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Morning Note

News

Morning Note

"Morning Note – 12/26/18"

posted by CAPIS on 12/26/2018 at 7:41 am

by CAPIS

12/26/2018 at 7:41 am

In After Hours Trading

IPOs on deck: IPOs are done for the year and we will pick back up in 2019, The likelihood is 90% no more secondaries for the year. That said there still could be some filings announced.

Filings After The Close: common stock; mixed shelf offering;

Courtesy of IPO Financial

Earnings From After the Close:  There are no earnings of note this week.

News After The Close:

Christmas eve President Trump outed Santa Claus to a 7 year old causing many to question his mental stability.

Government shutdown will remain in effect until at least Thursday of this week.

Rumors have surfaced that President Trump is dissatisfied with Treasury Secretary Steven Mnuhcin.

Dividend Increases:

Repurchase Ammouncements: JD

Index Changes:

Hourly Action This Past Week:

Another poor day on Monday as stocks faltered at 11:00 a.m. turning it into the worst Christmas Eve performance in the history of the stock market.

Courtesy of Quantitative Partners, Inc.

What’s Happening This Morning:

U.S. futures: S&P +24, Dow Jones +204  NDX +67 and Russell 2000 +12 with fair values HIGHER LESSENING GAINS.  Asia higher to mixed and Europe lower this morning.

Gold, silver and copper higher. WTI Crude and Brent Oil Futures higher. Natural Gas is lower. $ is lower vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury price 121.47 with yields flat since Monday morning. Prices as of 7:55 a.m. EDT.

Top Sectors Friday: None.

Weakest Sectors Monday: All, lead by Utilities, Industrials and Materials.

One Month Winners: None.

Three Month Winners: None.

Six Month Winners: None.

Twelve Month Winners: None

Year To Date Winners: None.

Rags & Mags:

Mastercard (MA) spending rose 4.9% for the holidays. (St. Louis News)

Amazon (AMZN) put up a record breaking holiday season.

President Trump calls the stock market a “tremendous buying opportunity”. (Bloomberg)

Lion Air Crash could be the result of maintenance but a Boeing (BA) issue. (WSJ)

A review of cars that will no longer be produced in 2019 is featured in the business section. (USA Today)

U.S. Holiday Retail Sales are the strongest in years. (WSJ)

A review of the herd like behavior of computerized trading is discussed. (WSJ)

Investors keep looking for Santa Claus Rally. (NPR)

Buybacks hit record level. (Axios)

Date Points:

Yesterday saw 676 stocks rise and 2349 fall on the NYSE. NASDAQ saw 658 rise and 2486 fall.

The SP 500 remains below its 50 day simple moving average and its 200 day simple moving average. The Russell 2000 is still below its 50 day simple moving exponential average and 200 day simple moving average.

The QPI10 Day Moving Average of Breadth (10DMA) moved to cash on 11/21. For a move to cash, the 10DMA needs to have two days in row below -200. We are in watch mode to get back to a buy.

YTD 24% (-7%) of stocks are higher and 76% (+7%) are lower. Updated 12/21/18 close with next update on 12/28/18 close

Courtesy of Quantitative Partners, Inc

Trading:

Yesterday saw the S&P 500, Dow Jones Industrial Average and the Russell 2000 struggle, fade and then close below support. Another ugly day starting the week out on a bad note.

The Erlanger Value Lines track the intraday range of resistance, pivot and support. Each day we show where we closed within the range. 

Economic & Related:

S&P Case Schiller Housing Index is expected to come in at 5.0% from 5.1%.

Treasury Auction at 1:00 p.m. EDT with $41 billion of 5 year notes.

Politico:

President Trump remains in Washington due to government shutdown tweeting away causing market dislocation.

Conferences & Analyst Meetings:

Analyst Meetings: We are done with analyst meeting for the year.

Sellside Conferences: None of note.

Industry Conferences: None of note.

M&A News & Rumors

.

Upgrades & Downgrades

Gap Up and Downs Pre Market: JD +3% ROKU +2% TEAM -2%

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