Rebel Yell Morning Market Report

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

The Day Ahead For July 17th Sees Federal Reserve Chairman Powell Head To The Hill

Tuesday through Friday in Superstock Investor we produce a morning note of what is happening. We know this is the best primer for the day that you can find and now we are sharing it with our eZine readers.

Make sure to read it each day. Expect to see between 8:30 and 9:00 a.m. EDT each day. As we move forward, we will explain what you need to get our of each section. Here is today's. Enjoy!!

The Day Ahead For Tuesday July 17, 2018

In After Hours Trading


IPOs on deck of note none but 11 for the week. Secondaries of note none today.

In After Hours Trading: SURPRISES NFLX +.06. MISSES none of note. FLAT: .

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: .

What's Happening This Morning


U.S. futures: S&P -2.75, Dow Jones -30, NDX -3.50 and Russell 2000 +0.70 with fair values modestly positive. Asia up and Europe lower.

Gold higher with silver and copper lower. WTI Crude and Brent Oil Futures mixed to flat. Natural Gas is higher. $ is higher vs Euro, higher vs. Pound and higher vs. Yen. US 10 year Treasury price 120.19 with yields flat since yesterday. Prices as of 7:40 a.m. EDT.

Top Sectors Conglomerates and Financials.

Weak Sectors Basic Materials and Healthcare as well as Industrials.

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 Expected


Earnings due after the close (by avg. trade volume): CSX IBKR UAL FNF WTFC PNFP MLNX ADTN.

Earnings due tomorrow morning: NVS ABT ASML MS USB ERIC MTB NTRS GWW TXT PACW MTG WAFD.

Rags & Mags: Inside Wall Street


Support for President Trump and Prime Minister Theresa May both fall post meeting. (Bloomberg)

Amazon (AMZN) suffers outage during Prime Day. (Bloomberg)

Blackrock's (BLK) Larry Fink says that clients are not interested in buying Cryptocurrency. (Bloomberg)

Republicans are split on Trump's comments after meeting with Putin. (WSJ)

Goldman Sachs (GS) names David Solomon to succeed Lloyd Blankfein. (WSJ)

Consumers are struggling to pay off debt. (WSJ)

Europe seeks new trade partners besides the U.S. (NYT)

Deutsche Bank (DB) beats with latest earnings. (NYT)

Reported Earnings This Morning


Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): SURPRISES CMA 0.22 GS 1.33 JNJ +.03 OMC +.06 PACW +05 UNH +.10. MISSES .

Missing: .

Lower Guidance: MSM.

Current Morning missing: .

Mixed Guidance: JNJ.

Positive Guidance: .

Data Points


Yesterday saw 968 stocks rise and 1925 fall on the NYSE. NASDAQ saw 1150 rise and 1783 fall.

The SP 500 is back 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 is in cash. The Madison Market Timing Indicator is still invested.

YTD 54% of stocks are higher and 54% are lower. Updated 7/6/18 close.

Economics


June Industrial Production is due out at 9:15 a.m. EDT and is expected to rise to 0.5% from -0.1%.

Politico


Federal Reserve Chairman Jerome Powell begins two days of Humphrey Hawkins testimony as he starts with the Senate Banking Committee.

Conference & Analyst Meetings


Meetings, Conference Calls or Announcements of note, CYDY.

Conference of Note


Farnborough International Airshow

M & A News

Key Upgrades and Downgrades

FirmUpgradesDowngrades
JP Morgan  
Goldman Sachs MTW GNRC GT
Morgan Stanley  
Deutsche Bank  
Citigroup CC Merrill Lynchp  
Merrill Lynch  
Wachovia/Wells Fargo  
Credit Suisse  
Banc of America  
UBS  
StifelNFLX 
William Blair  
JefferiesAUTL 

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