The Day Ahead For June 20th

In After Hours Trading

IPOs on deck of note Eidos Therapeutics (EIDX). Secondaries of note APEN CATB GLMD KIN OBSV.

In After Hours Trading: SURPRISES FDX +.20 LZB +.08 ORCL +.05. MISSES none of note.

Lower Guidance: ORCL.

Mixed Guidance: FDX.

Positive Guidance: .

What's Happening This Morning

U.S. futures: S&P +6.75, Dow Jones +102, NDX +18 and Russell 2000 +6.50 with fair value a bit lower so the gain is a bit more. Asia and Europe rebounding as well.Gold and silver lower with copper higher. WTI Crude and Brent Oil Futures higher. Natural Gas is higher. $ is higher vs Euro, higher vs. Pound and higher vs. Yen. US 10 year Treasury price 119.75, yields higher. Prices as of 7:45 a.m. EDT.

Top Sectors Utilities.

Weak Sectors all others.

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

ExpectedEarnings due after the close (by avg. trade volume): MU SCS AOBC.

Earnings due tomorrow morning: CCL KR DRI CMC PDCO MEI BKS.

Rags & Mags: Inside Wall Street

Tariff tit for tat continues. (Bloomberg)No agreement at OPEC meeting thanks to Iran. (Bloomberg)

Germany and France agree to work on improving Euro area. (Bloomberg)

Verizon (VZ) and Sprint (S) to stop sharing customer locations with data brokers. (WSJ)

General Electric drops out of the Dow. (WSJ)

Michael Cohen wants President Trump to pay his bills. (WSJ)

GOP seeks to end child separation policy. (NYT)

White House bets China has more to lose than the U.S. (NYT)​

Reported Earnings

This Morning Reported Earnings

This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): SURPRISES WGO +.09. MISSES none of note.

Lower Guidance: .

Current Morning missing: ATU.

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 1221 stocks rise and 1651 fall on the NYSE. NASDAQ saw 1351 rise and 1598 fall.

The SP 500 is above its 50 day exponential moving average and 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. The Madison Market Timing Indicator is still invested.

YTD 45.66% of stocks are higher and 53.80% are lower. Updated 4/27/18 close.

Economics

The latest weekly mortgage applications rose 5.1%.

May Existing Home Sales are out at 10:00 a.m. EDT and is expected to rise to 5,500,000 from 5,460,000.

Politico

Commerce Secretary Wilbur Ross to testify before the House Finance Committee at 9:00 a.m. EDT.

Federal Reserve Chairman Jerome Powell speaks from Portugal as does ECB Head Draghi and Bank of Japan Governor Haruhiko Kuroda.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, EQIX HZN SMTC.

JP Morgan Energy Equity Conference through Wednesday. Jefferies Global Consumer Conference. JMP Securities Life Sciences Conference.

Conference of Note

M & A News

​Disney (DIS) ups bid for Fox (FOXA) to $38 from $28. This should help VIAB in its pending deal with CBS.Key Upgrades and Downgrades

Upgrades

Goldman MIME ANSS

Merrill DUK SGMO

Downgrades

Goldman ALRM

Raymond James SMG