Dow -163.39 at 17568.56, Nasdaq -57.78 at 5088.63, S&P -22.50 at 2079.65
Friday was rather nasty. Market started with some consolidation for about 30 minutes and thereafter we saw the market tank. Market did not look back until closing and found a support after literally a whole session of selling.I think the market is showing more downside for now but I am not sure how low can it go. We have seen quite a correction this week and maybe we might see some short-covering on Friday.
Furthermore there has been more buying in the longer term treasuries and as a result the yield curve is flattening. This does bring attention to the long term outlook.Direction for Friday 24 July, 2015: Down
Basically look at the global markets, it was purely a sea of red. China released its flash PMI data and it was disappointing. Not a surprise that brought the market down from its recovery. This kind of put me into concern on the market behaviour next week as market is losing the confidence.
Market Summary
Industry Watch
Strong: Telecom services, Utilities
Weak: Health Care, Materials, Energy, Industrials, Financials, Technology
Other Market Moving Factor:
- Amazon.com Flies after Posting Surprise Q2 Profit
- Biogen Idec Cuts FY15 EPS and revenue guidance; weighs on biotech group and health care sector
- Oil prices slide and pull down energy sector
- Flash PMI reading for China hits 15-month low at 48.2, fueling economic slowdown concerns
The slowdown concerns were rooted in a variety of factors:
- The Flash PMI reading for China dropping to a 15-month low of 48.2 in July and signaling a contraction in manufacturing activity
- Weaker than expected PMI readings out of Germany and France that pointed to a deceleration in growth momentum
- The continued drop in crude futures ($48.13, -0.26), which traded further into bear market territory having fallen more than 20% from their June peak; and
- The disappointing report on new home sales in the U.S., which declined 6.8% in June to 482,000 units (Briefing.com consensus 550,000)
- Biogen Idec (BIIB 299.85, -85.20) cutting its FY15 revenue and EPS guidance, which unleashed a wave of selling interest in that stock and peer companies in the highflying biotech group; and
- The weak economic data, which raised questions about future earnings prospects
There was some chatter that a proposal by Democratic presidential candidate Hillary Clinton to raise the short-term capital gains tax on top-bracket payers was responsible for today's negative price action.
While such a headline might have contributed to the negative sentiment that was already in place in the wake of Biogen's warning and the disappointing economic data, it would be overstating things to list that proposal as the cause of today's weakness. That's because Mrs. Clinton hasn't even been elected president, let alone won her party's nomination. Moreover, passage of such a proposal is no sure thing if there is a Republican-controlled Congress on the other side of the 2016 presidential election.
The worst-performing areas of the day were a manifestation of the two bigger issues noted above. To that end, the health care sector (-2.5%) topped the list of losers as the weight of losses in the biotech space, evidenced by a 4.0% drop in the iShares Nasdaq Biotechnology ETF (IBB 378.01, -15.74), weighed heavily.
In turn, the economic worries showed up in the underperformance of the materials (-2.2%), energy (-2.0%), and industrials (-1.3%) sectors, as well as the front end of the Treasury yield curve, which is most sensitive to rate hike expectations.
Longer-dated maturities were little changed, but the 2-yr note saw its yield drop two basis points to 0.68%.
Elsewhere, gold futures settled down 0.8% at $1085.60/troy ounce, but ran back to $1100/troy ounce in extended action on short-covering interest before losing momentum.
NYSE volume was on the light side today at just 645 million shares. The lopsided nature of today's trade was seen in the A/D line, which favored decliners by a better than 2-to-1 margin at the NYSE and a 3-to-1 margin at the Nasdaq.
The earnings results will continue pour in next week, but economic data and the Federal Reserve will also be in the limelight with the Federal Open Market Committee policy decision on Wednesday and the advance estimate for Q2 GDP on Thursday.
Weekly Wrap
We saw more of the same this week, which is to say the equity market couldn't maintain the momentum of the prior week's strong gains. To wit, the S&P followed up a 2.4% gain last week with a 2.2% decline this week.
This roller-coaster action has been the modus operandi this year as market participants have grappled with valuation concerns, volatility in the economic data, and the Federal Reserve's stated hope to be able to raise the fed funds rate before the end of the year.
In the five sessions completed this week, there was only one that resulted in gains for all three major indices. That was Monday and the gains were quite modest with the Dow Jones Industrial Average adding 14 points, the Nasdaq Composite increasing 9 points, and the S&P 500 jumping just 2 points. Over the remaining four sessions, the Dow, Nasdaq, and S&P 500 would shed a total of 531, 130, and 49 points, respectively.
Those declines flowed primarily from a series of earnings reports from widely-held companies that were deemed either not good enough, disappointing, or really disappointing.
Apple (AAPL) fit the first bill. Its fiscal third quarter results actually exceeded consensus expectations for both revenue and earnings per share, yet the margin by which the company beat was not as large as quarters past; moreover, Apple followed its traditional form and issued conservative revenue guidance for its fiscal fourth quarter.
That combination took the wind out of its stock, which had risen ten points, or 9%, in the eight sessions leading up to its report.
Apple essentially fell victim to runaway expectations and felt the brunt of some profit taking following its report. In fact, Apple declined as much as 7% on the day of its earnings report. It would eventually pare some of those losses, but it still ended the week 4.0% lower, which was a major drag on the S&P 500 and Nasdaq 100 considering it is the most heavily-weighted stock in both indexes.
Fellow Dow components Caterpillar (CAT) and 3M (MMM) dropped into the realm of posting disappointing results and/or guidance.
IBM (IBM), though, took the Dow cake in terms of producing really disappointing results. Big Blue dropped 10 points alone on Tuesday following its report, which featured the 13th straight year-over-year decline in quarterly revenue. That loss spearheaded a 181-point decline in the Dow on Tuesday. For the week, IBM fell nearly 13 points or 7.4%.
IBM's weakness paled in comparison to leading biotech company Biogen Idec (BIIB). It plummeted 22% on Friday after the company provided the really disappointing update that it is cutting its FY15 revenue and EPS guidance below current consensus estimates because of a moderation in demand for its multiple sclerosis drug TECFIDERA.
Biogen took the wind out of the biotech group's sales as valuation concerns kicked in following Biogen's disappointment. The iShares Nasdaq Biotechnology ETF (IBB) fell 4.0% on Friday and 5.0% for the week.
There were a decent number of pleasing earnings reports, too. Amazon.com (AMZN), Visa (V), Starbucks (SBUX), and Juniper Networks (JNPR) fit that bill to cite a few examples.
Still, their encouraging results and price gains at the end of the week weren't enough to overcome the shroud of disappointment that set in when the S&P 500 once again failed to break out to the upside and confirm the new high set previously by the Nasdaq Composite.
The understanding that Apple -- perhaps the most loved and widely-held stock around -- couldn't do that heavy lifting after its otherwise very good earnings results pretty much put a lid on buyers' enthusiasm the remainder of the week -- an enthusiasm that was tamped down further by some disappointing economic data late in the week, namely the Flash PMI report out of China, which hit a 15-month low, and the New Home Sales report for June in the U.S., which showed a 6.8% decline in sales to 482,000 units.
To be fair, the Existing Home Sales report for June on Wednesday was stronger than expected, with sales hitting their highest level since February 2007. That is the more important of the two housing reports this week since existing home sales account for roughly 90% of all home sales, yet the negative tone had been cast on Friday by Biogen and the Chinese PMI data by the time the new home sales results hit the wires, leaving market participants one more reason to take some money off the table.
The best report of the week, however, was the initial claims report. It can be stated as such knowing that the 255,000 initial claims for the week ending July 18 were the lowest level of initial claims since November 1973!
That good news got glossed over though due to the continued fallout in commodity prices, which some pundits feel are a harbinger of future economic weakness that has not been accounted for in stock prices. Crude futures for one fell 4.8% for the week to $48.45 per barrel and are in a bear market having fallen more than 20% now from their June peak. Gold futures, meanwhile, declined 4.0% to $1085.60/troy ounce.
In closing, then, the stock market had a tough week this week as economic growth and valuation concerns weighed on investor psychology.
Global Market
Asian Markets Close: Japan’s Nikkei -0.7%; Hong Kong’s Hang Seng -1.1%; China’s Shanghai Composite -1.3%
Asian markets finished the week on a down note, with China leading the way lower following disappointing manufacturing data. China’s Shanghai Composite finished lower by 1.3% after reversing early gains. Hong Kong’s Hang Seng dell 1.1% and Japan’s Nikkei lost 0.7%.
Economic data
- Japan
- July Manufacturing PMI came in ahead of expectations at 51.4 vs 50.1 prior and 50.5 expected.
- China
- July China Manufacturing PMI 48.2 vs 49.4 prior, Briefing.com Consensus of 49.8.
Equity Markets
- Japan’s Nikkei fell 0.7% weighed down by losses in the U.S. and following China’s weak manufacturing data, despite Japan’s manufacturing PMI coming in better than expected. Industrials (-1.5%) and Consumer Discretionary (-1.2%) led the declines, whild 184 out of 225 index members closed lower on the day.
- Hong Kong’s Hang Seng fell 1.1% alongside weakness in China. Chinese financials and insurers led the declines.
- China’s Shanghai Composite fell 1.3% following the disappointing manufacturing data. The July China Manufacturing PMI 48.2 vs 49.4 prior and below the Briefing.com Consensus of 49.8, with a slowdown in new orders.
- India’s Sensex declined 0.9% with industrials, energy and materials weighing.
- Australia’s S&P/ASX 200 declined 0.4%.
FX
- USD/JPY +0.1% at 123.97
EUROPE
- UK’s FTSE: -1.1%
- Germany’s DAX: -1.4%
- France’s CAC: -0.6%
- Spain’s IBEX: -1.2%
- Portugal’s PSI: -0.6%
- Italy’s MIB Index: -0.5%
- Irish Ovrl Index: -0.5%
- Greece ASE General Index: CLOSED
Macroeconomic Data
Economic Data
from Briefing.com
- New Home Sales : 482K vs 550K (Prior 517K - Down)
NEW HOME SALES
Highlights
- New home sales declined 6.8% in June to 482,000 from a downwardly revised 517,000 (from 546,000) in May. The Briefing.com Consensus expected new home sales to increase to 550,000.
Key Factors
- Sales in June were the lowest since 449,000 were sold in November 2014.
- The report was clearly disappointing. Demand, which was thought to have been moving on an upward trend, pulled back strongly in June, and downward revisions to May’s data showcase an uneasy growth pattern.
- While sales remain above 2014 levels, we are not seeing the leg up we were expecting in 2015.
- Unfortunately, future sales growth also looks uneven as rising mortgage rates will reduce affordability conditions and cut into potential sales.
- Demand was strong in the Northeast (28.0%) but fell sharply in the West (-17.0%), Midwest (-11.1%), and South (-4.1%).
- The median home price fell 1.8% to $281,800.
- Inventories are still constrained, but are more in-line with the weak June sales. There is currently a 5.4 months’ supply of inventories at the current sales rate, which is the largest supply since November 2014. A 6 months’ supply is considered normal.
Big Picture
- While sales are still trending above 2013 and 2014 levels, we haven’t seen the clear move higher that would indicate a normalizing market.
Market Internals
NYSE:
Higher Volumes than the day before – 892.1M vs 858.1M
Decliners outpaced Advancers (adv/dec): 835 / 2263
New Lows outpaced New Highs (highs/lows): 34 / 417
NASDAQ:
Higher Volumes than the day before – 1996.0M vs 1985.2M
Decliners outpaced Advancers (adv/dec): 685 / 2179
New Lows outpaced New Highs (highs/lows): 50 / 241
VOLATILITY S&P500 (VIX)
13.74 +1.10 (+8.70%)
Technical Updates
17,568.53 -163.39 (-0.92%)
Volume: 103,471,357 (above average of 93,323,924)
Range: 17,553.73 - 17,756.54
Range: 17,553.73 - 17,756.54
5,088.63 -57.78 (-1.12%)
Volume: 474,843,442 (above average of 434,722,549)
Volume: 474,843,442 (above average of 434,722,549)
Range: 5,084.51 - 5,167.54
2,079.65 -22.50 (-1.07%)
Volume: 622,862,000 (above average of 524,496,369)
Range: 2,077.09 - 2,106.01
DOW broke below its 200MA and sit on the ascending trend line which forms a support. NASDAQ also broke below its 5,100 support level and approaching its converging 20 and 50 MAs. Likewise for S&P, it went under its 20 and 50 MAs while find a support at its ascending trend line as well. It looks like we have seen a fair bit of correction in the market and if the support holds for the indices, I reckon we should see some pullback here.
Commodities
- The dollar index continued to slide lower today, which helped give a boost to select commodities
- However, a bearish China PMI number this morning weighed on commodities across the board
- WTI crude also slid lower today, falling back below $49/barrel in afternoon trading
- Sept crude oil finished pit trading -0.5% at $48.13/barrel
- In other energy, Aug nat gas fell 1.1% to $2.78/MMBtu
- Metals lost steam today as well
- A late-day modest rally in gold helped erase some losses. Aug gold finished the day -0.8% at $1085.60/oz
- Meanwhile, Sept silver lost -1.5% to $14.49/oz, while Sept copper fell -0.4% at $2.38/lb
Energy
- September crude oil futures fell $0.26 (-0.5%) to $48.13/barrel
- August natural gas closed $0.03 lower (-1.1%) at $2.78/MMBtu
- RBOB Gasoline closed $0.07 lower at $1.78/gallon
- Heating oil futures closed $0.02 lower at $1.64/gallon
Agriculture
- December corn closed $0.12 lower at $4.02/bushel
- September wheat closed $0.10 lower at $5.12/bushel
- November soybeans closed $0.16 lower to $9.64/bushel
- Sugar #11 closed 0.27 cents lower to 11.24 cents/lb
Metals
- August gold ended today’s session $8.50 lower (-0.8%) at $1085.60/oz
- September silver closed today’s session $0.22 lower (-1.5%) at $14.49/oz
- September copper closed $0.01 lower (-0.4%) at $2.38/lb
Currencies
- The U.S. Dollar Index gained 0.14% to 97.25 but ended well off of its high of 97.62. The gains appear to have been given back on the basis of the June New Home Sales data which badly missed estimates (482K versus the Briefing.com consensus of 550K). The announcement caused Treasury yields to decline and equities to fall as well, although the initial response from markets was ambiguous
- EUR/USD: -0.03% to $1.0982
- The eurozone's Manufacturing PMI unexpectedly dropped to 52.2 in July from 52.5 in June
- The meeting between Greece and its official creditors was postponed until Monday as they tried to find a secure location
- GBP/USD: -0.04% to $1.5509
- In the U.K., BBA Mortgage Approvals rose more than expected to 44.5K in June from 42.9K in May
- USD/JPY: -0.13% to 123.73
- Japan's Manufacturing PMI rose to a better-than-expected 51.4 in July from 50.1 in June
- USD/CHF: +0.38 to 0.9634
- USD/CAD: +0.33% to 1.3066
- AUD/USD: -1.10% to $0.7277
- NZD/USD: -0.80% to 0.6568
- New Zealand's trade deficit for June unexpectedly narrowed to 60 mln from 350 mln for July
Bonds
- U.S. Treasuries rallied modestly today in a curve-steepening trade after New Home Sales data in the U.S. fell far short of expectations
- Yield Check:
- 2-yr: -2 bps to 0.67%
- 5-yr: -2 bps to 1.62%
- 10-yr: unch at 2.27%
- 30-yr: unch at 2.97%
- News:
- Overnight, China's Caixan Manufacturing PMI unexpectedly dropped to 48.2 from 49.4 in June. That was the sharpest decline in 15 months
- New home sales fell 6.8% in June to 482,000 from a downwardly revised 517,000 (from 546,000) in May. The Briefing.com consensus called for sales to increase to 550,000
- That was the lowest reading since 449,000 were sold in November 2014
- Demand was strong in the Northeast (28.0%) but fell sharply in the West (-17.0%), Midwest (-11.1%), and South (-4.1%)
- The median home price fell 1.8% to $281,800
- Inventories are still constrained, but are more in-line with the weak June sales. There is currently a 5.4 months’ supply of inventories at the current sales rate, which is the largest supply since November 2014. A 6 months’ supply is considered normal
- The $4.1 bln State-Boston Retirement System filed a lawsuit against 22 financial firms alleging that primary dealers used chat-room communications to buy Treasuries at auction at reduced prices
- A Federal Reserve staff report was inadvertently released on June 29th, according to a Fed announcement today
- The report included Fed staff (not policymakers') projections of 2.31% GDP growth in 2015, 2.38% growth in 2016, Fed funds at 0.35% at year-end 2015, and Fed funds of 1.26% at year-end 2016
- Commodities:
- WTI crude: -0.95% to $47.99/bbl.
- Gold: +0.29% to $1,097.30/troy oz.
- Gold touched a 5-year low overnight
- Copper: +0.10% to $2.388/lb.
- Overnight, copper traded its lowest level since 2009. The slide in copper prices has been directly related to the anticipated slowdown in China
- Currencies:
- EUR/USD: -0.02% to $1.0982
- USD/JPY: -0.09% to 123.77
- Week Ahead:
- Monday: June Durable Goods Orders and Durables Goods Orders ex-transportation (08:30 ET)
Tuesday: May Case-Shiller 20-City Index (09:00 ET); July Consumer Confidence (10:00 ET); $26 bln 2-year note auction (results at 13:00 ET)
Wednesday: MBA Mortgage Index for the week ending 07/25 (07:00 ET); June Pending Home Sales (10:00 ET); Crude Inventories for the week ending 7/25 (10:30 ET); July FOMC Rate Decision (14:00 ET); $35 bln 5-year note auction (results at 13:00 ET); $15 bln 2-year floating rate note auction (results at 13:00 ET)
Thursday: Initial Jobless Claims for the week ending 7/25 and Continuing Jobless Claims for the week ending 7/18 (08:30 ET); Q2 GDP and Chain Deflator – Advanced Estimate (08:30 ET); Natural Gas Inventories for the week ending 7/25 (10:30 ET); $29 bln 7-year note auction (results at 13:00 ET)
Friday: Q2 Employment Cost Index (08:30 ET); July Chicago PMI (09:45 ET); July Michigan Sentiment – Final Estimate (10:00 ET)
- Monday: June Durable Goods Orders and Durables Goods Orders ex-transportation (08:30 ET)
Treasury Yields:
- 2 Year Note 0.70% -0.01
- 5 Year Note 1.64% -0.01
- 10 Year Note 2.27% -0.01
- 30 Year Bond 2.96% -0.02
2/30 Spread: 226 bps ( -1 ) … 2/10 Spread: 157 bps ( UNCH )
Preview for the week Monday 27 July to Friday 31 July, 2015
Economic Data
Monday (27 July) :
- Durable Orders : 3.0% (Prior -2.2%)
- Durable Goods - ex transportation : 0.5% (Prior 0.0%)
- Case-Shiller 20-city Index : 5.6% (Prior 4.9%)
- Consumer Confidence : 100.0 (Prior 101.4)
- MBA Mortgage Index : (Prior 0.1%)
- Pending Home Sales : 1.0% (Prior 0.9%)
- Crude Inventories : (Prior 2.468M)
- FOMC Rate Decision : 0.25% (Prior 0.25%)
- Initial Claims : 271K (Prior 255K)
- Continuing Claims : 2200K (Prior 2207K)
- GDP - Adv : 2.6% (Prior -0.2%)
- Chain Deflator - Adv : 1.5% (Prior 0.0%)
- Natural Gas Inventories : (Prior 61 bcf)
- Employment Cost Index : 0.6% (Prior 0.7%)
- Chicago PMI : 50.5 (Prior 49.4)
- Michigan Sentiment - Final : 94.0 (Prior 93.3)
Earnings Highlights
Monday (27 July) :
BMO - ACW AVX BOH BYOU XCO HAE LECO MGLN NSC ONB PHG POL QSR ROP RPM SOHU WAL
During Mkt Hours - HTLD
AMC - ARE ALSN ACC AGNC AMKR AHL AVB BIDU BCRH BRX CDNS CKEC CNL CMP CR CTS TACO EMN RE GIG HLIT HIG HTLF IPHS JJSF JBT KAI KN EVAR MSTR MPWR NBTB OMI PRE PLT PCL PRAH RCII SIMO SWN SWFT TMK UDR VRTS WRB WCN XOOM
BMO - ACW AVX BOH BYOU XCO HAE LECO MGLN NSC ONB PHG POL QSR ROP RPM SOHU WAL
During Mkt Hours - HTLD
AMC - ARE ALSN ACC AGNC AMKR AHL AVB BIDU BCRH BRX CDNS CKEC CNL CMP CR CTS TACO EMN RE GIG HLIT HIG HTLF IPHS JJSF JBT KAI KN EVAR MSTR MPWR NBTB OMI PRE PLT PCL PRAH RCII SIMO SWN SWFT TMK UDR VRTS WRB WCN XOOM
Tuesday (28 July) :
BMO - CAS AMG AGCO ARG AIXG AKS AHGP ARLP ALLY RESI AXE ARW AUO AUDC BP CPLA CNC CIR CIT COMM CVLT CNX GLW OFC CRY CTG CMI CYNO DHX DHI DD ECL FSS FCH FMER FSV FBC F FELE FDP GPN GWB GRUB HSII ICLR IR ISSI IPI IPGP JEC JBLU KEM LH LPT LYB MMC MAS MZOR MRK NOV NCI NAP NLSN NTLS OAK PCAR BTU PFE POR PCH PCP PROV RDWR RAI SALT SIR ST SIRI SVU TCK TXT UTHR UPS WDR WAT WYN
AMC - AKR AEGR AFL GAS AKAM APC ARI ATR AJG APAM AEC AIZ ATML ATRC AXS BLDP BGFV BMR BBOX BXMT BBRG BWLD CHRW CAP CLMS CALX CSCD CINF CTXS CEB CUZ DHT BOOM EW EQR ETH EEFT EXAC EXAM ESRX FFIC GILD GCA GPRE HA HT HMN HURN IPHI IACI KIM LNDC MTSI NATI NCR NGD NEU NCLH NVMI NVDQ NUVA OIS PNRA PEI PSB RSYS RRC RNR RPXC RUBI SSW SM SPOK STLY RGR SPWR TSS TRMK TWTR SLCA X ULTI UMBF VR VDSI VRSK VRTU WNC WRI WSH YELP
Wednesday (29 July) :
BMO - WBAI ACCO ADT MO AMED AMT ANTM APO AVY BDC BGCP BOKF BAH CARB CG CRI CBG CBZ CDK GIB CHH CLF CTCM CFR DIN DXYN DORM DRQ ETN ESIO EME EVER EXC FDML FCF FLY BEN GCI GRMN GD GEL GT GTI HTA HSIC HES HLT HSP HCBK HUM HUN ICON IRT IBP IP JAH JLL LVLT LFUS MAMTH MTOR MVIS TYPE NOC PAG PCG PX Q ROK ROL RES SGNT SAIA STNG SSE SLAB SPIL SONS SO SPR SPW STRZA STRA SNCR DATA MDCO TRI TGI UBSI UMC UAM VNTV WOOF GRA WCIC WEC WEX WILN
AMC - AAC AEGN AFFX AEM ALGT AMC DOX MTGE AEL ARII ANIK AR ACGL ARRS ASH ATW BAX BKFS BLKB BKCC BXP CWT ELY CMO CAVM CBL CGI CEMP CHMT CHDN CMPR CLD CNO CXO CNW CSGP CROX CTRP CW DDR DRE DYAX EHTH ESRT ECYT ESV EPE EQIX EQY EXL EXR FB FARO FOE FICO FNF FBP FISV FORM FORR FMI FRM THRM THG HVT HLS HTH HOLX HOS HY IMPR NSIT TILE ISIL IVR IPCM IXYS KS KEG KRC KGC KEX KRG KRA LQ LRCX LOCK LNC LPSN MTW MN MANT MAR MMLP MCK MDAS MEOH MET MAA MC MUR NCIT NBIX NE NTRI NXPI ASGN OGS OTEX ORLY OI PEIX PEGA PVA PDM PPC POWI PTC PSA QGEN QUIK O RRTS ROG RKUS SGMO SBAC SIGI SCI NOW SFLY SKX SCTY SSS SSNC STAA STMP STNR SU SPRT TAL TER TTEK THRX CLUB UNM VNDA VAR VGR VRTX WTS WSTL WDC WGP WES WLL WFM WMB WMGI WYNN
Thursday (30 July) :
BMO - ACIW ACOR APD ALU ALXN ALKS ALLE AB AMRC BUD ACI ARNA ACRE AWI AZN ATRO AAWW ADP AVP BLL BANC BNCL BOFI BWA BCO BWEN BC BG CCMP CPN CCJ CCG CRR CAH CRS CSH CVE CEVA CRL GTLS CBR CI CBB CME CCE CL COP COT CVI UAN CVRR DLPH XRAY DCIX DBD UFS DFT EDR ERJ ENDP ENTG EPD EXLS STAY FCAU FELP FIG FMS FCN GLPI IT GLOP GNC GG GOV GPX GHM GVA HEES HHS HP HST IDA IDXX INCR INGR IART I IDCC IVZ IRMD IRDM IRM ITC ESI KMT KVHI LLL LBY LINE LKQ MMYT MPC MTRN MHFI MDWD MD MDP MDXG MOBL MDLZ MWW MPLX MSCI NNN NSM NAVB NMM NTCT NICE NOK OIIM OXY ODFL OMG OA OSK OSTK PCRX PBF PBFX PWE PRFT PNK PF PNW PES PBI POT PG BIN PWR RYAM RFP RDS.A RTIX RYL SC SCG SEE SNMX SQBG SHOP SNE SMP SWK HOT STFC SHOO SRI SSYS SUI SUP TLMR TASR TE TDY TFX TEX TEVA TWC TKR TWI TMUS TOWR UPL VLO VLY VICL VA VG WLT WMAR WST WRK WWE XEL XYL YNDX ZBH
AMC - AMSF AMGN ANH AMCC AIV AXTI BSAC BAS BEAT BCOR SAM BCOV BRCM BVN CALD CPT CATM CVCO CHEF CHSP CLW COHR COHU CXP COLM FIX CPSI CTRL CRAY CMLS DTLK DCT DECK DLR DGI DXPE EIX EGO EA ELLI EEP NPO EVHC ESS ES EXEL EXPE FEIC FRGI FEYE FFBC FR FPO FE FLS FLDM FLR GMED GSIT GUID HK HBI HNSN HME HTCH ICFI IMMR IM PODD ISBC KAMN KLAC LSCC LEG LNKD LRE MATX MATW MTSN MXWL MGRC MTD MCHP MOH MWA NGVC NKTR NSR NR OLN OMCL OUTR PCCC PDFS PKI PXLW PLNR PGI PTCT QLGC KWR QTM QUMU RGC RMD RNG RMTI ROVI SB SQI SGEN SKYW SZYM SPF SPN SRDX SYA SYNA TEP TNDM TCO TSYS TNAV TPX TXTR TMST UHS VVUS VCRA WAGE WWWW WBMD WU GB INT AUY YRCW ZLTQ
Friday (31 July) :
BMO - AEE AXL AON MT BERY BPL CBM CBOE CVX CMCO DSX ENB XOM GIL HPY HMC IMGN IMS ITT KCG LM LPNT MOD MGI MOG.A NWL NJR POM PSX PSXP PNM PFS PEG RLGY RCL RUTH STX SWC TDS TRP TNP TYC USM WY WETF
AMC - None
Summary
Friday session was generally bearish but I am going to look at whether the support is strong enough to hold. After all the S&P is still above its 200MA. I think we might see a slight pullback but the bearish momentum from last week could limit the extent of this action.
This coming week is jam packed with some market moving data and plenty of earnings reports. Most likely we are going to see another volatile week ahead, especially on Wednesday we are going to see the FOMC Rate decision and GDP number on the next day.
Meanwhile in Asia, China remains a time-bomb as the economic data is not showing much growth. This led to an underperformance in the market and could affect the commodities market one way or another.
Friday session was generally bearish but I am going to look at whether the support is strong enough to hold. After all the S&P is still above its 200MA. I think we might see a slight pullback but the bearish momentum from last week could limit the extent of this action.
This coming week is jam packed with some market moving data and plenty of earnings reports. Most likely we are going to see another volatile week ahead, especially on Wednesday we are going to see the FOMC Rate decision and GDP number on the next day.
Meanwhile in Asia, China remains a time-bomb as the economic data is not showing much growth. This led to an underperformance in the market and could affect the commodities market one way or another.
Direction for Monday 27 July, 2015: Up
Direction for the week Monday 27 July to Friday 31 July, 2015: Down
Direction for the week Monday 27 July to Friday 31 July, 2015: Down
2015 Daily Directional Accuracy: 72/116 (62.07%)
2015 Weekly Directional Accuracy: 17/27 (62.96%)
No comments:
Post a Comment