Breaking News – OPEC cuts oil demand forecast for a third month in a row. (CNBC)
IPOs on deck: BioNTech SE (BNTX) on deck for this week.
IPOs Filed: None filed after the close.
Secondaries on deck: None of note.
Notes Priced: None of note.
Common Stock filings: SPLK of note.
Mixed Shelf Offerings filed: None of note.
Convertible Offering Files:None of note.
Senior Notes Filed: None of note.
Earnings After The Close:
None of note.
None of note
News After The Close: (In time order after the close)
Costco (COST) sees September comps up 4.2% with e-commerce up 17.8%.
Target (TGT) names Michael Fiddelke as CFO.
Bed, Bath & Beyond (BBBY) names new CEO. Mark Tritton comes from Target (TGT) where he was the CMO and an Executive Vice President.
Toys ‘R’ Us is back in a collaboration with Target (TGT).
California Judge will allow for alternative restructuring plans with bondholders and fire victims putting forward their own plans for PG&E (PCG).
Early Morning Gap Up/Down: (>4% or <-4%)
Gap Higher: RARX +107%, BBBY +23%
Gap Lower: PCG -36%, HEXO -13%, PHG -8%, ADTN -4%
What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction. Futures have been all over the place as low as -30 to as high as +5 on S&P 500.
S&P 500 -5 Dow Jones Industrial Average -56 NASDAQ -14 Russell 2000 +1.74 Fair values are mixed. Asia mixed and Europe mixed.
Gold and silver higher with copper higher as well. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is higher. $ is lower vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury price is at $131.39 from $131.50 with yields at 1.587% from 1.55%. Prices as of 8:40 a.m. EDT.
Positive Sectors On Wednesday: Technology, Services, Consumer Goods and Financials of note.
Negative Sectors On Wednesday: None of note.
One Month Winners: Utilities, Consumer Goods, Materials and Financials.
Three Month Winners: Utilities and Consumer Goods.
Six Month Winners: Utilities, Consumer Goods and Financials.
Twelve Month Winners: Utilities, Technology, Consumer Goods and Financials.
Year to Date: Consumer Goods, Industrials and Utilities.
Hourly Action This Week:
Updated through Tuesday’s close. Mixed action.
Upcoming Earnings Of Note (sorted by market cap, highest to lowest)
Today After The Close: None of note.
Friday Before The Open: FAST INFY of note.
Earnings This Morning Of Note
DAL +0.06 of note.
None of note.
Rags & Mags: Highlighted Stories may be clicked through to the original story.
THERE ARE LOTS OF STORY FLYING AROUND U.S. & CHINA TRADE TALKS FROM BOTH SIDES SO TAKE WITH A GRAIN OF SALT
Top Story: U.S. & Chinese Trade Talks to start today. Partial deal? No deal? (CNBC)
Wall Street Journal Headline:
Five Things You Need To Know To Start Your Day. (Bloomberg)
Stock indexes have struggled this week. Current through 10/9.
Bold means a change from prior day.
The advance/decline line moved to a cash yesterday morning. Updated through 10/9. Year to date model up 8.73% on the S&P 500. 4 buy signals and 4 cash signals in 2019. The model is now in cash with a gain of 1.28% on the recent buy.
YTD 60% (-3% week over week) of stocks are higher and 40% are lower. Updated 10/4/19 close with next update on 10/11/19 close.
Algo/HFT Trading Levels:
The Erlanger Value Lines track the intraday range of resistance, pivot and support used by Algo/HFT Traders. Each day we show where we closed within the range. Update through Wednesday’s close.
The Value Lines may be accessed via Bloomberg. For a free trial if you ar a Bloomberg user go to APPS CS:ERLA
Economic & Related:
The latest NYSE and NASDAQ short interest data was released after the close for the period ended September 30th on a settlement date basis. The collection period runs from September 11th through 26th and the S&P 500 fell -0.78%. Thursday, October 10. NYSE rose by 0.14% and NASDAQ rose by 0.50%.
September CPI is due out at 8:30 a.m. EDT and is expected to remain at 0.1%.
The latest Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.
President Trump will hold a rally at 8:00 p.m. EDT in Minneapolis.
Chinese Trade Talks between Treasury Secretary Mnuchin, U.S. Trade Representative Lighthizer and Chinese Vice Premier Liu He.
$16 billion of 30 Years auctioned at 1:00 p.m. EDT
Conferences & Analyst Meetings:
Company Analyst Meetings and Conference Calls: PRPO (Update) AQMS (Investor Webcast) FOLD (Analyst Day) HRL (Investor Day)
Sellside Conferences: None of note.
Industry Conferences: FireEye (FEYE) Cyber Defense Summit (10/7-10/10). International Congress on Applications of Lasers and Electro-Optics (10/7-10/10). American Academy of Ophthalmology Annual Meeting (10/10-10/15)
Upgrades & Downgrades: