Wow what a reversal, the volatility definitely is not over yet and I wouldn't rush to get in and guess the bottom with the FED remaining hawkish for foreseeable future, we probably won't get some kind of a V shaped market recovery like we got used to when we had unlimited QE and zero interest rate
Top of the morning Stockaholics! Happy Tuesday to you all! And welcome to the new trading day and a frrrrrrrrrrrrrrrresh start. Here is a quick check on those futures as we are a little over 3 hours from the cash market open. GLTA on this Tuesday, July the 19th, 2022.
The pre-market thread is now up on Reddit for anyone looking for a quick read before today's cash market open. GL to y'all's trading on this Tuesday, July the 19th, 2022! LINK: https://www.reddit.com/r/StockMarket/comments/w2r3rk/719_tuesdays_premarket_stock_movers_news/
Morning Lineup - 7/19/22 - Working on a Turnaround Tuesday Tue, Jul 19, 2022 After a disheartening late-day decline yesterday, futures are attempting a 'turn-around Tuesday' this morning. In addition to a handful of high-profile earnings reports from IBM, Johnson & Johnson (JNJ), and Lockheed Martin (LMT), we also just got the latest update of Building Permits and Housing Starts which came in mixed relative to expectations. Building Permits were slightly higher than expected and Housing Starts missed slightly. Another notable report this morning was the latest Merrill Lynch Fund Managers Survey which showed widespread pessimism on the part of respondents. According to the report, exposure levels to risk assets were taken down to their lowest levels since the Financial Crisis while cash levels are higher now than at any other time since 2001! Everyone wants to see inflation subside, and we welcome any sign of a pullback in upward price pressures. The latest datapoint optimists are glomming on to is the fact that the national average price of a gallon of gas dropped below $4.50 per gallon yesterday after touching $5 as recently as mid-June. That’s a decline of nearly 10%! The move lower in gas prices is welcomed by us more than anybody, but before we all close the book on this chapter in the inflation saga and let our guard down, we should keep in mind that from a seasonal perspective, we are in what has historically been a relatively weak time of year for prices at the pump. Prices typically peak for the year around Memorial Day, trade sideways through the summer, and then decline into year-end. Second, while prices are down sharply after the last month, it follows what was a parabolic increase in prices year to date through mid-June. Despite a 7.2% decline so far in July and a nearly 10% decline over the last month, the national average price of a gallon of gas is still up 9.3% over the last three months, 36.8% year to date, and 42% over the last year! That’s hardly a trend of lower prices. Moving further out, the percentage gains have been even larger. Over the last two years, Americans are paying more than double what they were paying for gas, and over the last three and four years, the average price has increased by roughly 60%. We’re pleased as anyone with the direction of gas prices over the last month, but just as we’ve seen countless examples of the market or individual stocks in downtrends stage an impressive rally only to give it all back again, let’s hope this move lower in gas prices isn’t a false alarm in the other direction.
Here are the most notable earnings releases due out after today's market close. TICKERS WITH ER AFTER TODAY'S CLOSE: ($NFLX $JBHT $IBKR $CALM $FOR $UCBI $PNFP $HWC $EQBK $ASPU $OMC $FULT $NBHC $HOPE) EW CALENDAR:
Here are the most notable earnings releases due out before Wednesday's market open. TICKERS WITH ER BEFORE TOMORROW'S OPEN: ($ASML $ABT $NDAQ $BKR $MTB $LAD $BIIB $CMA $BMI $NTRS $BHLB $FHN $HCSG $MKTX $WIT $ALFVY $ELV) EW CALENDAR:
Wow it was a nice rally Took some profits and risks off the table, I unloaded some of the positions that I have been sitting with unrealized losses for awhile but turned into profits today thanks to the rally
Top of the morning Stockaholics! Happy Hump Day to you all! And welcome to the new trading day and a frrrrrrrrrrrrrrrresh start. Here is a quick check on those futures as we are a little under 4 hours from the cash market open. GLTA on this Wednesday, July the 20th, 2022.
Morning Lineup - 7/20/22 - To The Moon Wed, Jul 20, 2022 It was over 50-years ago today that Neil Armstrong became the first human to walk on the moon. Stocks didn't go into orbit yesterday, but the S&P 500 and Nasdaq did manage to finally break back above their 50-day moving averages, ending, for the S&P 500, what was the longest streak since the Financial Crisis. This morning, the tone is much more subdued as futures have given up earlier gains as investors digest the latest batch of earnings. On the economic calendar, the only report of note is Existing Home Sales, which is expected to show a modest decline relative to last month. Both the S&P 500 and Nasdaq broke some extended streaks of trading below their 50-DMAs yesterday. For the S&P 500, the streak ending at 60 trading days was the longest since the 72-day streak ending all the way back in 2008, and it was just the 19th streak of 60 or more trading days in the post-WWII period. Now the S&P 500 just needs to work up enough strength to get back to its 200-DMA which is still 10.7% above yesterday’s close. The Nasdaq’s streak of closes below its 50-DMA was even longer at 68 trading days, although that was only the longest streak of closes below that level since the 69-day streak ending in January 2019. Before that you have to go back to the 72 trading day streak ending in December 2008 to find a longer streak. In the Nasdaq’s history dating back to 1971 there have now only been 15 streaks where the index traded below its 50-DMA for 60 or more trading days. Finally, while the S&P 500 is 10.2% below its 200-DMA, the Nasdaq is much further in the hole at 17.2% below its 200-DMA.
The pre-market thread is now up on Reddit for anyone looking for a quick read before today's cash market open. GL to y'all's trading on this Wednesday, July the 20th, 2022! LINK: https://www.reddit.com/r/StockMarket/comments/w3kty5/720_wednesdays_premarket_stock_movers_news/
Tech and the ARK names are doing well after the earnings from NFLX. Healthcare seems to be struggling after lackluster reactions to the earnings from ABT and ELV
Here are the most notable earnings releases due out after today's market close. TICKERS WITH ER AFTER TODAY'S CLOSE: ($TSLA $UAL $AA $CSX $LVS $STLD $KMI $KNX $CCI $DFS $XM $EFX $CCK $VMI $REXR $LSTR $PACW $UMPQ $WTFC $BANR $FNB $INBK $TBK $RLI $MMLP $CVBF $EGBN $GSBC $SLG $AMTB $FR $PFBC $SEIC $RELL) EW CALENDAR:
Here are the most notable earnings releases due out before Thursday's market open. TICKERS WITH ER BEFORE TOMORROW'S OPEN: ($AAL $T $NOK $FCX $NUE $BX $DHI $DPZ $DOW $PM $UNP $TSCO $DHR $ALK $AN $SAP $ABB $TRV $DGX $SON $KEY $FITB $SNA $POOL $HBAN $AIR $HRI $BKU $BANC $HOMB $MMC $DOV $TPH $TCBI $SNV $GATX $IQV $AUB $EWBC $COLB $WNS $PPBI) EW CALENDAR:
Top of the morning Stockaholics! Happy Thursday to you all! And welcome to the new trading day and a frrrrrrrrrrrrrrrresh start. Here is a quick check on those futures as we are a little under 4 hours from the cash market open. GLTA on this Thursday, July the 21st, 2022.
Morning Lineup - 7/21/22 - Another Bull Run Battle Thu, Jul 21, 2022 On this anniversary of the battle of Bull Run, the first major conflict of the Civil War, and as bulls wage another battle against the bear market trend, the above quote from Stonewall Jackson seems applicable. As investors and/or traders, it’s always important to recognize your weaknesses and take steps to avoid them. Those who tend to overtrade or get emotional in reaction to market headlines should take a step back and keep things in perspective. Earnings season is a time of heightened volatility where each major earnings report tends to get extrapolated to the broader economy until the next earnings report sends a different contradictory message. The market has strung a number of good days together as bank stocks have rallied in reaction to their reports kicking the earnings season off on a positive note. Overall, results have generally been better than expected which has been a good sign. Next week, we’ll get into the heart of earnings season; not only will the pace of reports pick up, but we’ll also hear from the largest companies in the market. This morning’s market tone is biased to the downside as all the major US averages are indicated to open flat to modestly lower, but there has been some volatility following news of the ECB's 50 bps rate hike (hinted at earlier this week) hitting the tape. The big move has been in crude oil which is trading down over 4% and near its lowest levels since the first quarter as supplies from Libya ramp up and Russia has resumed the supply of natural gas on the Nord Stream pipeline. On the economic front, it’s a busy day for data with Jobless Claims and the Philly Fed report at 8:30 eastern and leading indicators at 10. The rally we have seen in stocks over the last week has been a textbook example of risk-on. Take a look at sector performance below. Besides cyclical sectors leading while defensives have lagged, outside of the Energy sector, the leading sectors over the last week (Consumer Discretionary, Technology, and Communication Services) are also the ones down the most YTD. Conversely, sectors that have declined or seen the smallest gains over the last week have all outperformed YTD. On the topic of energy, while it has been a leader over the last week, today's 4.5% decline in crude has the secotr trading down 2.5% in the pre-market.
The pre-market thread is now up on Reddit for anyone looking for a quick read before today's cash market open. GL to y'all's trading on this Thursday, July the 21st, 2022! LINK: https://www.reddit.com/r/StockMarket/comments/w4fmpw/721_thursdays_premarket_stock_movers_news/
