bond holders should be defensive for the time being. That said, we note the dollar is in rally mode.
All charts are created from www.erlangerchartroom.com and if interested in using this indicator in Chart Room please feel free to send us an email by using the Contact Us section from the home page.
Charts courtesy of www.erlangerchartroom.com
Stocks Futures Are Lower By -13 On The S&P 500
There will be no production tomorrow as we head into Labor Day weekend. Time for a day off.
Covid-19 Update With Latest Data
Total Cases 6,072,291 from 6,041,860
Recovered: 2,231,757 from 2,202,663
Deaths 177,645 from 176,624
Cases reported 30,409 from 42,401
Tests 644,842 from 698,161
Deaths 1,021 from 1,022
Hospitalizations 35,569 from 35,269
source COVID tracking project
Secondaries Priced: None of note.
Notes Priced of note: None of note.
Common Stock filings: GMSG AMC of note.
Mixed Shelf Offerings: GSMG of note.
Convertible Offering Files: None of note.
Senior Notes Filed: None of note.
Earnings After The Close:
PVH +2.56, SPWH +0.47, FIVE +0.39, GWRE +0.38, CPRT +0.31, SAIC +0.19, MDB +0.18, SMAR +0.10, AMBA +0.08, ZUO +0.07, CRWD +0.04, PD +0.03, CLDR +0.03 of note.
None of note.
News After The Close:
CDC tells states to be ready for a vaccine by early November.
NASDAQ (NDAQ) reports August Options Volume was 215 million versus 218 million in July and 157 million a year ago.
eBay (EBAY) expands shipping options with UPS.
Trump Administration cancels ventilator orders has the U.S. government has more than needed.
Raises Guidance: CRWS SAIC CLDR
Lowers Guidance: GWRE
Stock Repurchase Announcement:
What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction.
S&P 500 -14 Dow Jones Industrial Average +7 NASDAQ -151 Russell 2000 +0.11. Fair values are mixed. Asia mixed and Europe higher. VIX October futures are at 28.83 from 28.25 this morning. Current VIX is at 26.57 from 25.96.
Gold lower, silver lower and copper lower. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is higher. $ is higher vs Euro, higher vs Pound and higher vs Yen. US 10 year Treasury price is at $139.53 from $139.42 with yields at 0.651% from 0.679%.
Positive Sectors On Wednesday: Utilities, Communication Services and Healthcare of note.
Negative Sectors On Wednesday: Energy of note.
One Month Winners: Industrials, Consumer Cyclical and Consumer Defensive of note.
Three Month Winners: Consumer Cyclical, Technology and Industrials of note.
Six Month Winners: Consumer Cyclical, Technology, Materials and Healthcare of note.
Twelve Month Winners: Technology, Consumer Cyclical and Communication Services of note.
Year to Date: Technology, Consumer Cyclical, Healthcare and Communication Services of note.
Upcoming Earnings Of (sorted by market cap, highest to lowest)
Today After The Close: RH NX COO OXM ZUMZ SWBI DOMO YEXT DOCU MDLA FIZZ AVGO of note.
Friday Morning: None of note.
CONN +17%, STRO +15%, FLGT +15%, FIVE +9%, AGTC +7%, BE +6%, GWRE +6%, HOFT +6%, NVAX +6%, BKR +4%
Gap Down:PD -24%, ZUO -23%, MOMO -9%, RKT -8%, CRWD -7%, TSLA -6%, SAIC -5%, SMAR -5%
Earnings This Morning Of Note
SIG +0.94, CONN +0.79, GCO +0.62, MIK +0.38, MEI +0.28, CIEN +0.24, GMS +0.13, MOMO +0.11, CPB +0.10, PDCO +0.09, DCI +0.06 of note.
DBI (0.43) of note.
Erlanger Research Advance/Decline Line Chart – Stocks were improved yesterday. Close 9/2.
Courtesy of Phil Erlanger Research Inc.
Rags & Mags: Highlighted Stories may be clicked through to the original story.
5 Things to Know Before The Market Opens Today. (CNBC)
Stocks Making The Biggest Moves. (CNBC)
Coronavirus Update: Singapore sees new clusters. (CNBC)
White House starts to formalize restrictions coming on We Chat and TikTok. (Bloomberg)
Juul (MO) to cut jobs. (WSJ)
Verizon (VZ) to spend $2 billion on 5G. (The Verge)
Sanofi (SNY) and GlaxoSmithKline (GSK) starts Phase 1&2 Trial on Covid-19 vaccine.
Amazon (AMZN) to add 100,000 workers in the U.K.
Facebook (FB) to stop political ads the week before the election. (CNBC)
Robinhood under SEC investigation. (CNBC)
Stock Index Trading
Current through 9/2 close. All indexes see moving averages positive.
Bold means a change from prior day.
Algo/HFT Trading Levels:
The Erlanger Value Lines track the intraday range of resistance, pivot and support used by Algo/HFT Traders. Each day we show where we closed within the range. Updated through 9/1 close. EVL Ranges are again starting to get back to normal with the recent action, pay attention The Erlanger Value Line are available in Bloomberg for your review. Simply visit the Bloomberg App store at APP(GO) then find Erlanger Research and setup a trial.
Weekly Jobless Claims are due out at 8:30 a.m. EDT.
ISM Non-manufacturing Index is due out at 10:00 a.m. EDT and is expected to fall to 56.7% from 58.1%.
Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.
Geopolitical & Related
President Trump will receive his intelligence briefing at 11:30 a.m. EDT. The president will head to Latrobe, PA home of legendary golfer Arnold Palmer to deliver remarks at 7:00 p.m. EDT.
Press Secretary Kayleigh McEnany to hold a press briefing.
Federal Reserve Chicago President Charles Evans will speak, time uncertain.
Investor Events & Conference Calls
OTIS (Conference Call)
Sellside Conferences: Jefferies Virtual Semiconductor, IT Hardware & Communications Infrastructure Summit 2000 (9/1-9/2) Piper Sandler & Simmons Energy Gleneagles Conference (9/2-9/3). Deutsche Bank dbAccess 24th Annual European TMT Conference 2020 (9/3-9/4)
Industry Conferences: The 16th Annual PEGS Boston Summit (8/31 to 9/4). LD Micro 500 Virtual Investor Conference (9/1-9/4)
CryoLife (CRY) to buy Ascyrus Medical for payments up to $200 million.
Upgrades & Downgrades For Thursday 9/3 –
Today's Superstock Investor Stock Scorecard:
Macy's Inc (M)
by Superstock Investor
Macys (M) beat estimates by $0.94 with a loss of $0.81. Is there value at $7.05?
Stock data last updated 03/19/2019.
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