Dow -46.37 at 17373.38, Nasdaq -12.90 at 5043.54, S&P -5.99 at 2077.57
First half of the session was mainly sell-offs. Nonfarm payroll was slightly below expected but it did reflect a growth in the US employment. Also there is a rise in the hourly earnings as well. That most probably triggers the selling at the opening due to the possibility of the Fed raising interest rate sooner. However we saw the market finding a support at noon before a short pullback as short sellers took profits off the table. Overall the indices finished the day in a relatively flat to downside manner but I would say market is still generally weak.
Asia markets were still showing mixed performance while we saw Europe remained weak as all the markets continue to close in red.
Market Summary
Industry Watch
Strong: Utilities
Weak: Consumer Discretionary, Consumer Staples, Health Care, Industrials, Telecom Services, Materials
Other Market Moving Factor:
- July Nonfarm Payrolls below expectations (215K; Briefing.com consensus 229K), but hourly earnings increase 0.2%, as expected: potential September rate hike remains on the table
The market declined for the second consecutive day with today's retreat lubricated by the July Nonfarm Payrolls report (215,000; Briefing.com consensus 229,000), which was good enough to leave the door open for a fed funds rate hike in September.
Things didn't look that bad by the end as equities rebounded during afternoon action with the S&P 500 erasing more than half of its loss. Meanwhile, the Nasdaq Composite was down more than 1.0% at its worst point, but recovered about 70% of that decline.
With the market gearing up for a rate hike in September, the post-NFP weakness in equities was not that surprising; however, strength in the Treasury market was. Specifically, the 10-yr note stumbled immediately after the Nonfarm Payrolls report was released, but recovered that loss in the following minutes and continued higher throughout the day. As a result, the benchmark 10-yr yield fell five basis points to 2.17%, registering its fourth consecutive weekly decline. To be fair, the 2-yr note ended in the red with its yield climbing two basis points to 0.72%.
The lower Treasury yields at the long end of the curve gave a boost to the high-yielding utilities sector (+1.2%), which climbed to a two-month high. Meanwhile, seven of the remaining nine sectors posted losses while financials (+0.1%) and technology (+0.1%) registered slim gains.
The financial sector benefited from the growing rate hike expectations while technology outperformed thanks to relative strength in Apple (AAPL 115.52, +0.39) and high-beta chipmaker names. For its part, Apple spent the day inside a narrow range, but still lost 5.0% for the week after sliding below its 200-day moving average (121.18) on Monday. Meanwhile, chipmakers stayed ahead of the market throughout the day with NVIDIA (NVDA 22.98, +2.53) spiking 12.4% after reporting better than expected earnings and revenue. The broader PHLX Semiconductor Index rose 0.6%.
Elsewhere among cyclical sectors, energy (-1.9%) remained pressured as crude oil futures marched lower throughout the day. The energy sector ended the week lower by 3.6% while WTI crude fell 1.7% to $43.87/bbl, ending the week with a 7.4% loss.
Also of note, the health care sector (-0.2%) paced the early decline, but erased the bulk of its loss by the close. Biotechnology appeared to be the driver as the iShares Nasdaq Biotechnology ETF (IBB 368.67, -1.41) lost 0.4% after briefly crossing its 100-day moving average for the first time since late April. The high-flying ETF surrendered 3.8% for the week, but remains higher by 17.7% since the end of 2014.
Today's participation was roughly in-line with average as 810 million shares changed hands at the NYSE floor.
Taking another look at today's data, nonfarm payrolls added 215,000 jobs in July after adding an upwardly revised 231,000 in June while the Briefing.com consensus expected an increase of 229,000. Private payrolls added 210,000 jobs in July, down from an upwardly revised 227,000 from June while the consensus expected an increase of 220,000.
Average hourly earnings increased 0.2% in July after remaining flat in June while the average hourly workweek increased to 34.6 hours from 34.5. Taken altogether, aggregate earnings increased 0.7% after increasing 0.1% in June.
The July employment report fit in exactly with what the Fed is looking for. Job growth remained relatively robust after exceeding 200,000 for a third consecutive month, and the 0.7% increase in aggregate earnings should bolster consumption growth.
Separately, consumer credit increased by $20.70 billion in June after increasing by an upwardly revised $16.50 billion (from $16.10 billion) in May while the Briefing.com consensus expected an increase of $17.00 billion.
Monday's session will be free of economic data.
- Nasdaq Composite +6.1% YTD
- S&P 500 +0.9% YTD
- Russell 2000 +0.2% YTD
- Dow Jones Industrial Average -2.6% YTD
The stock market began August on a defensive note with a retreat that sent the S&P 500 below its 50-day (2,099) moving average. The benchmark index was down as much as 0.8%, but narrowed its loss to 0.3% by the close, ending ahead of the Dow Jones Industrial Average (-0.5%). Equities hovered near their flat lines during morning action after the overnight session saw more selling in China. To that point, the Shanghai Composite lost 1.1% after the official Manufacturing PMI hit a five-month low (50.0; expected 50.2) while the Non-Manufacturing PMI improved to 53.9 from 53.8, representing a five-month high. Meanwhile, eurozone economies reported Manufacturing PMI readings that were mostly better than expected while economic data from the U.S. contributed to the weakness in the stock market as Construction Spending (+0.1%; Briefing.com consensus 0.6%) and the ISM Manufacturing Index (52.7; consensus 53.7) missed expectations. Treasuries spiked after the release economic data, which sent the 10-yr yield lower by four basis points to 2.15%, representing the lowest level since the start of June. That decline in yields was a supportive factor for the utilities sector, which gained 0.6%. Similar to utilities, consumer staples (+0.3%) and telecom services (+0.2%) posted gains while the health care sector (unch) settled just above its flat line.
The market registered its third consecutive decline on Tuesday with the S&P 500 shedding 0.2% while the Dow Jones Industrial Average (-0.3%) underperformed. Equity indices spent the first half of the trading day near their flat lines with the S&P 500 bouncing inside a six-point range. The benchmark index made a brief appearance in the green, but could not build on that momentary gain as the top-weighted technology sector (-0.7%) weighed. Specifically, Apple (AAPL 114.64, -3.80) was down as much as 4.4% in the early going, which kept a lid on the market. The tech heavyweight narrowed its loss to 3.2% by the close, ending near levels last seen in late January. Similar to Apple, most large cap tech components registered losses while chipmakers also underperformed with the PHLX Semiconductor Index falling 1.1% to widen its 2015 decline to 7.2%.
The stock market snapped its three-day skid on Wednesday with the S&P 500 climbing 0.3%. The benchmark index settled behind the Nasdaq Composite (+0.7%), but ahead of the Dow Jones Industrial Average (-0.1%), which ended in the red. The trading day began with gains, but the early strength was just a mirage for the Dow Jones Industrial Average as the price-weighted index retreated from its opening high and spent the afternoon near its flat line. Most notably, shares of Disney (DIS 110.53, -11.16) pressured the index throughout the day after the company reported earnings. Disney delivered a three-cent beat, but that was overshadowed by a poor showing from its media and parks & resorts segments. In addition to pressuring the Dow, Disney's results broadsided other media names, resulting in a 1.1% decline for the consumer discretionary sector even as retailers outperformed with SPDR S&P Retail ETF (XRT 98.99, +1.10) climbing 1.1%. Furthermore, Time Warner (TWX 79.80, -7.85) reported better than expected results, but the stock fell victim to industry-wide selling pressure, ending lower by 9.0%.
The key indices endured a broad-based retreat on Thursday with the move paced by the Nasdaq Composite. The tech-heavy index lost 1.6% while the Dow Jones Industrial Average and S&P 500 surrendered 0.7% and 0.8%, respectively, ahead of Friday's Nonfarm Payrolls report for July. Equities opened just above their flat lines, but the S&P 500 dipped into the red and slid below its 100-day moving average (2,098) during the opening hour. Eight of ten sectors settled in the red with the consumer discretionary space (-1.3%) showing notable weakness for the second day in a row. Specifically, media names weighed on discretionary shares once again with Viacom (VIAB 44.10, -7.31) tumbling 14.2% after reporting in-line results on light revenue. Similarly, Viacom's peer 21st Century Fox (FOXA 29.87, -2.05) sank 6.4% despite reporting a bottom-line beat while Disney (DIS 108.55, -1.98) lost 1.8% after plunging 9.2% on Wednesday.
Global Market
Asian Markets Close: Japan’s Nikkei +0.3%; Hong Kong’s Hang Seng +0.7%; China’s Shanghai Composite +2.3%
Trading action was mixed in Asian-Pacific markets to end the week. China’s Shanghai Composite surged 2.3% amid state-media reports suggesting China funds have a lot of yuan at the ready to deploy in the stock market; meanwhile, Australia slumped 2.4% in a broad-based selloff paced by its financial sector.
Economic Data
- Japan
- Bank of Japan leaves key interest rate unchanged at 0.10%, as expected
- Australia
- June Home Loans +4.4% month-over-month (expected +5.0%; prior -7.3%)
- July AIG Construction Index 47.1 (prior 46.0)
- June Invest Housing Finance -0.7% month-over-month (prior -3.2%)
Equity Markets
- Japan’s Nikkei increased 0.3% and closed near its highs for the day after the Bank of Japan held its key lending rate unchanged at 0.10%, as expected. Leadership was provided by the consumer staples (+3.6%), materials (+2.1%), and industrials (+1.3%) sectors. Top gainers included Taiheiyo Cement (+4.8%), Nikon (+4.7%), and Daikin Industries (+4.1%). The biggest laggards were Mitsumi Electric (-8.6%), Konica Minolta (-8.5%), and Ricoh (-4.7%). Out of the 225 index members, 142 ended higher, 77 finished lower, and 6 were unchanged. For the week, the Nikkei was up 0.7%.
- Hong Kong’s Hang Seng increased 0.7%, following the favorable path traveled by mainland markets. China Shenhua Energy (+4.2%), Hong Kong Exchanges and Clearing (+3.4%), and Galaxy Entertainment (+3.4%) topped the list of winners while Belle International Holdings (-2.2%), Cheung Kong Property Holdings (-1.4%), and Want Want China Holdings (-1.3%) were at the bottom of the barrel. Out of the 50 index members, 35 ended higher and 15 finished lower. For the week, the Hang Seng declined 0.3%.
- China’s Shanghai Composite jumped 2.3% on state media reports suggesting funds in China have a lot of yuan on the sidelines waiting to be deployed in the stock market. Friday’s advance made the difference for the Shanghai Composite, which increased 2.2% for the week.
- India’s Sensex declined 0.2%, ending the session on a soft note. Weakness in the industrials (-0.7%) and financials (-0.6%) sectors weighed on the index. Bharat Heavy Electricals (-5.8%), Coal India (-3.9%), and State Bank of India (-2.7%) were the worst-performing issues. Oil & Natural Gas Co. (+4.4%), Tata Motors (+2.7%), and Vedanta (+2.1%) topped the list of winners. Out of the 30 index members, 11 ended higher and 19 finished lower. For the week, the Sensex increased 0.4%.
- Australia’s S&P/ASX 200 Index declined a hefty 2.4%, ending at its lows for the day. The weakness was attributed primarily to concerns about the need for banks to raise capital and continued weakness in resource plays. Separately, the Reserve bank of Australia tempered its economic outlook for 2016. The financials (-3.1%), materials (-2.8%), and gold (-2.6%) sectors led the way lower. Out of the 200 index members, 15 ended higher, 178 finished lower , and 7 were unchanged. For the week, the S&P/ASX 200 declined 3.9%.
- Regional advancers: Vietnam +0.5%
- Regional decliners: South Korea -0.2%, Taiwan -0.1%, Malaysia -0.7%, Indonesia -0.8%, Thailand -0.2%, Philippines -0.8%
- Closed for holiday: Singapore
FX
- USD/CNY unch at 6.2097
- USD/INR +0.1% at 63.8150
- USD/JPY -0.1% at 124.67
EUROPE
Major European indices trade mostly lower with Germany’s DAX (-0.4%) trailing the region. Elsewhere, Bank of England Deputy Governor Ben Broadbent said that the central bank is nearing the time when interest rates may need to move higher, but that there is no urgency to do so at this time.
- Germany’s June Industrial Production -1.4% month-over-month (expected 0.3%; prior 0.2%). Separately, June trade surplus expanded to EUR24.00 billion from EUR19.50 billion (expected surplus of EUR21.50 billion) as imports fell 0.5% month-over-month (expected 0.5%; prior 0.7%) while exports declined 1.0% (consensus -0.5%; last 1.6%)
- UK’s June trade deficit widened to GBP9.18 billion from GBP8.42 billion (expected deficit of GBP9.30 billion)
- France’s June Industrial Production -0.1% month-over-month (expected 0.2%; last 0.4%) while June trade deficit narrowed to EUR2.70 billion from EUR4.00 billion (expected deficit of EUR3.70 billion)
- Spain’s June Industrial Production +4.5% year-over-year (expected 3.9%; prior 3.4%)
- Swiss Unemployment Rate held at 3.3%, as expected
Closing Prices
- UK’s FTSE: -0.3%
- Germany’s DAX: -0.8%
- France’s CAC: -0.7%
- Spain’s IBEX: -0.7%
- Portugal’s PSI: -0.6%
- Italy’s MIB Index: -0.5%
- Irish Ovrl Index: -0.5%
- Greece ASE General Index: + 1.5%
Macroeconomic Data
Economic Data
from Briefing.com
- Nonfarm Payrolls : 215K vs 227K (Prior 231K - Up)
- Nonfarm Private Payrolls : 210K vs 223K (Prior 227K - Up)
- Unemployment Rate : 5.3% vs 5.3% (Prior 5.3%)
- Hourly Earnings : 0.2% vs 0.2% (Prior 0.0%)
- Average Workweek : 34.6 vs 34.5 (Prior 34.5)
- Consumer Credit : $20.7B vs $17.0B (Prior $16.5B - Up)
NONFARM PAYROLLS
Highlights
- Nonfarm payrolls added 215,000 jobs in July after adding an upwardly revised 231,000 in June. The Briefing.com Consensus expected nonfarm payrolls to increase by 229,000 jobs.
- Private payrolls added 210,000 jobs in July, down from an upwardly revised 227,000 from June. The consensus expected private nonfarm payrolls to increase by 220,000 jobs.
- Average hourly earnings increased 0.2% in July after remaining flat in June. The average hourly workweek increased to 34.6 hours from 34.5.
- Taken altogether, aggregate earnings increased 0.7% after increasing 0.1% in June.
- The unemployment rate remained at 5.3% for a second consecutive month. That is exactly what the consensus expected.
Key Factors
- The July employment report fit in exactly with what the Fed is looking for. Job growth remained relatively robust after exceeding 200,000 for a third consecutive month, and the 0.7% increase in aggregate earnings should help bolster an acceleration in consumption growth.
- In our view, there is still a green light for a rate hike at the September FOMC meeting.
- Oddly, the labor force participation rate remained at 62.6%, which is the lowest participation rate since October 1977.
- There was talk that the drop in the participation rate in June (from 62.9% in May) was the result of extreme winter weather conditions keeping young adults in school longer into June than normal. With students not looking for summer employment during the survey week, the participation rate was artificially deflated.
- With school over, those potential workers should have returned to the labor force in July. That did not happen, and participation actually got worse. The labor force for workers between the ages of 16 and 19 dropped by 121,000 people. That pushed the labor force participation rate down to 33.5% from 34.3%.
- This trend tells us that young adults feel the that the competition for low/minimum wage jobs is extremely high, and it’s just not worth the effort for these potential workers to even search out employment.
Big Picture
- The employment report was good enough to support a rate hike at the next FOMC meeting.
CONSUMER CREDIT
Highlights
- Consumer credit increased by $20.7 bln in June after increasing by an upwardly revised $16.5 bln (from $16.1 bln) in May. The Briefing.com Consensus expected consumer credit to increase by $17.0B.
Key Factors
- There are generally large revisions to the consumer credit data. Any future revisions, however, are unlikely to alter the current trend.
- Revolving credit increased by $5.5 bln in June, from $906.5 bln to $901.0 bln in May. That was the fifth consecutive increase in revolving credit.
- Nonrevolving credit increased to $2,515.6 bln in June from $2,500.4 bln in May, a gain of $15.2 bln.
Big Picture
- Consumer credit has increased by an average of $17.5 bln each month over the past 12 months.
Market Internals
NYSE:
Lower Volumes than the day before – 831.4M vs 956.5M
Decliners outpaced Advancers (adv/dec): 1265 / 1814
New Lows outpaced New Highs (highs/lows): 31 / 189
NASDAQ:
Lower Volumes than the day before – 1993.9M vs 2281.6M
Decliners outpaced Advancers (adv/dec): 1107 / 1725
New Lows outpaced New Highs (highs/lows): 24 / 173
VOLATILITY S&P500 (VIX)
13.39 -0.38 (-2.76%)
Technical Updates
17,373.38 -46.37 (-0.27%)
Volume: 81,801,228 (below average of 92,368,277)
Range: 17,279.08 - 17,414.94
Range: 17,279.08 - 17,414.94
5,043.54 -12.90 (-0.26%)
Volume: 465,432,776 (above average of 431,510,866)
Volume: 465,432,776 (above average of 431,510,866)
Range: 5,006.15 - 5,055.56
2,077.57 -5.99 (-0.29%)
Volume: 529,686,000 (above average of 529,415,062)
Range: 2,067.91 - 2,082.61
DOW found a temporary support at 17,280 and the death cross is imminent. I reckon the odds is still on the downside. NASDAQ formed a crucified doji and sit on a support at around 5,010 which is also the neckline for the head and shoulder pattern. S&P eventually closed above its 200MA but it is on the verge of breaking lower. It forms a support at around 2,068 and managed to push back up to close above its ascending trend line. I think market is still rather uncertain despite the sense of bearishness around. I reckon we might see some short covering and consolidation before the market turns into a sell-off mode again.
Commodities
- Oil prices have continued to slide lower
- WTI crude oil is now below $44/barrel in electronic trade, while Brent crude oil is below $49/barrel
- Sept WTI crude finished floor trading at $43.87/barrel, losing 1.7%
- Sept nat gas lost two cents to end at $2.80/MMBtu
- The dollar index remained in the red today following the morning sell-off
- This helped give some commodities a boost, such as precious metals
- Dec gold gained +0.4% to $1094.20/oz, while Sept silver rose +0.9% to $14.82/oz
- Sept copper dropped -0.9% to $2.33/lb
Energy
- September crude oil futures fell $0.79 (-1.7%) to $43.87/barrel
- September natural gas closed $0.02 lower (-0.7%) at $2.80/MMBtu
- RBOB Gasoline closed $0.03 lower at $1.62/gallon
- Heating oil futures closed $0.01 lower at $1.54/gallon
Agriculture
- December corn closed $0.03 higher at $3.84/bushel
- September wheat closed $0.03 higher at $5.10/bushel
- November soybeans closed $0.21 higher to $9.64/bushel
- Sugar #11 closed $0.04 cents lower at 10.66 cents/lb
Metals
- December gold ended today’s session $4.00 higher (+0.4%) at $1094.20/oz
- September silver closed today’s session $0.14 higher (+0.9%) at $14.82/oz
- September copper closed $0.02 lower (-0.9%) at $2.33/lb
Currencies
- Only two central banks are expected to end zero interest-rate policy in coming months (the Fed and the BoE), and it was their currencies that lost ground today. As U.S. equity prices are signalling rougher waters ahead, some investors who had been positioned for liftoff may be taking profits in the greenback and pound sterling
- U.S. Dollar Index: -0.29% to 97.55
- Nonfarm Payrolls grew by 215K in July, less than the Briefing.com consensus of 229K and the June, upwardly-revised reading of 231K
- Hourly Earnings grew 0.2% in July, in line with estimates and better than the 0.0% change in June
- GBP/USD: -0.12% to $1.5497
- The U.K.'s trade deficit widened less than expected to -9.18 bln pounds in June from -8.42 bln pounds in May
- EUR/USD: +0.40% to $1.0971
- In Germany, Industrial Production unexpectedly dropped in June, falling by 1.4% m/m versus a 0.2% gain in May
- French Industrial Production fell 0.1% m/m in June, also worse than expectations
- Spanish Industrial Production jumped 4.5% in the year to June, better than expectations and the 3.4% growth seen in May
- USD/JPY: -0.44% to 124.13
- The Bank of Japan met and decided to maintain its interest rate policy, as was widely expected
- USD/CHF: +0.19% to 0.9825
- Switzerland's unemployment rate was 3.1% in July, in line with expectations and the June reading
- USD/CAD: +0.11% to 1.3127
- Canadian employment grew by 6.6K jobs in July, better than the consensus and June's loss of 6.4K jobs
- Canadian Building Permits grew by 14.8% in June
- AUD/USD: +0.89% to $0.7414
- Australian Home Loans grew a less-than-expected 4.4% m/m in June which was better than the 7.3% decline in May
- The Reserve Bank of Australia released its quarterly statement on monetary policy. The central bank noted improvement in economic conditions, reducing the likelihood of another rate cut
- NZD/USD: +1.16% to 0.6623
Bonds
- This morning's release of the July Employment Situation Report should have surprised few investors, but markets went into risk aversion nonetheless. The yield curve sharply flattened as Fed funds futures began pricing in a 75% chance of a rate hike at the FOMC's September meeting. The 2-year note sold off despite large gains at the 10 and 30-year maturities. 5, 10, and 30-year yields are now all below their highs of March, despite the much-reported global bond market sell-off
- Yield Check:
- 2-yr: +2 bps to 0.72%
- 5-yr: -3 bps to 1.58%
- 10-yr: -5 bps to 2.17%
- 30-yr: -7 bps to 2.83%
- News:
- Nonfarm payrolls added 215K jobs in July after adding an upwardly-revised 231K in June. The Briefing.com consensus was for +229K
- Private payrolls added 210K jobs in July, down from an upwardly revised 227K in June. The consensus expected private nonfarm payrolls to rise by 220K jobs
- Average hourly earnings rose 0.2% in July after remaining flat in June. The average hourly workweek increased to 34.6 hours from 34.5
- The unemployment rate remained at 5.3%
- Consumer credit grew by $20.7 bln in June after increasing by an upwardly-revised $16.5 bln (from $16.1 bln) in May. The Briefing.com consensus was for an increase of $17.0B
- Commodities:
- WTI crude: -1.95% to $43.79/bbl.
- Gold: +0.10% to $1,091.20/troy oz.
- Copper: -0.60% to $2.327/lb.
- Currencies:
- EUR/USD: +0.36% to $1.0967
- USD/JPY: -0.41% to 124.18
- Week Ahead:
- Monday: Atlanta Fed President Lockhart (FOMC voter) (09:00 ET and 12:25 ET)
- Tuesday: Q2 Productivity and Unit Labor Costs – Preliminary (08:30 ET); June Wholesale Inventories (10:00 ET); $24 bln 3-year note auction (results at 13:00 ET)
- Wednesday: MBA Mortgage Index for the week ending 8/08 (07:00 ET); NY Fed President Dudley (FOMC voter) (08:30 ET); June JOLTS – Job Openings (10:00 ET); Crude Inventories for the week ending 8/08 (10:30 ET); July Treasury Budget (14:00 ET); $24 bln 10-year note auction (results at 13:00 ET)
- Thursday: Initial Jobless Claims for the week ending 8/08 and Continuing Jobless Claims for the week 8/01 (08:30 ET); July Retail Sales and Retail Sales ex-auto (08:30
ET); July Export Price ex-ag and Import Prices ex-oil (08:30 ET); June Business Inventories (10:00 ET); Natural Gas Inventories for the week ending 8/08); $16 bln 30-year bond auction (results at 13:00 ET) - Friday: July PPI and Core PPI (08:30 ET); July Industrial Production and Capacity Utiliziation (09:15 ET); August Michigan Sentiment (10:00 ET)
Treasury Yields:
- 2 Year Note 0.73% +0.02
- 5 Year Note 1.59% -0.03
- 10 Year Note 2.18% -0.05
- 30 Year Bond 2.83% -0.07
2/30 Spread: 210 bps ( -9 ) … 2/10 Spread: 145 bps ( -7 )
Preview for the week Monday 10 August to Friday 14 August, 2015
Economic Data
Monday (10 Aug) :
- No Economic Data
- Productivity - Prelim : 1.4% (Prior -3.1%)
- Unit Labour Costs - Prelim : -0.1% (Prior 6.7%)
- Wholesale Inventories : (Prior 0.8%)
- MBA Mortgage Index :
- JOLTS - Job Openings : (Prior 5.363M)
- Crude Inventories :
- Treasury Budget : -$149.0B (Prior -$94.6B)
- Initial Claims : 273K (Prior 270K)
- Continuing Claims : 2247K (Prior 2255K)
- Retail Sales : 0.5% (Prior -0.3%)
- Retail Sales ex-auto : 0.5% (Prior -0.1%)
- Export Prices ex-agri : (Prior -0.1%)
- Import Prices ex-oil : (Prior -0.2%)
- Business Inventories : 0.3% (Prior 0.3%)
- Natural Gas Inventories : (Prior 32 bcf)
- PPI : 0.1% (Prior 0.4%)
- Core PPI : 0.1% (Prior 0.3%)
- Industrial Production : 0.3% (Prior 0.2%)
- Capacity Utilisation : 78.0 (Prior 77.8)
- Michigan Sentiment : 93.9 (Prior 93.1)
Earnings Highlights
Monday (10 Aug) :
BMO - ACHN AES AKBA ALSK RESI BDSI BIOS CTRE CNP DF DXPE ECPG ENDP EVEP HPT ICON IPXL MNKD MPAA NRZ NAT PDCE PGEM POZN RDNT SYY TPH UCP WAC
AMC - ALIM AMBC APEI AGTC BDE CARA CDNA CLDX CHMI CUI TRAK DTSI ENV ESE XONE FNV FTEK FF GTY GSAT LOPE HALO HHC ICUI IMN PODD IFF XON IVR JKHY JPEP KEYW KITE KHC LYV CALL MTZ MXL MDR MCC MIDD MM MR MODN NSPH NVAX OMER OMED OVAS FRSH PRAA PFIE QLTY RAX RENT REN SCLN SFXE SHAK LNCE STRL SF STB TTWO TDW TUBE VIPS VSLR YUME ZIOP ZGNX
BMO - ACHN AES AKBA ALSK RESI BDSI BIOS CTRE CNP DF DXPE ECPG ENDP EVEP HPT ICON IPXL MNKD MPAA NRZ NAT PDCE PGEM POZN RDNT SYY TPH UCP WAC
AMC - ALIM AMBC APEI AGTC BDE CARA CDNA CLDX CHMI CUI TRAK DTSI ENV ESE XONE FNV FTEK FF GTY GSAT LOPE HALO HHC ICUI IMN PODD IFF XON IVR JKHY JPEP KEYW KITE KHC LYV CALL MTZ MXL MDR MCC MIDD MM MR MODN NSPH NVAX OMER OMED OVAS FRSH PRAA PFIE QLTY RAX RENT REN SCLN SFXE SHAK LNCE STRL SF STB TTWO TDW TUBE VIPS VSLR YUME ZIOP ZGNX
Tuesday (11 Aug) :
BMO - WMS ACM AER ARCO ARES CGIX CFMS EGRX FMSA JASO MGIC MBUU MTLS QIWI RRGB RTK TW VPG ZBRA
AMC - EPAY CBYL CIVI CDXS CSC CREE CYBR EVDY EXEL FOGO FOSL FRPT HMIN INGN LMNS MYGN OPWR PE FENG SLW SYMC TAHO VIAV ZFGN
Wednesday (12 Aug) :
BMO - BABA AIT ARMK ATTO CAE ENZY EZCH HSGX IGT ICL M MRKT SOL SHLX STKL VWR W
AMC - AMPH AEC BGG CACI CSCO CPA ECR FLO GKOS JUNO LXFT MXPT MDLY NTES NWSA NQ RELY RNDY RYI SEDG SPKE TGB UPLD XNET YDLE
Thursday (13 Aug) :
BMO - AAP CRNT COTY DANG DDS GK KSS PFNX STOR TRCO VSTO
AMC - AMAT AZPN BLCM PRSS DAR LOCO EXXI GLOB JYNT KING JWN PAAS PCTY SINA RARE VCYT WB WX YY
Friday (14 Aug) :
BMO - JCP
AMC - None
Summary
Market does not look bullish at the moment. I would say the downside is still more likely to be happening. But I am not ruling out the possibility that market is going to pull back slightly and maybe consolidating before breaking to the downside.
China released their economic data on Saturday and their PPI was disappointing. Growth in China remains weak and is likely to affect the commodity markets and probably the US market eventually.
In general, market is not really in a good shape and I think it is unlikely to recover in short-term. DOW has already broke below its sideway range since March this year and S&P is about to go under its 200MA. NASDAQ is also at the brink of a breakdown as well. Note that we have been on this strong uptrend/rally since 2009 and market is about to form a rounding top.
Market does not look bullish at the moment. I would say the downside is still more likely to be happening. But I am not ruling out the possibility that market is going to pull back slightly and maybe consolidating before breaking to the downside.
China released their economic data on Saturday and their PPI was disappointing. Growth in China remains weak and is likely to affect the commodity markets and probably the US market eventually.
In general, market is not really in a good shape and I think it is unlikely to recover in short-term. DOW has already broke below its sideway range since March this year and S&P is about to go under its 200MA. NASDAQ is also at the brink of a breakdown as well. Note that we have been on this strong uptrend/rally since 2009 and market is about to form a rounding top.
Direction for Monday 10 Aug, 2015: Up
Direction for the week Monday 10 Aug to Friday 14 Aug, 2015: Down
Direction for the week Monday 10 Aug to Friday 14 Aug, 2015: Down
2015 Daily Directional Accuracy: 76/122 (62.30%)
2015 Weekly Directional Accuracy: 18/29 (62.07%)
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