Rebel Yell Morning Market Report

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The Daily Briefing For September 20th Sees Uber Bull Change His Viewpoint

MACRO

Michael Hartnett, chief investment strategist at Bank of America Merrill Lynch, is a must read and a must follow if you can get his research. One of our readers introduced me to Hartnett's writing several years ago and I am better investor because of it. Why?

Hartnett thinks outside the box and is quantitative which is how I think. So when Hartnett changes his tune it is important to listen. CNBC did a good job this morning of highlighting his latest update. This is must read.

Harnett Reviewed

The main premise is that The "Great Bull" market is over as economic growth becomes less certain, interest rates rise and debt becomes an overhang. Never a good combination. It is why being a stock picker will be even more important as time progresses.


Daily Ideas

In After Hours Trading

IPOs on deck Bank 7 Corp (BSVN), Eventbrite (EB) and Elanco Animal Health (ELAN). Secondaries of note none on deck.

Filings after close .

data courtesy of IPO Financial

In After Hours Trading: SURPRISES MLHR +.04 RHT +.03. FLAT: MISSED: none.

Lower Guidance: .

Mixed Guidance: MLHR RHT.

Positive Guidance: .

What's Happening This Morning


U.S. futures: S&P +6.50, Dow Jones +79, NDX +24.75 and Russell 2000 +3.30 with fair values lower helping gains. Asia mixed to lower and Europe higher.

Gold and silver higher with copper lower. WTI Crude and Brent Oil Futures mixed. Natural Gas is higher. $ is lower vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury price 118.56 with yields higher overnight. Prices as of 8:00 a.m. EDT.

Top Sectors Financials, Materials and Conglomerates.

Weak Sectors Utilties.

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): MU SCS UNFI.

Earnings due tomorrow morning: none of note.

Rags & Mags: Inside Wall Street


President Trump tweets that OPEC needs to drop prices. (Twitter)

President Trump tweets on money for the wall and border security. (Twitter)

46% of CFOs say biggest risk is a slowing consumer. (CNBC)

Hedge fund manager Jeffrey Gundlach warns that U.S. yields to move higher. (Reuters)

Tilray (TLRY) shares active agains today. (Bloomberg)

EU looking at Amazon and antitrust issues. (NYT)

Reported Earnings This Morning


Reported This Morning: SURPRISES DRI +.10. FLAT: MISSED: THO -.37.

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: DRI.

Positive Guidance: .

Data Points


Yesterday saw 1273 stocks rise and 1630 fall on the NYSE. NASDAQ saw 1464 rise and 1532 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 53% of stocks are higher and 47% are lower. Updated 9/14/18 close.

Economics


Philadelphia Federal Reserve Manufacturing is due out at 8:30 a.m. EDT and is expected to rise to 15.3 from 11.9.

August Existing Home Sales are due out at 10:00 a.m. EDT and are expected to rise to 5.37 million from 5.34 million.

August Leading Indicators are due out at 10:00 a.m. EDT and are expected to fall to 0.5% from 0.6%.

Weekly Jobless Claims due out At 8:30 a.m. EDT.

Weekly Natural Gas Inventories due out at 10:30 a.m. EDT.

Politico


The European Union holds meetings that begin today in Austria and main topic will be Brexit.

Conference & Analyst Meetings


Meetings, Conference Calls or Announcements of note, RMD GWRE GPRO WK CPA ATH DOVA.

Janney Montgomery Scott Healthcare Conference.

Conference of Note


IBC 2018.

M & A News


Fox (FOXA) and Comcast (CMCSA) to hold one day auction for Sky assets.

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