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 26th Can Markets Survive Facebook Melt Down


In After Hours Trading 

IPOs on deck of note Berry Petroleum (BRY) Cango (CANG) Focus Financial Partners (FOCS) Aurora Mobile (JG) Liquidia Technologies (LQDA) Pinduoduo (PDD) Tenable Holdings (TENB). Secondaries of note EYE MMSI SVRA VCYT WSC .

In After Hours Trading: SURPRISES ALGT +.37 GILD +.35 QCOM +.30 ORLY +.23 ALGN +.21 V +.11 CTXS +.08 UHS +.07 FB +.04 ESV +.03. MISSES MHK -.39 EFX -.35 MAT -.26 RJF -.17 HP -.06. FLAT: .

Lower Guidance: FB.

Mixed Guidance: .

Positive Guidance: CR.

What's Happening This Morning 

U.S. futures: S&P -4.50, Dow Jones -52, NDX -56 and Russell 2000 -0.30 with fair values flat. Asia lower and Europe higher.

Gold and silver lower with copper higher. 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 119.44 with yields higher since yesterday. Prices as of 7:55 a.m. EDT.

Top Sectors All sectors higher yesterday.

Weak Sectors Services and Conglomerates.

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): AMZN INTC AMGN SBUX EA AFL EW LRCX FTV DFS DLR WDC RSG.

 

Earnings due tomorrow morning: XOM CVX MRK ABBV CL PSX AON MCO TWTR IMO WY .

Rags & Mags: Inside Wall Street 

Trade pressure falls post U.S. and EU meeting yesterday. (Bloomberg) 

Facebook in a free fall (Bloomberg)

Walmart bets on babies after demise of Babies R Us. (CNBC)

Amazon expected to have a blow out quarter after the close. (CNBC)

Reported Earnings This Morning 

Reported This Morning: SURPRISES FCN +.51 MLM +.37 ALXN +.35 AGN +.29 MPC +.23 CRI +.22 TREE +.21 LLL +.17 VLO +.17 BMY +.14 MA +.13 APD +.11 (ONLY LOOKING AT BEATS OF .10 OR GREATER). MISSES NLSN -.43 BUD -.17 RDSA -.15 OCN -.13 VC -.10 BC -.05 XRX -.03. FLAT:

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points 

Yesterday saw 1806 stocks rise and 1063 fall on the NYSE. NASDAQ saw 1666 rise and 1269 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 now a sell. The Madison Market Timing Indicator is still invested.

YTD 55% of stocks are higher and 45% are lower. Updated 7/20/18 close.

Economics 

June Durable Goods are due out at 8:30 a.m. EDT and are expected to expect to rise by 3.2% from -0.6%. 

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

Politico 

European Central Bank (ECB) is out with its latest interest rate decision at 7:45 a.m. EDT followed by a press conference at 8:30 a.m. EDT.

Conference & Analyst Meetings 

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

Conference of Note 

Alzheimer Association International Conference.

 International AIDS Society Conference on HIV Science.

M & A News 

Qualcomm (QCOM) to cancel deal to buy NXPI. Will buy back $30 billion of stock.


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