Rebel Yell Morning Market Report

Your Daily Financial Market Briefing - Giving You An Investing Edge Before Each Trading Day Begins

The Daily Briefing For September 18th As Investors React To Tariff News & 10 Year Yield Rises

CHART OF INTEREST

Could the chart of the largest Chinese ETF FXI be telling us something about the state of the trade deal?

One of my favorite formations being that I am from Wisconsin is the "W" formation. This can also be known as a double bottom. Currently, FXI is making a double bottom.

[Image 2]

We like double bottoms because if it does not take then there is an easy exit.

MACRO


If the yield on the long end can begin to move beyond 3.11% to say 3.25%, then expect the financials to finally get going. XLF year to date is up a paltry 0.79% compared to the S&P 500 return of 8.05%.

DAILY BRIEFING

In After Hours Trading

IPOs on deck none of note today but 7 on track for this week. Secondaries of note PSDO REVB.

Filings after close .

data courtesy of IPO Financial

In After Hours Trading: SURPRISES ORCL +.03. FLAT: MISSED: FDX -.37.

Lower Guidance: .

Mixed Guidance: FDX ORCL.

Positive Guidance: .

What's Happening This Morning


U.S. futures: S&P +4, Dow Jones +53, NDX +6 and Russell 2000 +4.40 with fair values lower helping gains. Asia and Europe mixed to higher.

Gold flat to up slightly with cooper and silver higher. WTI Crude and Brent Oil Futures higher. Natural Gas is higher. $ is lower vs Euro, higher vs. Pound and higher vs. Yen. US 10 year Treasury price 119.16 with yields lower overnight. Prices as of 8:00 a.m. EDT.

Top Sectors Utilities and Materials.

Weak Sectors Services and Technology.

One month winners Healthcare,Consumer Goods, Services and Technology.

Three Month Winners Healthcare, Consumer Goods, Services and Technology.

Six Month Winners Conglomerates, Services and Technology.

One Year Winners All except for Utilities.

Year To Date Conglomerates, Healthcare and Services.

Earnings Expected


Earnings due after the close (by avg. trade volume): none of note.

Earnings due Monday: CPRT USAT .

Rags & Mags: Inside Wall Street


President Trump warned China not to hit back at farmers and manufacturers. (Twitter)

Commerce Secretary Wilbur Ross says China is out of bullets. (CNBC)

Salesforce (CRM) to compete with Microsft (MSFT) and powerpoint. Hint Google (GOOGL) does already. (CNBC)

China vows to retaliate. (Bloomberg)

Alibaba (BABA) Chairman Jack Ma warns trade war could last 20 years. (Bloomberg)

Flooding a big problem in North Carolina. (NYT)

Elon Musk and his company Space X to go circle the Moon with first tourist. (Google News)

HBO (T) and Netflix (NFLX) tie at the Emmy awards. (WSJ)

Reported Earnings This Morning


Reported This Morning: SURPRISES AZO +.63 GIS +.07. FLAT: MISSED: APOG -.07.

Missing: CBRL.

Lower Guidance: APOG.

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points


Yesterday saw 1146 stocks rise and 1735 fall on the NYSE. NASDAQ saw 971 rise and 2059 fall.

The SP 500 is 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 moved to cash last week. The Madison Market Timing Indicator is still invested.

YTD 55% of stocks are higher and 45% are lower. Updated 9/14/18 close.

Economics


NAHB Housing Market Index is due out at 10:00 a.m. EDT and is expected to fall to 66 from 67.

Politico


The United Nations General Assembly reconvenes for the fall session.

Conference & Analyst Meetings


Meetings, Conference Calls or Announcements of note, MB DHR JAZZ BWA DVMT BRO RACE RAVN MBFI.

Janney Montgomery Scott Healthcare Conference.

Conference of Note


IBC 2018.

M & A News

Key Upgrades and Downgrades

FirmUpgradesDowngrades
JP Morgan RHT
Goldman SachsMRVl 
Morgan Stanley  
Deutsche Bank  
Citigroup CC Merrill Lynchp PRI
Merrill LynchMD LB UHS 
Wachovia/Wells FargoTRGP 
Credit Suisse ESRX
Banc of America  
UBS  
Stifel  
CowenMU 

STOCK NEWS

There are a ton of company analyst meetings as well as conference now that earnings season is over until mid October. As such, pay attention to how stocks react to either their analyst meeting or a sector does following a conference.

As an example, Borg Warner (BWA) holds their analyst meeting today and we will track its return for one day,  one week, two weeks and one month. If higher, then investors are buying the story and if lower, then they are not. We will look at how the stock fared again on Thursday morning and then follow it out 1 week, 2 weeks and 

CONSIDERATIONS

Elon Musk and his company Space X are going to tour the moon. They have their first customer Japanese billionaire and online fashion tycoon Yusaku Maezawa who simply stated, "I choose to go to the Moon."

This is all that is good about the human race. Focus on this story and you will see all that is good rather than back and forth out of Washington D.C. that is all that is bad about the human race.



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