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 19th Sees China Playing The Victim


This morning we are updating our look at the S&P 500 via our favorite chart.

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The first thing we notice is that the weekly Displaced Moving Average (DMA) Channel is below price which means that the bias is positive. In other words, it makes sense to be long.

Second, the Erlanger Volume Swing (EVS) is at 9.41 from 0.16 last week. Above 0 is good and below 0 is bad. So currently, it is back above zero and holding at that level.

Third, the Erlanger Crossover Spread (EC) Spread is at -0.68 from 0.12 and has turned to red which is a negative.

Last, the Erlanger Trend Direction (ETD) is still in pullback mode as it is red in the upper half.

So what is an investor to do here. We would recommend to stay with stocks but not be a buyer currently. Rather hold on to what we own. If we see further deterioration, then we will alert you to start raising some more cash.


Is the Chinese economy in trouble? I am shocked that the number two leader in China, Chinese Premier Li Keqiang, who spoke this morning at the opening of a World Economic Forum conference in Tianjin, China indicated that possible future.

"China is confronted with a host of challenges," Li noted. "[We're facing] greater difficulties in keeping stable performance of the Chinese economy." Li added claims that the recent slide of the yuan against the U.S. dollar was an intentional policy decision from Beijing were "simply not true."

China Economy

Is China trying to make itself look weak to build support against the U.S.?


In After Hours Trading

IPOs on deck X Financial (XYF). Secondaries of note ARGX GTHX IZEA REVB .

Filings after close .

data courtesy of IPO Financial

In After Hours Trading: SURPRISES none. FLAT: MISSED: none.

Lower Guidance: .

Mixed Guidance: FDX ORCL.

Positive Guidance: .

What's Happening This Morning

U.S. futures: S&P -3.25, Dow Jones -5, NDX -10 and Russell 2000 -3.60 with fair values lower helping gains. Asia lower and Europe mixed.

Gold and silver higher with copper lower. WTI Crude and Brent Oil Futures lower. Natural Gas is lower. $ is lower vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury price 118.80 with yields lower overnight. Prices as of 8:00 a.m. EDT.

Top Sectors materials, Industrials and Services.

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): MLHR RHT.

Earnings due tomorrow morning: DRI LEN SCHL THO.

Rags & Mags: Inside Wall Street

Pot stock TLRY which has been on a run is up 50% in premarket, talk about a high. (CNBC)

United Airlines (UAL) to try a new boarding policy. (CNBC)

GOP rejects Kavanaugh accuser bit to bring in the FBI. (Bloomberg)

North Korean efforts stops short of denuclearization. (NYT)

Facebook (FB) job ads show bias against women. (NYT)

Reported Earnings This Morning

Reported This Morning: SURPRISES . FLAT: MISSED: .

Missing: CPRT.

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 1632 stocks rise and 1275 fall on the NYSE. NASDAQ saw 1762 rise and 1242 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.


August Housing Index is due out at 8:30 a.m. EDT and is expected to rise to 1,229,000 from 1,168,000.

Weekly Crude Oil Inventories are due out at 10:30 a.m. EDT. API Petroleum Inventories out yesterday at 4:30 p.m. EDT saw a build of 1.25 million barrels.


The Bank of Japan (BOJ) is out with its latest announcement with interest rate update, and no change was made.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, UNP.

Janney Montgomery Scott Healthcare Conference.

Conference of Note

IBC 2018.

M & A News

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