Daily Playbook From Wall Street Rebel: Stock Futures Lower & Earnings To Pick Up

by Geoff Garbacz | 07/11/2018 8:52 AM
Daily Playbook From Wall Street Rebel: Stock Futures Lower & Earnings To Pick Up

In After Hours Trading

IPOs on deck of note none. Secondaries of note ARES ARQL CUZ HMNY IOTS NSA SAR SRE.

In After Hours Trading: SURPRISES AIR +.03 WDFC +.10. MISSES none of note.

Lower Guidance: .

Mixed Guidance: WDFC.

Positive Guidance: .

What's Happening This Morning

U.S. futures: S&P -19.25, Dow Jones -215, NDX -61.75 and Russell 2000 -10.30 with fair values modestly lower. Asia and Europe lower.

Gold, silver and copper lower. WTI Crude and Brent Oil Futures lower. Natural Gas is higher. $ is higher vs Euro, higher vs. Pound and lower vs. Yen. US 10 year Treasury price 120.27 with yields lower since yesterday. Prices as of 7:40 a.m. EDT.

Top Sectors Utilities, Basic Materials and Consumer Services.

Weak Sectors Financials and Conglomerates.

One month winners Basic Materials, Utilities, Services and Healthcare.

Three Month Winners Utilities.

Six Month Winners Services, Basic Materials, Technology and Conglomerates.

One Year Winners All except for Conglomerates.

Year To Date Basic Materials, Services and Technology.

Earnings Expected

Earnings due after the close (by avg. trade volume): OZRK MDXG.

Earnings due tomorrow morning: DAL CBSH.

Rags & Mags: Inside Wall Street

2018 has been a big M&A year. (Bloomberg)

NATO allies are put on the defensive. (Bloomberg)

Trump's Trade War Grows From 18 to 10,000 products. (NYT)

Tesla (TSLA) seeks to build 500,000 cars a year in China. (NYT)

Supreme Court Nominee could be a plus for business. (NYT)

President Trump Pushes More Defense Spending by NATO Allies (WSJ)

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): SURPRISES FAST +.08. MISSES ANGO -.01.

Missing: .

Lower Guidance: MSM.

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 1487 stocks rise and 1413 fall on the NYSE. NASDAQ saw 1176 rise and 1795 fall.

The SP 500 is back above its 50 day exponential moving average and is above its 200 day exponential moving average. The Russell 2000 is above its 50 day moving exponential average and is above 200 day exponential moving average.

The 10 day spread moving average of breadth is invested again this morning. The Madison Market Timing Indicator is still invested.

YTD 54% of stocks are higher and 54% are lower. Updated 7/6/18 close.


June PPI is due out at 8:30 a.m. EDT and is expected to drop to 0.2% from 0.5%.

The latest short interest from the NYSE and NASDAQ is due out after the close for data through June 29th.

European Central Bank President Mario Draghi speaks at the Ninth Annual ECB Statistics Conference.

Israeli Prime Minister Benjamin Netanyahu meets with Russian President Vladimir Putin in Moscow.


President Trump concludes the NATO Summit then moves onto England on Thursday.

The Bank of Canada is expected raise interest rates when it issues the latest monetary report.

Federal Reserve San Francisco President John Williams to speak at 4:30 p.m. EDT.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, COST GIS ZUMZ NUVA. CIBC 9th Annual Unlock the Rock: Stampede Energy Conference. Oppenheimer & Co Boston Oncology Insights Summit.

Conference of Note

SEMICON WEST - Beyond Smart 2018.

M & A News

Fox raises bid for Sky to $32.5 billion.

Key Upgrades and Downgrades

Goldman Sachs  
Morgan Stanley JAZZ 
Deutsche Bank  
Citigroup CC Merrill Lynchp  
Merrill Lynch  
Wachovia/Wells Fargo  
Credit Suisse  
Banc of America  
William Blair  

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