Friday, 6 Nov 2015 - AMC

Dow +46.90 at 17910.33, Nasdaq +19.38 at 5147.12, S&P -0.73 at 2099.20

Market had a nasty selling at the opening despite we saw an increase in NFP numbers. It stayed in a sideway manner following the sell-off and finished the day with some short covering. Other than NASDAQ, I don't see much bullishness from the other two indices.

Market across Europe and Asia were in a mixed response as well. We saw Shanghai Composite ended off Friday with more than 2% gain while Nikkei recorded around 0.8% gain. 
  

Market Summary

Industry Watch

Strong: Financials, Technology

Weak: Utilities, Energy, Health Care, Consumer Staples, Telecom Services

Other Market Moving Factor:

• October Nonfarm Payrolls soar past estimates (271,000; Briefing.com consensus 181,000) and hourly earnings increase 0.4% (consensus +0.2%): dollar spikes to mid-April levels and Treasuries slide in response

[BRIEFING.COM] The S&P 500 could not avoid its third consecutive decline on Friday as rising rate hike expectations weighed on equities. To be fair, the benchmark index missed a green close by 0.74 points while the Dow (+0.3%) and Nasdaq Composite (+0.4%) erased their opening losses. 

Equities stumbled at the start after the October Employment report easily surpassed expectations, thus increasing the likelihood of a fed funds rate hike at the December policy meeting to 69.8% from yesterday's 58.1%. Specifically, October nonfarm payrolls came in at 271,000 while the Briefing.com consensus expected a reading of 181,000. Also of note, hourly earnings rose 0.4% while the consensus expected an uptick of 0.2%. 

Once the report crossed the wires, investors rushed into the greenback while Treasuries and equity futures retreated. The Dollar Index (99.14, +1.21) held its ground to end the day higher by 1.2% near levels last seen in mid-April. As for Treasuries, the 10-yr note finished near its low with the benchmark yield rising ten basis points to 2.33%, representing the highest settlement since late July. 

Similar to Treasuries, equities slumped in immediate reaction to the report, but unlike Treasuries, the stock market staged a rebound off its opening lows. Six sectors ended the day with losses while financials (+1.1%) and technology (+0.4%) outperformed throughout the day, helping the market return into the neighborhood of its flat line by the closing bell. 

The financial sector rallied due to the rising probability of a December rate hike, extending this week's gain to 2.5%, which put the sector ahead of its peers. Meanwhile, the top-weighted tech space spent the day near its flat line with broad strength in the chipmaker space overshadowing a mixed performance from large cap sector components. To that point, the PHLX Semiconductor Index surged 2.6% with Skyworks (SWKS 85.99, +5.71) and NVIDIA (NVDA 31.55, +3.84) soaring 7.1% and 13.9%, respectively, in reaction to better than expected results. 

On the downside, countercyclical sectors faced the most aggressive selling with consumer staples (-1.1%), telecom services (-0.7%), and utilities (-3.6%) ending at the bottom of the leaderboard. That being said, the energy sector (-0.4%) also finished among the laggards despite showing considerable strength earlier this week. The growth-sensitive group narrowed its weekly gain to 1.1% while crude oil surrendered 2.0% on Friday, ending the week lower by 4.8% at $44.29/bbl. 

Today's participation was well ahead of average with more than 975 million shares changing hands at the NYSE floor. 

Taking another look at today's employment data: 

• Nonfarm payrolls increased by 271,000 (Briefing.com consensus 181,000) 
  • September nonfarm payrolls revised to 137,000 from 142,000 
• Private sector payrolls increased by 268,000 (Briefing.com consensus 160,000) 
  • September private sector payrolls revised to 149,000 from 118,000 
• Unemployment rate slipped to 5.0% (Briefing.com consensus 5.1%) from 5.1% in September 
  • The U6 unemployment rate, which accounts for the total unemployed plus persons marginally attached to the labor force and the underemployed, was 9.8% versus 10.0% in September 
• Average hourly earnings increased 0.4% (Briefing.com consensus 0.2%) after being unchanged in September 
  • Over the last 12 months, average hourly earnings have risen 2.5% versus 2.3% in September, representing the highest year-over-year rate since July 2009 
• The labor force participation rate held at 62.4% for the second month in a row 

On a separate note, the Consumer Credit report for September showed an increase of $28.90 billion while the Briefing.com consensus expected growth of $18.00 billion. It is worth noting that the September reading represented the biggest jump in non-revolving credit since July 2011. 

Monday's session will be free of economic data. 

• Nasdaq Composite +8.5% YTD 
• S&P 500 +1.8% YTD 
• Dow Jones Industrial Average +0.3% YTD 
• Russell 2000 -0.4% YTD 

Week in Review: Nasdaq Leads Stocks Higher

The stock market rallied to begin November with the Nasdaq Composite setting the pace. The tech-heavy index surged 1.5% while the S&P 500 (+1.2%) followed right behind. Equity indices started the trading day on an inconspicuous note after the overnight session featured some mixed economic data. In China, October Manufacturing PMI missed expectations (49.8; expected 50.0) while final Caixin PMI improved to 48.3 from 47.6, but remained below 50.0, indicating continued contraction. Asian markets ended the day on a broadly lower note, but the investor sentiment improved after European participants joined the fray and the market was treated to mostly better than expected PMI readings from regional economies. The eurozone Manufacturing PMI improved to 52.3 from 52.0 (expected 52.0), helping lift European markets off their opening lows. Once the U.S. session got going, an opening trot higher turned into a daylong charge paced by energy and biotechnology as both groups built on their October gains. Biotech names wasted no time, rallying from the opening bell to send the iShares Nasdaq Biotechnology ETF (IBB 338.06, +12.60) higher by 3.9%. For its part, the health care sector spiked 2.1%, but the group was overtaken by the energy sector (+2.4%) during the afternoon. 

Stocks registered their second consecutive advance on Tuesday with the S&P 500 climbing 0.3%. The benchmark index settled a bit behind the Nasdaq Composite (+0.4%) and the Dow Jones Industrial Average (+0.5%) with cyclical sectors pacing the advance. Equity indices saw modest losses at the start of the trading day, but the market was able to overcome the early weakness thanks to continued leadership from the energy sector as the growth-sensitive group surged 2.5% to extend its weekly gain to 5.0%. The Tuesday rally was powered by a 3.8% spike in crude oil, which settled at $47.90/bbl, while top-weighted components like Chevron (CVX 98.14, +3.18) and ExxonMobil (XOM 86.83, +1.55) posted respective gains of 3.4% and 1.8%. 

The market snapped its two-day streak on Wednesday, but the midweek pullback was fairly modest in scope. The S&P 500 shed 0.3% while the Nasdaq Composite (-0.1%) outperformed, settling just below its flat line. Equity indices began the day on a modestly higher note, but the slight early strength faded quickly, sending the major averages into the red during the opening hour. In addition, investors heard from Fed Chair Janet Yellen who addressed the House Financial Services Committee to discuss regulation and supervision of financial institutions; however, the Q&A portion drifted towards questions about the upcoming December policy meeting with Fed Chair Yellen reiterating that a rate hike could happen in December if economic data shows improvement. Eight sectors ended the day in negative territory with energy (-1.0%) spending the bulk of the session behind the remaining nine groups. It is worth noting that the slide followed a 5.0% gain over the previous two days and the sector also had to contend with selling in the commodity market where crude oil fell 3.4%, ending the pit session at $46.32/bbl. 

Equity indices posted their second consecutive decline on Thursday with the S&P 500 shedding 0.1% while the Nasdaq Composite (-0.3%) underperformed. Broadly speaking, the Thursday affair was fairly quiet, but that was not particularly surprising considering investors were set to receive the Employment Situation report for October on Friday morning. Biotechnology was largely responsible for Thursday's relative weakness in the tech-heavy Nasdaq with Valeant Pharmaceuticals (VRX 78.77, -13.21) back in focus, diving 14.4%, amid continued concerns about the company's revenue recognition practices.

Global Market 

ASIA
The Asian equity markets closed mixed heading into the final day of the week and all-important Non-Farm Payrolls release. The markets were extremely tame with light volumes, but the Nikkei managed to extend gains for a 5th straight day, finishing up 0.8% for the session. The BOJ’s Kuroda continued to reiterate his stance that the central bank is willing to do what’s necessary to obtain the 2% inflection objective, while maintaining the notion that the current measures are currently adequate. This may have been validated by a couple of economic data points released last night. Both the September Leading and Coincident Indexes that came in above expectations. China closed out the week with some follow on momentum as well, with the Shanghai closing nearly 2% higher. There were no significant macro news out of the Mainland, but there were comments by China’s premier that indicated the movement to a more investment type growth model is difficult process to implement. Furthermore, a local press report highlighted the rise of NPLs in several of the top Chinese Provinces. In Europe, the major bourses have had a tough time staying afloat this morning.

Economic Data

• Japan
• Sep Preliminary Leading Index: 101.4 vs 101.8e
• Sep Coincident index: 111.9 vs 112.1e
• Australia
• Oct AIG Performance of Construction Index: 52.1 vs 51.9 in Sep

Equity Markets

• Japan’s Nikkei increased 0.8%. The Nikkei had been modestly lower earlier in the day in the wake of the NFP release later today. The indexes strong finish to the week was led by Health Care (+1.2%), Utilities (+1.7%), Financials (+1.2%), with only the Energy sector closing negative, down 0.8%. Stock specifically, Yamada Denki was better by 5.8% after it released its H1 results.
• Hong Kong’s Hang Seng declined 0.8% and finished close to the lows of the session, with the sentiment feeling like much profit taking heading into the headline risk event. Trading in the afternoon was accented by a steady downtrend in the market, with losses in the auto groups weighing on the index. Geely Automobile Holdings finished the session with a 2.7% loss after the company reported October sales.
• China’s Shanghai posted a solid 1.9% day. With no macro data to speak of, the index was led by better than expected October sales results from some Consumer Discretionary cos like SAIC Motor Corp (+10.0%), while brokerage names such as Everbright Securities (6.8%), GF Securities (+3.4%) and China Merchants Securities (+2.7%) all outpaced the benchmark.
• India’s Sensex closed lower for the second consecutive week, dropping 0.2% for the day. Dr Reddy’s Lab and Tata Steel -2.4% were the top losers on the BSE benchmark, down 14.7% and 2.5%, respectively. The sentiment on the Street remained weak, as 18 of the BSE30 stocks ended the day in the red. Shares of Bank of Baroda managed to rebound from its early losses to close up 5% on the day, after initially dropping 10% after the co announced its Q2 results.

FX

• USD/CNY +0.12% at 6.3535
• USD/INR +0.03% at 65.7625
• USD/JPY +0.2% at 121.92

EUROPE
Major European indices trade mostly lower with Germany’s DAX (+0.7%) showing relative strength. On a separate note, the British pound has extended yesterday’s decline following a dovish policy statement from the Bank of England and comments from Governor Mark Carney with rate hike expectations shifting past 2016. The pound has surrendered 1.2% against the dollar today, trading near 1.5035 at this juncture.

• Germany’s September Industrial Production -1.1% month-over-month (expected 0.5%; prior -0.6%)
• UK’s September Industrial Production -0.2% month-over-month (expected -0.1%; prior 0.9%); +1.1% year-over-year (consensus 1.3%; previous 1.8%). Separately, September Manufacturing Production +0.8% month-over-month (expected 0.4%; previous 0.4%); -0.6% year-over-year (consensus -0.9%; last -0.9%). Also of note, September trade deficit narrowed to GBP9.35 billion (expected deficit of GBP10.60 billion; previous deficit of GBP10.79 billion).
• France’s September Trade Balance -EUR3.40 billion (expected -EUR3.10 billion; previous -EUR3.0 billion) while government budget deficit narrowed to EUR74.50 billion from EUR89.70 billion in September.
• Spain’s September Industrial Production +3.8% year-over-year (consensus 2.8%; prior 2.8%).

Closing Prices

• UK’s FTSE: -0.2%
• Germany’s DAX: + 0.9%
• France’s CAC: + 0.1%
• Spain’s IBEX: + 0.2%
• Portugal’s PSI: -0.3%
• Italy’s MIB Index: + 1.4%
• Irish Ovrl Index: + 1.1%
• Greece ASE General Index: -1.3%

Macroeconomic Data

Economic Data

from Briefing.com

• Nonfarm Payrolls : 271K vs 181K (Prior 137K - Down)
• Nonfarm Private Payrolls : 268K vs 160K (Prior 149K - Up)
• Unemployment Rate : 5.0% vs 5.1% (Prior 5.1%)
• Hourly Earnings : 0.4% vs 0.2% (Prior 0.0%)
• Average Workweek : 34.5 vs 34.5 (Prior 34.5)
• Consumer Credit : $28.9B vs $18.0B ($16.0B) 

NONFARM PAYROLLS


Highlights

• The October employment report was much stronger than expected with nonfarm payrolls and private payrolls blowing past economists’ estimates. More importantly, it showed a much larger than expected increase in average hourly earnings– and the highest year-over-year increase in average hourly earnings since July 2009 — which should leave the Federal Reserve inclined to raise the target range for the federal funds rate at its December meeting.

Key Factors

• Nonfarm payrolls increased by 271,000 (Briefing.com consensus 181,000). September nonfarm payrolls revised to 137,000 from 142,000. August nonfarm payrolls revised to 153,000 from 136,000.
• Private sector payrolls increased by 268,000 (Briefing.com consensus 160,000). September private sector payrolls revised to 149,000 from 118,000. August private sector payrolls revised to 125,000 from 100,000.
• Unemployment rate was 5.0% (Briefing.com consensus 5.1%) versus 5.1% in September.
• The U6 unemployment rate, which accounts for the total unemployed plus persons marginally attached to the labor force and the underemployed, was 9.8% versus 10.0% in September.
• Persons unemployed for 27 weeks or more accounted for 26.8% of the unemployed versus 26.6% in September.
• Average hourly earnings increased 0.4% (Briefing.com consensus 0.2%) after being unchanged in September.
• Aggregate earnings increased 0.6%, which is a good portent for consumer spending potential.
• Over the last 12 months, average hourly earnings have risen 2.5% versus 2.3% in September.
• The average workweek was 34.5 hours (Briefing.com consensus 34.5) versus 34.5 hours in September.
• Manufacturing workweek increased 0.1 hours to 40.7 hours.
• Factory overtime increased 0.1 hours to 3.3 hours.
• The labor force participation rate was 62.4% versus 62.4% in September.

Big Picture

• After plenty of economic releases created doubts about the momentum of the US recovery, including the September employment report, the October employment report will solidify the view that the US economy is holding up just fine amid the stresses of economic slowdowns abroad.

CONSUMER CREDIT

Highlights

• Consumer credit increased by $28.9 billion in September, up from a $16.0 billion increase in August. The Briefing.com consensus expected consumer credit to increase by $18.0 billion.

Key Factors

• Revolving credit increased by $6.7 billion in September to $925.2 billion. that was the seventh straight monthly increase in revolving credit.
• Nonrevolving credit increased by $22.2 billion to $2,574.0 billion. That was the biggest jump in nonrevolving credit since July 2011.

Big Picture

• Consumer credit has increased by an average of $19.3 billion each month over the past 12 months with strong demand for student loans and auto loans helping to drive the uptick.

Market Internals

NYSE:

Higher Volumes than the day before – 1006.3M vs 895.0M 


Decliners outpaced Advancers (adv/dec): 1188 / 1924

New Lows outpaced New Highs (highs/lows): 60 / 81

NASDAQ:

Higher Volumes than the day before – 2059.2M vs 2052.5M

Advancers outpaced Decliners (adv/dec): 1742 / 1109

New Highs outpaced New Lows (highs/lows): 150 / 75

VOLATILITY S&P500 (VIX)
14.33 -0.72 (-4.78%)

Market internals are getting some bearishness with New Lows showing a strong increment too. VIX went below 15.00 again as it could not overcome the resistance at the 200MA. If the support continues to hold for VIX, we are likely to see it reverse higher soon.

Technical Updates

DOW JONES INDUSTRIAL AVERAGE ($INDU: CBOT)

17,910.33 +46.90 (+0.26%)

Volume: 107,451,638 (below average of 116,381,820)
Range: 17,768.60 - 17,912.04

NASDAQ COMPOSITE INDEX ($COMPQ.IDX: NASDAQ)

5,147.12 +19.38 (+0.38%)
Volume: 471,934,975 (above average of 468,393,429)

Range: 5,092.87 - 5,147.12

S&P 500 INDEX (SPX: CBOE)

2,099.20 -0.73 (-0.03%)

Volume: 661,105,000 (above average of 652,946,692)

Range: 2,083.74 - 2,101.91

DOW is sitting on its support at 17,750 as it formed a hammer candlestick pattern. NASDAQ also formed a similar hammer pattern as it managed to close above 5,100 level. While S&P is looking more like a long-legged doji as it seems to sit on the support at 2,080. It looks to me that the market is still having an underlying strength going higher but a correction would be more appropriate. The respective support levels are going to be tested over next week and let's see if the sellers manage to take it over from the bulls.

Currencies

Dollar Gains against All Majors

• The U.S. Dollar Index rallied 1.25% to 99.16 today after the U.S. economy reportedly added 271K jobs in October, the highest showing this year. Hourly earnings grew 0.4%, and both data points far surpassed consensus estimates. 
• EUR/USD: -1.29% to $1.0745
  • German industrial production fell 1.1% m/m in September, confounding economists' expectations for a gain. IP dropped 0.6% in August, revised up from -1.2% 
  • Spanish industrial production unexpectedly jumped 3.8% in the year to September after gaining an upwardly-revised 2.8% in August
• GBP/USD: -1.14% to $1.5043
  • Manufacturing production in the U.K. grew a better-than-expected 0.8% m/m in September after rising a downwardly-revised 0.5% in August
    • Industrial production, which is 80% manufacturing but adds in mining and utility activity, fell 0.2% m/m in September reversing a 0.9% gain in August
  • The trade deficit narrowed more than expected to GBP -9.35 bln in September from GBP -10.79 bln in August
• USD/CHF: +1.09% to 1.0062
• USD/JPY: +1.26% to 123.21
  • Japan's Leading Index declined more than expected to 101.4 in November from 103.5 in October, according to preliminary data
• USD/CAD: +1.04% to 1.3297
  • Canadian employment rose by 44.4K jobs in October, well ahead of analyst expectations and the 12.1K gain in September
    • The unemployment rate unexpectedly fell to 7.0% from 7.1% in September
  • Building permits fell 6.7% m/m in September, adding to the 3.6% decline in August
• AUD/USD: -1.59% to $0.7041
  • The Reserve Bank of Australia released its quarterly statement on the economy
    • The statement said that the Australian economy continues to rebalance away from resource production
    • The RBA forecast consumption to increase despite "subdued" wage growth
    • Net service exports have benefited from a much weaker Aussie dollar
• NZD/USD: -1.35% to $0.6521

Bonds

Jobs Report Slams Treasuries 

• The Treasury complex suffered heavy losses today after the October jobs report surprised even some very optimistic forecasters and seemed to cement a rate hike for the December FOMC meeting. Fed fund futures now indicate a 70% chance of a rate hike at the December meeting, up from 56% prior to the release. The yield curve steepened somewhat, with the 2-year note holding up better than the other maturities. The U.S. Dollar Index spiked immediately after the announcement, trading up 1.26% to 99.17
• Yield Check:
  • 2-yr: +6 bps to 0.89%
  • 5-yr: +10 bps to 1.73%
  • 10-yr: +9 bps to 2.33%
  • 30-yr: +8 bps to 3.09%

• News:
  • Nonfarm payrolls in the U.S. economy grew by 271K in October, far above the Briefing.com consensus of 181K. The September number was revised down to 137K from 142K
    • Hourly earnings also jumped, rising 0.4% and beating the Briefing.com consensus of +0.2%. Hourly earnings were flat in September
    • Nonfarm private payrolls grew 268K versus the Briefing.com consensus of 160K. The September reading was +118K
    • The unemployment rate in October was 5.0% versus the Briefing.com consensus of 5.1% and 5.1% in September
  • Consumer credit increased by $28.9 billion in September, up from a $16.0 billion increase in August. The Briefing.com consensus expected consumer credit to increase by $18.0 billion 
  • St. Louis Fed President James Bullard said after the NFP number's release that he saw the probability of a December rate hike at 80%. He does not currently vote on the FOMC, but will vote in 2016

• Commodities:
  • WTI crude: -1.73% to $44.42/bbl. 
  • Gold: -1.45% to $1,088.0/troy oz.
  • Copper: -0.67% to $2.24/lb.

• Currencies:
  • EUR/USD: -1.37% to $1.0737
  • USD/JPY: +1.26% to 123.21

• Week Ahead:
  • Monday: Boston Fed President Rosengren (non-FOMC voter, will vote in 2016) (12:30 ET)
  • Tuesday: October Export Prices ex-ag. and Import Prices ex-oil (08:30 ET); September Wholesale Inventories (10:00 ET); Chicago Fed President Evans (FOMC voter) speaks on managing the U.S. government’s debt (14:30 ET)
  • Wednesday: Veteran’s Day
  • Thursday: MBA Mortgage Index for the week ending 11/7 (07:00 ET); Initial Jobless Claims for the week ending 11/7 and Continuing Jobless Claims for the week ending 10/31 (08:30 ET); St. Louis Fed President Bullard (non-FOMC voter, will vote in 2016) – “Rethinking Monetary Policy” (9:05 ET); Richmond Fed President Lacker (FOMC voter) participates in panel (09:45 ET); September JOLTS – Job Openings (10:00 ET); Chicago Fed President Evans (FOMC voter) (10:15 ET); Crude Inventories for the week ending 11/7 (10:30 ET); New York Fed President Dudley (FOMC voter) (12:15 ET); October Treasury Budget (14:00 ET) 
  • Friday: October PPI and Core PPI (08:30 ET); October Retail Sales and Retail Sales ex-auto (08:30 ET); November Michigan Sentiment (10:00 ET): September Business Inventories (10:00 ET); Natural Gas Inventories for the week ending 11/7 (10:30 ET); Cleveland Fed President Mester (non-FOMC voter, will vote in 2016) (12:30 ET)

Treasury Yields:

• 2 Year Note 0.90% +0.05
• 5 Year Note 1.73% +0.08
• 10 Year Note 2.34% +0.08
• 30 Year Bond 3.09% +0.08

2/30 Spread: 219 bps ( +3 ) … 2/10 Spread: 144 bps ( +3 )

Preview for the week Monday 9 Nov to Friday 13 Nov, 2015

Economic Data

Monday (9 Nov) :

• No Economic Data

Tuesday (10 Nov) :

• Export Price ex-agri : (Prior -0.6%)
• Import Prices ex-oil : (Prior -0.3%)
• Wholesale Inventories : 0.1% (Prior 0.1%)

Wednesday (11 Nov) : Veteran's Day

• No Economic Data 

Thursday (12 Nov) :

• MBA Mortgage Index : (Prior -0.8%)
• Initial Claims : 269K (Prior 276K)
• Continuing Claims : 2155K (Prior 2163K)
• JOLTS - Job Openings : (Prior 5.4M)
• Crude Inventories : (Prior 2.85M) 
• Treasury Budget : -$130.0B (Prior -$121.7B)

Friday (13 Nov) : 

• PPI : 0.1% (Prior -0.5%)
• Core PPI : 0.1% (Prior -0.3%)
• Retail Sales : 0.3% (Prior 0.1%)
• Retail Sales ex-auto : 0.4% (Prior -0.3%)
• Michigan Sentiment : 92.0
• Business Inventories : 0.0% (Prior 0.0%)
• Natural Gas Inventories : (Prior 52 bcf)

Earnings Highlights 

Monday (9 Nov) :

BMO - AMG ALNY RESI ACI ATTO BDSI BITA BLT CCG CIR COMM CRIS DF DISH EXXI EVEP FSYS GLF HSC HTZ ZINC HPT HHC ICON IPXL ICPT ISIS FSTR LIOX MPAA NSSC NAO NRF NVAX PACD PLUG PGEM POZN PCLN PGNX RDNT RELY RBC SNI SFXE BID STRL TC TA UCP VNR WRES WWAV
AMC - AEGR AMBC APEI ASEI APU ATW BEAT BDE BPMC CZR CARA CKEC CHMI CUI DEPO APPS DRYS DTSI ENV XONE FF GALE GNRT HALO HMIN IPAR IILG IFF XON JMBA JAZZ JIVE JPEP KEYW LF LGND LGF CALL MDR MR MODN NSPH NCMI NVRO NOR ORIG OMER OPK PVA PAHC PDM PTLA PSIX PINC PFIE PRSC PTCT QNST RAX RLD REN REXX RNET RMTI RBCN SBRA SB SCLN LEAF SUNE SEMI TTGT TTEC TERP TXTR TRIV TUBE TPC UGI RARE EGY VSAT WWD YDLE ZGNX

Tuesday (10 Nov) :

BMO - ACM AER AFMD ARES ATRO BZH CSIQ CGIX DCIX DHI IGT MRKT QIWI ROK MCRB SRDX GLBL TRCO W ZAYO ZBRA
AMC - ALRM DOX ARNA BOOT HTHT CTRP EVDY EXEL GKOS HCKT HIL INGN JUNO KGC LXFT NVGS OPWR PNNT FENG UPLD WPRT ZFGN

Wednesday (11 Nov) :

BMO - ADT AGI AVOL CAE CBYL GIB CYRN EGRX ENZY EROS M MGIC MTOR NAT STKL ELOS TOUR
AMC - WUBA AVNW BLCM CDNA CIVI CLCD DTRM ECR FLO FNV FRPT MIDD NEFF NTES HLTH PLKI RNDY SHLX SFS SPKE SPTN SYNC TGB TTEK YY

Thursday (12 Nov) :

BMO - AAP AYA EARS CLFD PMTS DSX DDS ECA ENR FMSA FLML FLY HP HIMX HSGX IKGH ICL KSS LIVN MANU MMS NTWK OTIV PAAS RSTI SBH STOR SPH TDG VIAB VSTO
During Mkt Hrs - KITE
AMC - AMPH ANAD AMAT BEBE BUFF PRSS CSCO CPA DAR LOCO LNTA ESE FOSL MXPT NTRA JWN PRTY PLNR PLNT RPD RYI SANW SINA RUN TAHO WB YOKU

Friday (13 Nov) : 

BMO - BERY CRME EPC JCP JYNT MTLS PFNX TYC
AMC - WGL

Summary

We have seen the market getting a little weaker at the start of the week but it managed to get some covering on Friday. However I do think it is likely that market is still somewhat fundamentally bullish but a correction in the market would be good before we see the another rally in the year end. Otherwise, get ready to expect a softening economy next year.

Next week economic data are rather light and I suppose we should continuing to see more profit-taking along the way. We are going to see some Fed members giving speeches throughout the week which could possibly provide some catalysts to the market as well.

Direction for Monday 9 Nov, 2015: Down

Direction for the week Monday 9 Nov to Friday 13 Nov, 2015: Down

2015 Daily Directional Accuracy: 113/176  (64.20%) 

2015 Weekly Directional Accuracy: 25/41 (60.98%)