Dow -33.80 at 18086.45, Nasdaq +46.96 at 5210.14, S&P +2.35 at 2126.64
Not much of a surprised as there was the expected profit taking at the opening bell. We saw the market went up strongly in the early last week and I believe the traders were closing their positions to take some profits off the table. After all we are seeing the market reaching a high too.Market is still fairly bullish but it seems like it is losing the momentum. From the technical above, I think we should see more profit taking on Friday after a strong week of upside. Besides that there are some market moving economic data releasing tomorrow, so I reckon a reversal should be more probable.
Also with Greece's bailout finally settled, it is also possible to see the market "Sell the news" as well.Direction for Friday 17 July, 2015: Down
NASDAQ was the strongest among the 3 main indices. The better than expected earnings from Google certainly factor in bringing the index to a new high. The ticker itself also saw a huge rise on Friday.
Market Summary
Industry Watch
Strong: Technology
Weak: Consumer Discretionary, Energy, Financials, Health Care, Materials, Utilities
Other Market Moving Factor:
- Profit-taking after solid performance earlier this week
- German parliament votes in favor of bailout package for Greece, as expected: Chancellor Merkel reiterates debt cut not in the cards
- Google (GOOGL) spikes 10%+ following earnings; General Electric (GE) and Honeywell (HON) also higher after earnings
- Housing data better than expected; inflation data in-line
- China's Shanghai Composite led Asian markets higher with a 3.5% gain
Equity indices diverged at the start with the Nasdaq Composite receiving a boost from Google (GOOGL 699.62, +97.84) after the index heavyweight reported better than expected earnings. The stock soared 16.3% to a new record high, lifting the Nasdaq Composite to a fresh record close of its own (5,210.14). Furthermore, Google underpinned the technology sector (+1.8%) which was the only group that spent the entire day in positive territory.
Meanwhile, many other technology components struggled with high-beta chipmakers showing relative weakness throughout the day. The PHLX Semiconductor Index was down as much as 1.0%, but narrowed its loss to 0.2% by the close. For the week, the chipmaker index added 1.2% while the technology sector spiked 5.3%.
Elsewhere among cyclical sectors, consumer discretionary (-0.2%) and financials (-0.2%) lagged throughout the day, which kept the S&P 500 below its flat line into the afternoon. Similarly, the energy sector (-1.1%) spent the day behind other groups as crude oil marked a new low for the week ($50.16/bbl) before erasing its loss by the pit close to end at $50.88/bbl.
Staying on the growth-sensitive side, the industrial sector (unch) slipped behind the S&P 500 during afternoon action after several sector components reported earnings. Transport stocks outperformed with Kansas City Southern (KSU 98.60, +6.05) spiking 6.5% after reporting a one-cent beat while JB Hunt (JBHT 85.69, -0.10) shed 0.1% after reporting a two-cent miss. For its part, the broader Dow Jones Transportation Average gained 0.7% to extend its weekly advance to 1.1%.
Moving to large cap industrial components, General Electric (GE 27.24, +0.20) and Honeywell (HON 105.54, +1.97) registered respective gains of 0.7% and 1.9% after the former reported in-line results while the latter beat estimates; however, their strength could not offset losses among the likes of Boeing (BA 146.84, -1.65), Caterpillar (CAT 83.16, -0.60), and Deere (DE 96.96, -0.37).
Things did not look much better on the countercyclical side where the utilities sector lost 1.1% while consumer staples (-0.1%), health care (-0.2%), and telecom services (-0.3%) registered slimmer losses.
Treasuries held modest gains throughout the day, ending near the middle of their trading ranges with the 10-yr yield lower by a basis point at 2.34%.
Today's participation was ahead of average as options expiration led to increased activity with more than 850 million shares changing hands at the NYSE floor.
Economic data included CPI, Housing Starts/Building Permits, and Michigan Sentiment:
- The CPI increased 0.3% in June after a 0.4% increase in May while the Briefing.com consensus expected an increase of 0.3%
- As expected, energy costs continued their upward move with prices rising 1.7% in June after a 4.3% increase in May
- Gasoline prices made up the bulk of the increase, rising 3.4% in June after a 10.4% increase in May
- Excluding food and energy, core CPI increased 0.2% in June after a 0.1% increase in May while the consensus expected an increase of 0.2%
- As expected, energy costs continued their upward move with prices rising 1.7% in June after a 4.3% increase in May
- Housing starts increased 9.8% in June from an upwardly revised 1.069 million (from 1.036 million) in May to 1.174 million while the Briefing.com consensus expected an increase to 1.120 million
- At first glance, the jump in starts looks impressive, but the entire increase came from the volatile multifamily construction sector
- Multifamily construction increased 29.4% to 489,000 in June from 378,000 in May, which was the highest level since 501,000 units were started in April 1988
- At first glance, the jump in starts looks impressive, but the entire increase came from the volatile multifamily construction sector
- The University of Michigan's Consumer Sentiment Index declined to 93.3 in the preliminary July reading from 96.5 in June while the Briefing.com consensus expected a decrease to 96.1
- Consumer sentiment typically follows trends in gasoline costs, stock market movements, employment, and media reports
- In this case, dire economic reports about Greece and the eurozone and some volatility in the equity market likely offset recent improvements in gasoline prices and employment conditions
- Consumer sentiment typically follows trends in gasoline costs, stock market movements, employment, and media reports
- Nasdaq Composite +10.0% YTD
- Russell 2000 +5.2% YTD
- S&P 500 +3.3% YTD
- Dow Jones Industrial Average +1.5% YTD
The stock market began the trading week on an upbeat note with the S&P 500 registering the bulk of its 23-point gain shortly after the opening bell. The benchmark index padded that advance during the final hour, settling just below its 50-day moving average (2,100). Equity indices spiked at the start after lengthy weekend negotiations between Greek representatives and eurozone officials produced a framework for the third rescue package for Greece. The agreement, which includes EUR25 billion in bank recapitalization funds, was cheered by global equity markets with risk assets surging while outflows from the Treasury market weighed on the 10-yr note, sending its yield higher by three basis points to 2.43% after testing the 2.47% level in the early morning. All ten sectors ended in the green with five groups adding 1.0% or more. Heavily-weighted sectors fueled the advance with the technology sector (+1.6%) holding the lead throughout the session.
The major average registered their fourth consecutive advance on Tuesday with the S&P 500 climbing 0.5%. The benchmark index reclaimed its 50-day moving average (2,100) at the start of the session while the tech-heavy Nasdaq Composite (+0.7%) outperformed throughout the trading day. Equity indices began near their flat lines after overnight reports from Vienna revealed that P5+1 negotiators agreed to a nuclear deal with Iranian representatives. The news had little impact on the market, but crude oil was down about 2.0% overnight amid expectations that global oil supplies will increase once Iran begins selling its oil on the open market. However, an intraday rebound resulted in crude oil climbing 1.7% to $53.06/bbl. Accordingly, the energy sector (+0.8%) climbed alongside crude oil to end the day among the leaders, while only the health care sector (+1.0%) had a better showing. Biotechnology led the sector higher with iShares Nasdaq Biotechnology ETF (IBB 387.94, +8.79) spiking 2.3%, which contributed to the relative strength in the Nasdaq.
The key indices snapped their four-day win streak on Wednesday as the market slipped into the red during afternoon action. The S&P 500 shed 0.1% to narrow its weekly gain to 1.5%. Equities started the day near their flat lines, seeing little reaction to a busy overnight session that featured the release of China's Q2 GDP (+7.0% year-over-year; consensus 6.9%) and news that the Bank of Japan lowered its GDP forecast for the fiscal year to 1.7% from 2.0%. Stocks climbed out of the gate, but the S&P 500 could not extend too far above its flat line as most sectors displayed early losses; however, relative strength in financials (+0.8%), health care (+0.1%), and technology (+0.1%) kept the market in positive territory into the afternoon. The financial sector held the lead throughout the session thanks to support from three large components. Specifically, Bank of America (BAC 17.68, +0.55) PNC (PNC 98.32, +0.82), and U.S. Bancorp (USB 45.53, +1.65) gained between 0.8% and 3.8% after reporting earnings. Bank of America and PNC reported better than expected results while U.S. Bancorp's report was in-line with estimates.
The stock market finished Thursday on a higher note with the Nasdaq Composite (+1.2%) settling at a new record high. Meanwhile, the S&P 500 (+0.8%) and the Dow Jones Industrial Average (+0.4%) ended the day closer to their flat lines. Equity indices spiked at the start, responding to overnight strength in the futures market. Shortly after Wednesday's close, Intel (INTC 29.90, +0.21) and Netflix (NFLX 115.81, +17.68) reported better than expected results, which led to a surge in Nasdaq futures. Earnings notwithstanding, Nasdaq and S&P 500 futures received a second boost after the Greek parliament voted 229-64-6 in favor of austerity measures that will allow bailout negotiations to continue with the country expected to receive EUR86 billion in rescue funds. Furthermore, the European Central Bank, which held a policy meeting on Thursday, raised the country's allowance to Emergency Liquidity Assistance by EUR900 million, which will pave the way for Greek banks to open as soon as Monday.
Global Market
Asian Markets Close: Japan’s Nikkei +0.3%; Hong Kong’s Hang Seng +1.0%; China’s Shanghai Composite +3.5%
A number of markets in the Asia-Pacific region were closed for holiday on Friday, but the ones that were open ended mostly higher to close out what was an otherwise big week of gains. The Shanghai Composite (+3.5%) led the way on Friday, but the stat of the week was that the Nikkei advanced in all five trading sessions and completely wiped out the entirety of the losses it suffered and then some in the prior week’s 3.7% decline.
Economic data
- South Korea
- 0.0% month-over-month (prior +0.1%); -3.6% year-over-year (prior -3.5%)
- Australia
- CB Leading Index +0.2% month-over-month (prior -0.3%)
Equity Markets
- Japan’s Nikkei increased 0.3%, completing a clean sweep for the week as it logged a gain in every session. Friday’s gain was paced by the financial (+1.3%) sector. Individual standouts included Sumco Corp (+3.5%), Unitika Ltd (+3.5%), and Ajinomoto (+3.1%). Sharp Corp (-3.5%) led all decliners. Out of the 225 index members, 119 ended higher, 96 finished lower, and 10 were unchanged. For the week, the Nikkei advanced 4.4%.
- Hong Kong’s Hang Seng jumped 1.0%, led by strength in the communications (+1.5%), consumer cyclical (+1.4%), and financial (+1.2%) sectors. Belle International Holdings (+4.7%), Lenovo Group (+3.5%), and Li & Fung (+2.9%) stood atop the list of winners. China Resources Power Holdings (-1.4%) was the only stock to lose more than 1.0%. Out of the 50 index members, 42 ended higher, 5 finished lower, and 3 were unchanged. For the week, the Hang Seng increased 2.1%.
- China’s Shanghai Composite increased 3.5% after being up as much as 4.5% at its peak for the day, which occurred shortly before the close of trading. Reports attributed a good portion of Friday’s strength to the news that brokerages will be allowed to increase their proprietary positions. Friday’s advance saved the Composite from having a losing week. With the aforementioned gain, the Shanghai Composite increased 2.0% for the week.
- India’s Sensex increased 0.1% as strength in the basic materials (+1.1%) and technology (+0.7%) sectors offset a weak showing from the financials (-1.2%). Bharat Heavy Electricals (+2.3%) and Mahindra & Mahindra (+1.6%) led individual gainers while Housing Development Finance Corp (-2.4%) and Coal India (-1.9%) brought up the rear. Out of the 30 index members, 20 ended higher and 10 finished lower. For the week, the Sensex increased 2.9%.
- Australia’s S&P/ASX 200 ended Friday with a fractional gain, overcoming an early 0.4% decline. Out of the 200 index members, 97 ended higher, 87 finished lower, and 16 were unchanged. For the week, the S&P/ASX 200 increased 3.2%.
- Regional advancers: Taiwan +0.04%, Vietnam +0.3%
- Regional decliners: South Korea -0.5%, Thailand -0.2%
- Closed for holiday: Indonesia (Idul Fitri Festival), Malaysia (Hari Raya Aidilfitri), Singapore (Hari Raya Puasa), Philippines
FX
- USD/CNY unch at 6.2095
- USD/INR -0.1% at 63.4713
- USD/JPY -0.1% at 124.05
EUROPE
Major European indices trade near their flat lines with France’s CAC (+0.2%) showing slight relative strength. German Chancellor Angela Merkel addressed the German parliament ahead of today’s passage of the aid package for Greece, saying the goal is to keep the country in the eurozone. Once again, Chancellor Merkel said that a debt cut is not in the cards considering it is not allowed by EU treaties.
- Investors did not receive any economic data today
Closing Prices
- UK’s FTSE: -0.3%
- Germany’s DAX: -0.4%
- France’s CAC: + 0.1%
- Spain’s IBEX: -0.3%
- Portugal’s PSI: -0.4%
- Italy’s MIB Index: -0.1%
- Irish Ovrl Index: -0.2%
- Greece ASE General Index: CLOSED
Macroeconomic Data
Economic Data
from Briefing.com
- CPI : 0.3% vs 0.3% (Prior 0.4%)
- Core CPI : 0.2% vs 0.2% (Prior 0.1%)
- Housing Starts : 1174K vs 1123K (Prior 1036K)
- Building Permits : 1343K vs 1150K (Prior 1275K)
- Michigan Sentiment : 93.3 vs 96.5 (Prior 96.1)
CONSUMER PRICE INDEX
Highlights
- The CPI increased 0.3% in June after a 0.4% increase in May. The Briefing.com Consensus expected consumer prices to increase 0.3%.
- Excluding food and energy, core CPI increased 0.2% in June after a 0.1% increase in May. The consensus expected core CPI to increase 0.2%.
Key Factors
- As expected, energy costs continued their upward move. Prices rose 1.7% in June after a 4.3% increase in May. Gasoline prices made up the bulk of the increase, rising 3.4% in June after a 10.4% increase in May.
- The culling of chickens following the bird flu epidemic was responsible for a 0.3% increase in food prices. Egg prices rose 18.3% in June, which was the largest increase since August 1973.
- A 0.3% increase in shelter costs was responsible for most of the increase in core prices. Owners’ equivalent rent increased 0.4% in June, which was the largest increase since October 2006.
- There weren’t any unusual outliers in the remaining core price sectors.
- Year-over-year, core CPI increased 1.8% in June.
- Core prices haven’t deviated from a 1.6% – 2.0% range since August 2012. Given the lackluster income growth trends and soft producer pipeline pressures, core prices aren’t expected to materially break out of that range anytime soon.
Big Picture
- CPI growth trends are well below the Fed’s target level, and there are very few underlying pressures that would cause these trends to suddenly change.
HOUSING STARTS & BUILDING PERMITS
- Housing starts increased 9.8% in June from an upwardly revised 1.069 mln (from 1.036 mln) in May to 1.174 mln. The Briefing.com Consensus expected housing starts to increase to 1.120 mln.
Key Factors
- At first glance, the jump in starts looks impressive. Construction levels nearly recovered everything that was lost after rising to 1.190 mln in April, which was the most starts since November 2007.
- However, the entire increase in starts in June came from the volatile multifamily construction sector. Single-family housing starts declined 0.9% to 685,000 from 691,000 in May. With the exception of a 6.8% gain in the South, single-family starts declined in every other geographic region.
- Multifamily construction increased 29.4% to 489,000 in June from 378,000 in May. That was the most new multifamily construction since 501,000 units were started in April 1988.
- Given such a historic high in a volatile sector, a substantial, but natural, pullback in housing will likely occur in July.
- The number of homes under construction increased 0.9% to 884,000 in June from 876,000 in May. The impact on GDP, however, will be limited. Like the distribution in the number of new housing starts, nearly all of the increase in the number of units under construction came from the multifamily sector. Construction spending is lower on a per unit basis in the multifamily sector. That means the amount of money spent on construction in June will likely be smaller than if the gains came from the single-family sector.
Big Picture
- Construction trends have recovered following the unusually cold winter and are back on their late 2014 accelerated pace.
- The University of Michigan’s Consumer Sentiment Index declined to 93.3 in the preliminary July reading from 96.1 in June. The Briefing.com Consensus expected the index to increase to 96.5.
Key Factors
- Consumer sentiment typically follows trends in gasoline costs, stock market movements, employment, and media reports.
- In this case, dire economic reports about Greece and the eurozone and some volatility in the equity market likely offset recent improvements in gasoline prices and employment conditions.
- The Current Conditions Index dropped to 106.0 in July from 108.9 in June. The Expectations Index declined to 85.2 from 87.8.
- The decline in sentiment is unlikely to have much of an impact on consumption trends. Consumption relies on income growth. As long as income continues to grow, consumption gains should follow regardless of how sentiment performs.
Big Picture
- Consumer sentiment has little influence on consumption. As long as payroll levels continue to expand, the resulting income growth should keep consumption gains steady regardless of the monthly ebbs and flows in sentiment.
Market Internals
NYSE:
Higher Volumes than the day before – 874.7M vs 744.2M
Decliners outpaced Advancers (adv/dec): 1082 / 2014
New Lows outpaced New Highs (highs/lows): 69 / 198
NASDAQ:
Higher Volumes than the day before – 1838.9M vs 1814.2M
Decliners outpaced Advancers (adv/dec): 1145 / 1687
New Highs outpaced New Lows (highs/lows): 128 / 94
VOLATILITY S&P500 (VIX)
11.95 -0.16 (-1.32%)
Technical Updates
18,086.45 -33.80 (-0.19%)
Volume: 106,512,740 (above average of 93,774,597)
Range: 18,032.06 - 18,121.12
Range: 18,032.06 - 18,121.12
5,210.14 +46.96 (+0.91%)
Volume: 443,208,098 (above average of 433,528,397)
Volume: 443,208,098 (above average of 433,528,397)
Range: 5,183.23 - 5,210.16
2,126.64 +2.35 (+0.11%)
Volume: 626,055,000 (above average of 520,437,862)
Range: 2,119.88 - 2,128.91
DOW did not break above yesterday's close and went down to test the support at the descending trend line. Despite so it remains sitting above the support level. Meanwhile NASDAQ gap up and broke to a new high. S&P formed a doji and could not break above its resistance. NASDAQ remains the pushing force in the market but I think the market is likely to experience a short correction before we see the market continues to rally higher.
Commodities
- The dollar index finished positive on the session, extending gains made this morning on positive US data.
- The In-line inflation data and positive housing metrics increased market sentiment toward a prospective rate hike this year, which gave strength to the dollar and weighed heavily on on precious metals and copper throughout the session. The index is now +0.2% to 97.85
- Crude traded moderately negative for most of today, as over-supply sentiments were bolstered by the week’s building inventory data and continued Iranian supply uncertainty
- WTI rallied into the close however, erasing losses that it held for most of the day, to close -0.1% to $50.88/barrel
- Nat gas traded in a narrow range around the unchanged mark, failing to keep catch significant momentum on either Thursday’s supply data or forecasts for warmer nat. weather
- Nat gas closed at -0.1% to $2.87/MMBtu
- Precious metals were weak all day, seeing no easing of dollar pressure; August gold closed -1% lower at $1131.90/oz and September silver ended -0.9% to $14.85/oz
- Copper closed at -1.2% to $2.49/lb
Energy
- August crude oil futures fell $0.03 (-0.1%) to $50.88/barrel
- August natural gas closed $0.01 higher (+0.3%) at $2.87/MMBtu
- RBOB Gasoline closed $0.03 higher (+1.6%) at $1.93/gallon
- Heating oil futures closed flat at $1.67/gallon
Agriculture
- August crude oil futures fell $0.03 (-0.1%) to $50.88/barrel
- August natural gas closed $0.01 higher (+0.3%) at $2.87/MMBtu
- RBOB Gasoline closed $0.03 higher (+1.6%) at $1.93/gallon
- Heating oil futures closed flat at $1.67/gallon
Metals
- August gold ended today’s session $11.80 (-1.0%) lower at $1131.90/oz
- September silver closed $0.13 (-0.9%) lower at $14.85/oz
- September copper closed $0.03 (-1.2%) lower at $2.49/lb
Currencies
- The U.S. Dollar Index rallied almost 2% this week, ending today's session up 0.23% to 97.89
- While the CPI and Core CPI came out in line with expectations at +0.3% and +0.2%, respectively, the U.S. housing data was quite strong
- Housing Starts came in at 1174K in June. The Briefing.com consensus was 1120K and the prior reading was 1036K
- Building Permits increased to 1343K in June, much better than the 1150K Briefing.com Consensus and ahead of the 1275K in May
- While the CPI and Core CPI came out in line with expectations at +0.3% and +0.2%, respectively, the U.S. housing data was quite strong
- EUR/USD: -0.30% to $1.0846
- The German parliament approved the third bailout to Greece, as expected
- GBP/USD: -0.03% to $1.5602
- USD/JPY: -0.09% to 124.06
- USD/CHF: +0.32% to 0.9606
- USD/CAD: +0.19% to 1.2993
- Canada's Core CPI was flat m/m in June versus expectations for a decline and 0.4% growth in May
- Headline CPI grew 0.2% m/m in June, in line with expectations but less than the 0.6% increase in May
- AUD/USD: -0.09% to 124.06
- NZD/USD: +0.07% to 0.6525
Bonds
- The 30-year Treasury bond was in its own world today, rising 29/32 as the other maturities shrugged off strong housing data and a CPI report that came out in line with estimates. A better-than-expected PPI report released on Wednesday could have altered investors' confidence that the Fed has inflation under control, but today's strong interest in the 30-year showed that that was not the case. 5's/30's narrowed by 5 bps to 141 bps and 2's/10's narrowed by 2 bps to 167 bps
- Yield Check:
- 2-yr: +1 bp to 0.67%
- 5-yr: +1 bp to 1.66%
- 10-yr: -1 bp to 2.34%
- 30-yr: -4 bps to 3.08%
- News:
- The Consumer Price Index increased by 0.3% in June after a 0.4% jump in May. The Briefing.com consensus expected consumer prices to rise 0.3%
- Excluding food and energy, core CPI grew 0.2% in June, in line with the Briefing.com consensus and better than the 0.1% increase in May
- Owners' equivalent rent increased 0.4% in June, which was the largest increase since October 2006
- Housing Starts rose to 1174K in June, better than the Briefing.com consensus of 1120K and the prior reading of 1069K (revised up from 1036K)
- Building Permits jumped to 1343K, the highest level since July 2007 and well ahead of the Briefing.com consensus (1150K). There were 1250K building permits issued in May (revised down from 1275K)
- Michigan Consumer Sentiment fell to 93.3 in July from 96.1 in June. The Briefing.com consensus called for a rise to 96.5
- Federal Reserve Vice Chair Stanley Fischer (FOMC voter) said that the Fed should be managing inflation from above AND below
- The eurozone continues to make progress on a third bailout for Greece
- The German parliament overwhelmingly approved the deal reached on Sunday between Greece and its official creditors
- Greek banks may be opening on Monday because the ECB expanded its Emergency Liquidity Assistance program on Thursday by 900 mln euro
- Commodities
- WTI crude: -0.22% to 50.80/bbl.
- Gold: -1.08% to $1,131.50/troy oz.
- Copper: -1.21% to $2.4925/lb.
- Currencies
- EUR/USD: -0.28% to $1.0848
- USD/JPY: -0.09% to 124.07
- Week Ahead:
- Monday: (No scheduled market-moving events)
- Tuesday: (No scheduled market-moving events)
- Wednesday: MBA Mortgage Index for the week ending 7/18 (07:00 ET); May FHFA Housing Price Index (09:00 ET); June Existing Home Sales (10:00 ET); Crude Inventories for the week ending 7/18 (10:30 ET)
- Thursday: Initial Jobless Claims for the week ending 7/18 and Continuing Jobless Claims for the week ending 7/11 (08:30 ET); June Leading Indicators (10:00 ET); Natural Gas Inventories for the week ending 7/18 (10:30 ET); $15 billion 10-Year TIPS auction (results at 13:00 ET)
- Friday: June New Home Sales (10:00 ET)
Treasury Yields:
- 2 Year Note 0.68% +0.01
- 5 Year Note 1.67% +0.01
- 10 Year Note 2.34% -0.02
- 30 Year Bond 3.08% -0.03
2/30 Spread: 240 bps ( -4 ) … 2/10 Spread: 166 bps ( -3 )
Preview for the week Monday 20 July to Friday 24 July, 2015
Economic Data
Monday (20 July) :
- No Economic Data
- No Economic Data
- MBA Mortgage Index : (Prior -1.9%)
- FHFA Housing Price Index : (Prior 0.3%)
- Existing Home Sales : 5.40M (Prior 5.35M)
- Crude Inventories : (Prior -4.346M)
- Initial Claims : 278K (Prior 281K)
- Continuing Claims : 2218K (Prior 2215K)
- Leading Indicators : 0.2% (Prior 0.7%)
- Natural Gas Inventories : (Prior 99 bcf)
- New Home Sales : 550K (Prior 546K)
Earnings Highlights
Monday (20 July) :
BMO - CALM CU EXAS GPD HAL HAS LII MS PETS SAH
AMC - BMI BXS BBCN BRO CNI CCK EFII ELS HSTM HLX HXL IBM PSG RMBS RLI SANM STLD WERN WIBC WWD ZION
BMO - CALM CU EXAS GPD HAL HAS LII MS PETS SAH
AMC - BMI BXS BBCN BRO CNI CCK EFII ELS HSTM HLX HXL IBM PSG RMBS RLI SANM STLD WERN WIBC WWD ZION
Tuesday (21 July) :
BMO - ATI RESI ABG ASTE BHI BK CP CFG DOV FITB HOG INFY LXK LMT MAN MDSO NEOG EDU NVS NVR OMC PNR PLD RF STBA SAP SBNY SNV AMTD TCK TTS TRV UTX VZ WSO WWW
AMC - ACE AAPL HAWK CATY CMG CNMD CMRE EXPO FCB FMBI FTI FWRD FULT GPRO HTS HUBG ILMN IBKR ISRG IRBT KALU LTXB LLTC MANH MSFTNBR NAVI PKG PNFP RNST OKSB VASC VMW WSBC XOOM YHOO ZIXI
Wednesday (22 July) :
BMO - ABT APH ANGI ACAT ARMH AN BEAV BA CHKP CKSW KO EMC EVR HTLD ITW IPG JAKK KNX LAD CLI HZO MKTX BABY NYCB NOR NTRS OC PII RDN SEIC SLGN SILC SIX STJ TEL TMO TUP UCBI WHR
AMC - EGHT AFOP AWH AXP AMP AF BGS BDN BRKL CAKE CRUS CLB CVA CVTI CCI CVBF CYS DFS DLB EGBN EFX FFIV FTK FTNT FBHS GGG GLF HGR HNI IBKC IEX INFN LVS LHO LOGI MLNX MKSI MOSY MSA NEM NFBK OII PLXS PLCM QCOM QDEL RJF SLM SNDK SGMO SCSS SLG SFS TCBI TXN TSCO TBI TYL UCTT URI VMI WFT XLNX
Thursday (23 July) :
BMO - MMM AOS ABB ADPT ALK ADS ASPS AIMC AMAG AEP ABC BKU BMS BHE BCC BSX BMY BBW CAB CAM CSL CAT CELG CLFD CMS CFX CMCSA COR CS CTCM CUBI CY DAN DHR DFRG DLX DOW DPS DST DNKN LLY EQT EQM FNB FIS FAF FCX GMT GM GNTX GPK GPI HERO HUB.B HBAN IMAX IMS ISSI IQNT IVC JNS KMB KKR LAZ MHO MAC MCS VAC MCD MJN MRGE VIVO MINI MNRO NDAQ NPBC NEO NWE NUE ORI OSTK PSTB PTEN PENN PNK PJC POOL PDS PRLB PHM QSII DGX RTN RS RCI RCL RTIX R SFE SCHL SQNS SHPG SNA LUV STC STM SXC SXCP SYNT TROW XRS TCB TNC UTEK UA UNP UAL UTL USG VRX WAB WM WCC WIT WRLD
AMC - ABAX ACTG ALGN ALTR AMZN T ATHN BJRI BYD BMTC BLDR BCR CA COF CBI CLS CPHD CHE CB CYN CTCT CLGX DECK DGII ETFC WIRE FII FLEX FLS FET FSL GIMO GHL HBHC HBI HWAY IG INFA JNPR LSTR LSCC LOGM MKTO MXIM MDCA MMSI MCRL MSCC MITK NANO NBHC NTGR N OHI P PEB PMCS PFG PFPT QLIK RGA RSG RHI RT SBCF SHBI SSD SWKS SPNC SPSC STAG SBUX SRCL SYK SIVB TRN TRIP UIS VRSN V WRE WSFS
Friday (24 July) :
BMO - ABBV AAL B BIIB COG DTE ECA FNFG FLIR GRC JCI LEA MCO MOG.A NS OFG OCR BPOP PB COL SPG SAVE STT TEN VFC VTR WBC XRX
AMC - None
Summary
From what I have seen in the market, the technology sector has been outperforming and is leading the overall market. However that could be due to influence from their earnings reports. I think the market is going to see a correction in the short term as the bulls are taking a break. But I cannot really tell as the market is still pretty uncertain. Let's see how the market reacts on Monday before reaching to any conclusion.
There are not much economic data releasing next week but instead more earnings reports, especially big names such as Halliburton, Apple, Microsoft, Amazon and Boeing.
Greece is going to re-open their banks next week but withdraw limits remain imposed. The government remains in liability to repay their debt payments to ECB on Monday. Whereas China somewhat stay off the radar after the government stepped in to prevent the market from more sell-offs and we saw the market starting to recover thereafter. Even so, China remains a time-bomb.
From what I have seen in the market, the technology sector has been outperforming and is leading the overall market. However that could be due to influence from their earnings reports. I think the market is going to see a correction in the short term as the bulls are taking a break. But I cannot really tell as the market is still pretty uncertain. Let's see how the market reacts on Monday before reaching to any conclusion.
There are not much economic data releasing next week but instead more earnings reports, especially big names such as Halliburton, Apple, Microsoft, Amazon and Boeing.
Greece is going to re-open their banks next week but withdraw limits remain imposed. The government remains in liability to repay their debt payments to ECB on Monday. Whereas China somewhat stay off the radar after the government stepped in to prevent the market from more sell-offs and we saw the market starting to recover thereafter. Even so, China remains a time-bomb.
Direction for Monday 20 July, 2015: Down
Direction for the week Monday 20 July to Friday 24 July, 2015: Down
Direction for the week Monday 20 July to Friday 24 July, 2015: Down
2015 Daily Directional Accuracy: 67/111 (60.36%)
2015 Weekly Directional Accuracy: 16/26 (61.54%)
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