Correction Review – On Monday we looked at the various moving averages on the S&P 500. It was a struggle and we needed to see improvement to get out of jail here. Monday saw some improvement as all indexes move above their 10 day moving averages and the NASDAQ 100 cleared its 50 day moving average. We update this table each day below for your review.
Covid-19 Update With Latest Data From Friday
Total Cases 7,117,251 from 7,080,459
Recovered: 2,794,608 from 2,766,280
Deaths 197,129 from 196,869
New Cases reported 36,741 from 35,289
Tests 1,033,817 from 806,258
Deaths 260 from 866
Current Hospitalizations 29,539 from 29,432
source COVID tracking project
IPOs Priced: None of note.
Secondaries Priced: None of note.
Notes Priced of note: None of note.
Common Stock filings: BEAM HYMC of note.
Selling Shareholders of note: PRTY
Mixed Shelf Offerings: None of note.
Convertible Offering Files: None of note.
Senior Notes Filed: None of note.
Earnings After The Close:
UNFI +0.34 of note.
None of note.
Hourly Action – We continue with volatile action. Updated 9/28 close.
News After The Close:
ICF International (ICF) wins NIH contract with $49 million ceiling.
Berkshire Hathaway (BRKA) disclosed at 15.2% stake in Snowflake (SNOW).
Boise Cascade (BCC) declares a supplemental dividend of $1.60.
Chicago eases some Covid-19 restrictions on restaurants, bars and fitness clubs.
United (UAL) and pilots reach agreement over furloughs and pay.
Reinstates Or Initiates Buybacks:
Guides Higher: BIG
What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction.
S&P 500 +1 Dow Jones Industrial Average -4 NASDAQ +11 Russell 2000 +4.41. Fair values are lower. Asia mixed and Europe lower. VIX October futures are at 31.15 from 30.85 this morning. Current VIX is at 26.19 from 26.38.
Gold and silver higher with copper lower. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is lower. $ is lower vs Euro, lower vs Pound and higher vs Yen. US 10 year Treasury price is at $139.69 from $139.59 with yields at from 0.666%.
Positive Sectors On Monday: Real Estate, Consumer Cyclical and Financials of note.
Negative Sectors On Monday: None of note.
One Month Winners: Real Estate, Consumer Cyclical and Industrials of note.
Three Month Winners: Consumer Cyclicals, Materials and Technology of note.
Six Month Winners: Consumer Cyclical, Technology, Materials and Healthcare of note.
Twelve Month Winners: Technology, Consumer Cyclical and Healthcare of note.
Year to Date: Consumer Cyclical, Technology, Communication Services and Materials of note.
Upcoming Earnings Of (sorted by market cap, highest to lowest)
Today After The Close: CMTL MU PRGS SNX of note.
Wednesday Morning: EPAC of note.
ORGS +16%, AERI +9%, GPMT +6%, SRNE +6%, BLDP +5%, BEDU +4%, DYN +4%, RLGT +4% of note.
BEAM -7%, PRTY -6% of note.
Earnings This Morning Of Note
ANGO +0.09, INFO +0.08, MKC +0.01 of note.
None of note.
Still To Report:
Erlanger Research Advance/Decline Line Chart – Updated 9/28.
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. Updated through 9/28 close. The Erlanger Value Line are available in Bloomberg for your review. Simply visit the Bloomberg App store at APP(GO) then find Erlanger Research and setup a trial. The correction cannot end until the EVL Range becomes normal again, i.e. no blue highlighting.
Courtesy of Phil Erlanger Research Inc.
Rags & Mags: Highlighted Stories may be clicked through to the original story.
Walmart Canada (WMT) more than triples order of Tesla (TSLA) Semi Trucks.
Stock Index Trading
Current through 9/28 close. All indexes rose above their 5 day moving averages.
Bold means a change from prior day.
September Consumer Confidence is due out at 10:00 a.m. EDT and is expected to rise to 88.5 from 84.8.
Weekly API Petroleum Data is due out at 4:30 p.m. EDT.
Geopolitical & Related
President Trump will head to Cleveland, Ohio at 2:30 p.m. EDT for today’s Presidential Debate.
The first Presidential Debate happens between President Trump and Democratic Candidate Former Vice President Joe Biden in Cleveland, Ohio at 9:00 p.m. EDT.
Federal Reserve New York President John Williams will speak at 9:10 a.m. and 1:00 p.m. EDT.
Federal Reserve Chicago President Charles Evans will speak at 11:00 a.m. EDT.
Investor Events & Conference Calls
GALT KDP (Conference Call) SHW NI EXC EVH BLDP (Investor Day) AXGN( @ ASSH) CYAD BBIO (R&D Day)
Sellside Conferences: Credit Suisse 2020 Autos Conference (9/28-9/30) Wolfe Research Utilities & Midstream Conference (9/29-10/1)
Industry Conferences: World Vaccine Congress (9/28-10/01) VMworld (9/29-10/1)
Molina Healthcare (MOH) to buy Affinity Health Plan for $380 million.
Upgrades & Downgrades For Tuesday – 9/29