Wednesday, September 09, 2020
Weekly Chart of the S&P 500 Via SPY
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 above the channel. As such, bias is positive with a breakout above the channel. The last change was at the end of April as it moved above its DMA Channel from below the channel.
Second, the Erlanger Volume Swing (EVS) is at -9.98 from 39.23. Above 0 is good and below 0 is bad. The current action is now negative.
Third, the Erlanger Crossover Spread (EC) Spread is now negative at -10.26 from 19.37.
Last,the Erlanger Trend Direction (ETD) moves from uptrend to pullback.
class="article">So what is an investor to do here? We would recommend to sell the biggest winners that are starting to pullback.
Positioning in our Morning Matters Portfolio off this chart and several other indicators moved to 100% cash on February 28th (see Flash Alert #446). We have started adding new buys and are 33% invested.
Stocks Futures Are Higher By +26 On The S&P 500
Covid-19 Update With Latest Data From Tuesday
Total Cases 6,298,422 from 6,275,874
Recovered: 2,359,111 from 2,333,551
Deaths 181,690 from 181,328
Cases reported 22,219 from 28,628
Tests 508,706 from 586,476
Deaths 918 from 915
Hospitalizations 32,263 from 32,002
source COVID tracking project
Secondaries Priced: None of note.
Notes Priced of note: None of note.
Common Stock filings: ALBO ATNX TXG ARCE VRM AZEK of note.
Mixed Shelf Offerings: None of note.
Convertible Offering Files: None of note.
Senior Notes Filed: None of note.
Earnings After The Close:
CASY +1.18, ABM +0.33, LULU +0.18, HQY +0.16, COUP +0.13, WORK +0.03, CVGW +0.01, PHR +0.01 of note.
None of note.
Hourly Action – Mixed action of late
News After The Close:
Qiagen (QGEN) to launch portable test detecting antigens in less than 15 minutes.
Under Armour (UAA) to layoff 600 employees.
Astra Zeneca (AZN) puts Covid-19 vaccine trial put on hold due to patient reaction.
Northop Grumman (NOC) wins $13. billion Air Force contract.
Dividend Cut: BHLB
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 +35 Dow Jones Industrial Average +235 NASDAQ +142 Russell 2000 +15 . Fair values are higher. Asia lower and Europe higher. VIX October futures are at 38.44 from 28.83 this morning. Current VIX is at 30.75 from 26.57 .
Gold lower, silver lower and copper lower. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is higher. $ is higher vs Euro, higher vs Pound and higher vs Yen. US 10 year Treasury price is at$139.38 from $139.31 with yields at 0.679% from 0.689%.
Positive Sectors On Tuesday: None of note.
Negative Sectors On Tuesday: Technology, Consumer Cyclical and 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: ZS RH DSGX FIZZ VRNT AVAV GME of note.
Thursday Morning: None of note.
Gap Up: SCOR +23% KOS +12% NNOX +9% QRVO +6% BNTX +5% CI +4%
Gap Down: WORK -17% AQTNX -9% TIF -9% AZEK -8% ARCE -6% CASY -5% LULU -5% NAV -5% SCWX -4% COUP -4%
Earnings This Morning Of Note
LOVE +0.41, GIII +0.33, HDS +0.11, REVG +0.09, SCWX +0.08 of note.
None of note.
Erlanger Research Advance/Decline Line Chart – Stocks were hit hard yesterday. Close 9/8. Note that our Advance/Decline Model went to cash on 8/24. Contact your CAPIS sales coverage if you want a trial to review.
Courtesy of Phil Erlanger Research Inc.
Rags & Mags: Highlighted Stories may be clicked through to the original story.
Stocks Making The Biggest Moves. (CNBC)
Corona Virus Update: WHO stesses safety in trial and Fauci notes stopping a trial not uncommon. (CNBC)
Stock Index Trading
Current through 9/8 close. The Russell and S&P 400 Mid Cap broke their 50 day moving averages.
Bold means a change from prior day.
Erlanger Value Lines – Ranges are wide again. Update 9/8
Weekly API Petroleum Institute came out at 4:30 p.m. EDT yesterday and .
JOLTS is due out at 10:00 a.m. EDT and came in last month at 5.889 million.
Weekly Crude Oil Inventories are due out at 10:30 a.m. EDT.
Geopolitical & Related
President Trump will receive his intelligence briefing at 12:00 p.m. EDT.
Press Secretary Kayleigh McEnany holds a press briefing at 12:00 p.m. EDT as well.
U.S. Treasury to sell 10 Year Notes at 1:00 p.m. EDT.
Investor Events & Conference Calls
SCRYY (Investor Day) PRPO (Conference Call)
Sellside Conferences: Barclays CEOEnergy Power Conference (9/8-9/10) Barclays Global Consumer Staples Conference (9/8-9/10) Citi Annual BioPharma Virtual Conference (9/8-9/10) Barrington Research Annual Fall Investment Conference (9/9) UBS Chemicals Conference (9/9) Raymond James U.S. Bank Conference (9/9-9/10) Gateway Annual Conference (9/9-9/10) Baird Global Healthcare Conference (9/9-9/10) Scotiabank Financials Summit Conference (9/9-9/10) Wells Fargo Healthcare Conference (9/9-9/10) Goldman Sachs Annual Global Retail Conference (9/9-9/10) KBW Insurance Conference (9/9-9/10) Morgan Stanley Industrials CEO Unplugged Conference (9/9-9/11) Credit Suisse Global Steel & Mining Conference (9/9-9/11) Bank of America Media, Communications and Entertainment Conference (9/9-9/10)
Industry Conferences: Advanced Therapies Congress & Expo (9/8-9/11)
Upgrades & Downgrades For Wednesday 9/9 –
Today's Superstock Investor Stock Scorecard:
Alphabet Inc. Class A (GOOGL)
by Superstock Investor
Googel (GOOGL) has had a big move and is now beginning to correct. Is there value at $1523.60? Or is it lower?
||Alphabet Inc. Class A
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