#ES_F $ES_F levels to watch 2059.50 / / 2048 / / 2036.75 Yeah the numbers have been the same for a little while....we should see some movement today hopefully
Frontrunning: May 24 Asian stocks near 11-week lows, dollar bounces on Fed rate view (Reuters) Poll Finds Lack of Enthusiasm for Clinton and Trump (WSJ) Oil falls for fifth day as focus returns to growing exports (Reuters) The Hedge Fund That Couldn't Stay Open Long Enough for a Big Payday (BBG) French police break up refinery blockade in anti-reform showdown (Reuters) Greece starts moving migrants camped at border to state facilities (Reuters) G7 to examine economic risk, vow policy mix to spur growth (Reuters) Switzerland Opens Criminal Proceedings Against BSI Over 1MDB Dealings (WSJ) Iraq forces shell Falluja for second day; U.N. concerned for civilians (Reuters) Apple Said to Hit Setback in Push to Open Stores in India (BBG) U.S. Military Wants More Leeway to Strike Taliban (WSJ) Brazil’s Temer faces test as minister steps down over leaked tape (FT) Saudi Arabia’s New Oil Plan Shows It’s Just Not That Into OPEC (BBG) Banks Keep Cutting Bond Traders as One-Third Gone Since 2011 (BBG) Fed Shouldn’t Kid Itself on Rate Risk, Says $200 Billion Manager (BBG) Bank of America Penalty Thrown Out in Crisis-Era ‘Hustle’ Case (WSJ) Goldman warned Green lieutenant BHS buyer had been bankrupt (FT) Spoiler: 5/24/16 Tuesday's Stocks to Watch: BBY, MSFT, AZO, HD, TOL, ENR, ADM, CAG, SNE, FB, DE, KO, JPM, SQ & more 5/24/16 Tuesday's Stocks to Watch: BBY, MSFT, AZO, HD, TOL, ENR, ADM, CAG, SNE, FB, DE, KO, JPM, SQ & more source: cnbc.com Check out which companies are making headlines before the bell on Tuesday Best Buy—Best Buy reported adjusted quarterly profit of 44 cents per share, 9 cents a share above estimates. Revenue also beat forecasts. However, its current-quarter forecast is light of Street forecasts. Separately, Best Buy CFO Sharon McCollam is stepping down June 14, and will be replaced by Chief Strategic Growth Officer Corrie Barry. Microsoft—Cowen upgraded Microsoft to "outperform" from "market perform," saying the market has overreacted to Microsoft's most recent quarterly earnings and that key metrics like Office suite revenue and cloud-based sales are poised to increase. AutoZone—The autoparts retailer earned an adjusted $10.77 per share for its third quarter, 15 cents a share below estimates. Revenue also fell short. The company said the sales shortfall was primarily the result of weather-related factors in certain areas of the country. Home Depot—The home improvement retailer said it recorded $2 million in pre-tax expenses related to its 2014 data breach during the first quarter. It also said it has not set aside an accrual for costs related to the breach, since it is not able to estimate a range related to pending matters. Toll Brothers—Toll Brothers reported adjusted quarterly profit of 51 cents per share, 5 cents a share above estimates. The luxury home builder's revenue also topped Street forecasts, and it saw improvements in sales, profit margins, and backlog over a year earlier. Energizer Holdings—Energizer bought automotive fragrance products maker Handstands for $340 million in cash. Archer Daniels Midland—BMO Capital Markets upgraded the grain processor's stock to "outperform" from "market perform," saying the company's fundamentals will begin to vastly improve in the second half of this year. ConAgra Foods—The food company's Chief Financial Officer John Gehring will retire after 14 years, but will remain on the job until a successor has been named. Sony—Sony is predicting a 2 percent rise in annual profit for the fiscal year ending March 31, with results impacted by a partial production halt at an image sensor plant. The halt was instituted so the company could assess earthquake damage at the plant. Facebook—Facebook has changed some procedures related to its "Trending Topics" section, following a report that alleged suppression of conservative news. Facebook did say an internal probe showed no evidence of political bias in the selection of stories for that section. Deere—BMO upgraded the heavy equipment maker to "outperform" from "market perform," saying Deere is under-owned and has attractive long-term prospects. It notes significant underperformance by the stock since 2011 and acknowledges that the call may be on the early side. Coca-Cola—Production of Coke has been halted in Venezuela due to a lack of sugar in that country. Production of diet drinks containing no sugar are continuing normally, according to a Coca-Cola spokeswoman. Toyota—The automaker is adding nearly 1.6 million vehicles to recalls related to possibly defective Takata air bag inflators. The latest recall involves models built between 2006 and 2011, although it does not include all models built in that time period. JPMorgan Chase—The company's private bank unit is cutting nearly 100 workers, according to The Wall Street Journal. The division still has about 12,000 people and is continuing to actively hire even as it cuts out underperformers. Square—Square was upgraded to "buy" from "neutral" at BTIG, which cites both valuation and the potential for short-squeeze related gains. BTIG has a price target of $12 per share for the mobile payments company, compared to the Monday close of $9.46 per share. Spoiler: Pre-Open Buying Panic In Stocks & Crude Extends As Euro Tumbles Dow futures are up 130 points since Europe opened helped by a drop in JPY and EUR and a buying spike in crude oil once again... Oil has taken out yesterday's highs... US equity fuitures are soaring... As Euro tumbles... this morning's ER- today's economic events- markets now- good trading day to all in here on this tuesday!
The market is coming up to the high end of our bear channel here, lets see if it provides any resistance today. I'm not feeling very bearish, I got a feeling this channel is going to get violated soon. The market never likes to keep giving the small guys easy patterns to play for too long.
Taiwan had some legs! All from Apple rumors? I just don't see how $700 phones can keep selling like hotcakes...!
Yen has been falling for three weeks. At support now. Rallied yesterday but opened off today. Dollar is the opposite. Rallied for three weeks, stalling at resistance. A Tale of Two Cities. So far all I see is a healthy consolidation in gold. ICBAMLAWT
I'm not sure why the sudden spike on no news except to start a short squeeze and sucker in some more bulls for the next leg down. SOH for now....not trusting this just yet
yowza @ the new housing sales beat there ... blow out #'s http://www.cnbc.com/2016/05/24/new-single-family-home-sales-for-april-reported-by-census-.html
more on that housing # best levels here since 2007 ... but still not even half way back since the meltdown ... but a decent beat nonetheless ... will have to look into the internals to see what's in there though
meanwhile...lol Spoiler: Richmond Fed Crashes Into Contraction From 6 Year Highs, Biggest Drop In History Having spiked mysteriously to 6 year highs in March (from 4 year lows in Feb), Richmond Fed's manufacturing survey crashed back into contraction in May (printing -1 against =14 prior and +8 expectations). Weakness was broad-based across the entire set of subcomponents with New Orders plunging, shipments crashing, employees and workweek tumbling, and worse still future employment and capex expectations dropped precipitously. The drop in the last 2 months is the largest in the 23 year history of the survey. So WTF was that spike in March? Charts: Bloomberg
Are we setting up for another 2008? Company debt out of control, housing markets getting over heated...sounds familiar except this time there's no QE to save us...man, I hope this isn't the case...planet can't take another melt down.
Exactly just b/c the number was beat doesn't mean it's going gangbusters. And...this is on loosened lending for new mortgages. I'm not excited about it. Over the last 8 years commodities have been going down making cost of living cheaper (see chart vs USD). Today stuff costs $0.40 on the dollar what it cost in 2008. Recently, commodities have been going up = cost of living is starting to go up = people can afford less.
