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Morning Matters:

The Week Ahead For March 8th to 12th
by Geoff Garbacz

March 8, 2021

The S&P 500 and Dow Jones Industrial Average were higher thanks to Friday’s dramatic recovery while the NASDAQ 100 and Russell 2000 were lower last week. The big picture for the NASDAQ 100, S&P 500, Russell 2000 and the Dow Jones Industrial Average are all above their two hundred day moving averages.

Geopolitical and Fiscal Events. This week will be a quiet one. The House will reconcile the Senate Stimulus Bill before sending it on to the President. The ECB will meet on Thursday.

Economic Releases. Releases of note this week include the weekly chain store sales, oil/gas numbers, mortgage applications and jobless claims as well as CPI, PPI, Treasury Budget and University of Michigan Consumer Sentiment.

Earnings Releases. Notable releases this upcoming week include CASY SFIX MDB DKS PDD ORCL JD DOCU JKS BKE.

Monday, March 8

The House gets back the Senate’s version of the $1.9 trillion Stimulus Bill. Once the House agrees to the reconciliation it will head to the President’s desk.

Tuesday, March 9

The latest Short Interest Data for the NYSE and NASDAQ is due out after the close through settlement data of February 26th and began on February 12th settlement. The return during this period on the S&P 500 was -0.65%.

Wednesday, March 10

February CPI is due out at 8:30 a.m. EST and is expected to rise to 0.4% from 0.3%.

February Treasury Budget is due out at 2:00 p.m. EST and came in at $-235.3 billion in January.

Thursday, March 11

The European Central Bank (ECB) is out with its latest announcement and meeting.

Colfax (CFX) holds their analyst meeting and is a Type 1 Short Squeeze. The currently has high short intensity moving from 82% to 73%. The Heavy Short Intensity Grade is a 3 with shorts getting squeezed 67% of the time. Currently, the shorts have lost 121.11%. The average return is 34.5% so it has far outperformed its historical average. The average duration of the squeeze is 154 days and so far it has gone on for 227 days.

Quest Diagnostics (DGX) holds their analyst meeting and is a Type 4 Long Squeeze.

Friday, March 12

February PPI is due out at 8:30 a.m. EST and expected to fall to 0.5% from 1.3%. March University of Michigan Consumer Sentiment (Preliminary) is due out at 10:00 a.m. EST and is expected to rise to 80 from 76.8.

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