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 19th


Chart of Interest


The bond ETF charts are starting to come back to life today. We highlight High Yield Bonds via HYG and Corporate Bonds via LQD.

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Macro Comments

The dollar continue to move higher and is causing most commodities to fall in price. We initiated a put trade yesterday around this theme in Gold & Energy Options Trader yesterday to capitalize on this theme.

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In After Hours Trading


IPOs on deck of note Allakos (ALLK), Constellation Pharmaceuticals (CNST), Establishment Labs (ESTA), First Western Financial (MYFW)and Tilray (TLRY). Secondaries of note ACIU CARA CARB EOLS PLYM RDFN SPWH .

In After Hours Trading: SURPRISES URI +.32 AA +.20 IBM +.04 AXP +.03 EBAY +.02 KMI +.02. MISSES none of note UMPQ -.04 PLXS -.03 CNS -.02. FLAT: .

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: MLNX.

What's Happening This Morning


U.S. futures: S&P -8.00, Dow Jones -68, NDX -25 and Russell 2000 -5.20 with fair values flat. Asia and Europe lower.

Gold,silver and copper lower. WTI Crude and Brent Oil Futures lower. Natural Gas is higher. $ is higher vs Euro, higher vs. Pound and higher vs. Yen. US 10 year Treasury price 119.94 with yields higher since yesterday. Prices as of 7:55 a.m. EDT.

Top Sectors Financials and Industrial Goods.

Weak Sectors Utilities and Consumer Goods.

One month winners Utilities, Healthcare and Consumer Goods.

Three Month Winners Utilities Conglomerates, Services and Technology.

Six Month Winners Services, Technology and Conglomerates.

One Year Winners All except for Utilities.

Year To Date Conglomerates, Services and Technology.

Earnings Expected


Earnings due after the close (by avg. trade volume): MSFT ISRG COF CTAS SWKS ETFC CE SEIC.

Earnings due tomorrow morning: GE HON SLB BHGE STT.

Rags & Mags: Inside Wall Street


Yuan drops to new lows today as dollar continues higher. (Bloomberg)

President Trump struggles to explain meeting with Putin.(Bloomberg)

EU fine of Google (GOOGL) shakes up mobile industry. (WSJ)

Trump may move ahead with auto tariffs. (WSJ)

LIBOR to go away in 2012. (NYT)

Reported Earnings This Morning


Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): SURPRISES ADS +.37 FITB +.23 SNA +.19 PM +.18 BX +.16 DOV +.09 DHR +.06 TSM +.04 UNP +.03. MISSES TRV -.58 SAP -.40 POOL -.08.

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: GWW.

Positive Guidance: .

Data Points


Yesterday saw 1646 stocks rise and 1219 fall on the NYSE. NASDAQ saw 1716 rise and 1246 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 Leading Indicators are due out at 10:00 a.m. EDT and are expected to improve to 0.4% from 0.2%.

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

Politico

Conference & Analyst Meetings


Meetings, Conference Calls or Announcements of note, none of note.

Conference of Note


Farnborough International Airshow

M & A News


Comcast (CMCSA) drops bid for Fox (FOXA) assets. Walt Disney (DIS) wins contest for Fox.

Wendy's (WEN) and Papa John's (PZZA) held merger talks.

Key Upgrades and Downgrades

FirmUpgradesDowngrades
JP Morgan  
Goldman Sachs  
Morgan Stanley FFIV
Deutsche Bank  
Citigroup CC Merrill Lynchp  
Merrill Lynch  
Wachovia/Wells Fargo  
Credit SuisseSQ 
Banc of America 
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