What's On Tap For This Morning June 5, 2018

by Geoff Garbacz | 06/05/2018 8:36 AM
What's On Tap For This Morning June 5, 2018
In After Hours Trading

IPOs on deck of note GS Aquisition (GSAH/U). Secondaries of note BFST COOL SABR.

In After Hours Trading: SURPRISES COUP +.10 HQY +.09 SMAT +.06 NX +.03. MISSES .

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: .

What's Happening This Morning

U.S. futures: S&P +3.25, Dow Jones +29, NDX +14.75 and Russell 2000 -1.40 with fair value higher so the overall gain is a bit less. Asia mixed and Europe higher.

Gold lower with Copper higher and silver lower. WTI Crude and Brent Oil Futures lower. Natural Gas is lower. $ is higher vs Euro, lower vs. Pound and higher vs. Yen. US 10 year Treasury price 119.69, change since last update -0.36, so yields higher. Prices as of 7:45 a.m. EDT.

Top Sectors Consumer Goods, Services and Technology.

Weak Sectors Basic Materials and Utilities.

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.


Expected Earnings due after the close (by avg. trade volume): GWRE YY RH OLLI AMBA NCS ALOG LAYN.

Earnings due tomorrow morning: BFB SIG SCWX VRA.

Rags & Mags: Inside Wall Street

Trump Trade War does not worry economists yet. (Bloomberg)China pushes to take the Yuan global. (Bloomberg)

OPEC supply will be dictated by China demand and reserves. (WSJ)

China to expand overseas steel activity to avoid tariffs. (WSJ)

China Trade Set To Soar With North Korea. (NYT)

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): SURPRISES GIII +.27 NAV +.21 HDS +.07. MISSES GCO -.03.

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: GIII NAV .

Data Points

Yesterday saw 1891 stocks rise and 1006 fall on the NYSE. NASDAQ saw 1663 rise and 1253 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 moved to invested last week. 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.


May ISM Services is due out at 10:00 a.m. EDT and is expected to rise to 58 from 56.6.


The big news for the week will be the G-7 Meeting at the end of the week.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, BLK MDT WIX PAA PAGP.

Roth Capital Partners Annual LD Micro Invitational takes place. Baird Annual Global Consumer, Technology & Services Conference. Credit Suisse Global Energy Conference. Jefferies Global Healthcare Conference. Bank of America Merrill Lynch Global Technology Conference.Conference of NoteAmerican Society of Clinical Oncology (ASCO) meets this week in Chicago. NAREIT REITWeek Investor Forum.M & A NewsMicrosoft (MSFT) to buy GitHub for $7.5 billion.

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