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Morning Note

News

Morning Note

"Morning Note – 12/31/18"

posted by CAPIS on 12/31/2018 at 7:33 am

by CAPIS

12/31/2018 at 7:33 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.

IPO Filings After The Close: files IPO for 2019. TRXC FRC (reported last week) common stock; CBAY OCUL mixed shelf offering.

Courtesy of IPO Financial

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

News After The Close:

Netflix (NFLX) reports that 45 million accounts watched Birdbox in its first seven days.

Acadia Realty Trust (AKR) CIO Joel Braun to retire today.

Raytheon (RTN) picks up $434.4 million Department of Defense contract as does Boeing (BA) for $400 million.

President Trump tweeted Friday night that he had a good call with President Xi of China on Trade.

Aquaman (DIS) led the box office for a second week.

Special Dividend: AJX

Ticker Change: KORS to CPRI on 1/2/19.

Hourly Action This Past Week:

Stocks were mixed on Friday with no consistent move higher or lower.

Courtesy of Quantitative Partners, Inc.

What’s Happening This Morning:

U.S. futures: S&P +24, Dow Jones +254  NDX +72 and Russell 2000 +11 with fair values HIGHER CUTTING INTO GAINS.  Asia and Europe higher this morning. Closed Nikkei, Shanghai, Kospi, Germany.

Gold and silver higher with copper lower. 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 121.69 with yields lower since Friday morning. Prices as of 8:15 a.m. EDT.

Top Sectors Friday: Conglomerates, Financial, Healthcare and Services.

Weakest Sectors Friday: Materials.

One Month Winners: None.

Three Month Winners: Utilities.

Six Month Winners: Utilities.

Twelve Month Winners: None

Year To Date Winners: Healthcare.

Rags & Mags:

China December Manufacturing PMI came in lower than expected at 49.4 versus 50 in November. (Business Insider)

Russia detains a U.S. citizen on espionage charges. (CNN)

Senator Lindsey Graham says that President Trump will slow the removal of troops from Syria.

Judge says that ObamaCare can remain in effect during appeal process. (WSJ)

Canada Goose (GOOS) opens Beijing store to huge crowds. (Reuters)

Amazon (AMZN) to expand Whole Foods footprint. (CNBC)

Russian President Putin wants “open dialogue” with the U.S. in 2019. (CNBC)

Date Points:

Yesterday saw 1917 stocks rise and 1052 fall on the NYSE. NASDAQ saw 2159 rise and 949 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. In a miracle, both indexes are now above their 5 day moving average.

The QPI10 Day Moving Average of Breadth (10DMA) moved to cash on 11/21 at 2642.21. 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 12/31/18 close

Courtesy of Quantitative Partners, Inc and Phil Erlanger Research, Inc.

Trading:

Yesterday saw the S&P 500, Dow Jones Industrial Average and the Russell 2000 struggle but still close pivot to resistance which is a plus as we enter this week. Key to this week is getting the EVL ranges back down to 1% levels. Why? That is where great runs to the upside occur.

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:

No events of note for today.

Politico:

The government shutdown will extend into 2019 as no agreements reached.

Conferences & Analyst Meetings:

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

Sellside Conferences: None of note.

Industry Conferences: None of note.

M&A News & Rumors

Investors question Green Growth bid for Aphria (APHA) leading to a drop.(Bloomberg)

Upgrades & Downgrades

Gap Up and Downs Pre Market: CYAD +10.89% AUPH 6.15%GOOS 5.91% APHA -10% WATT -2.91%.

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