Market Tone: Stocks rebounded nicely last week and continue higher this morning. Earnings season will kick off tomorrow morning. Today will be a quiet day as the bond market will be closed for Columbus Day Observances.
Covid-19 Update With Latest Data From Friday
Total Cases 7,727,630 from 7,566,106
Recovered: 3,075,077 from 3,021,252
Deaths 206,597 from 204,566
Tests 943,645 from 1,030,766
Daily Deaths 986 from 975
Current Hospitalizations 34,028 from 32,124
source COVID tracking project
IPOs Priced: None of note.
Secondaries Priced: None of note.
Notes Priced of note: None of note.
Common Stock filings: None of note.
Selling Shareholders of note:
Mixed Shelf Offerings: DEI PLYA RCEL 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:
Airbus increased deliveries but no new sales. (Reuters)
AstraZeneca (AZN) sees the U.S. Government to invest $486 million supply of its monoclonal antibody product.
PG&E (PCG) files incident report with the California Public Utilities Commission related to fire in Shasta County.
President Trump held a rally at The White House and spoke for 18 minutes.
Barron’s + on CAT ETN ROK PWR AB WKHS.
Dividend Increase: AON
Reinstates Or Initiates Buybacks:
What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction.
S&P 500 +31 Dow Jones Industrial Average +122 NASDAQ +240 Russell 2000 +13.15. Fair values are lower. Asia mixed and Europe higher. Current VIX is at 25 from 26.36. 3 month VIX Future is at 28.28 from 29.51.
Gold, silver and copper higher. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is higher. $ is higher vs Euro, higher vs Pound and lower vs Yen. US 10 year Treasury price is at $138.83 from $138.88 with yields at 0.779% from 0.77 % with the bond market closed today.
Positive Sectors On Friday: Technology, Materials and Consumer Cyclical of note.
Negative Sectors On Friday: Energy of note.
One Month Winners: Utilities, Real Estate, Industrials and Materials of note.
Three Month Winners: Industrials, Consumer Cyclicals, Technology and Real Estate of note.
Six Month Winners: Consumer Cyclical, Technology, Materials and Industrials of note.
Twelve Month Winners: Technology, Consumer Cyclical and Healthcare of note.
Year to Date: Consumer Cyclical, Technology, Communication Services, Healthcare and Materials of note.
Upcoming Earnings Of (sorted by market cap, highest to lowest)
Today After The Close: None of note.
Tuesday Morning: JNJ JPM C BLK FAST EDU FAL FRC OMC MANU of note.
LMPX +20%, ATV +16%, ALKS +16%, AKBA +11% of note.
PCG-12%, ATXI -11%, APAM -3% of note.
Earnings This Morning Of Note
None of note.
None of note.
Erlanger Research Advance/Decline Line Chart – Updated 10/9 Close. Our Advance/Decline Line Model moved back to a buy at 3360 on last Tuesday after going to cash at 3431 on 8/24. Can both the S&P 500 and the A/D line breakout to new highs.
Rags & Mags: Highlighted Stories may be clicked through to the original story.
Corona Virus Update: U.K. to restart lockdowns, U.S. doctors head to New Zealand. (CNBC)
Stimulus Bill is DOA right now. (NYT)
White House looking for a small Covid-19 relief bill. (The Washington Post)
Biden is leading Trump by 10% nationally and 5% in battleground states. (RCP)
Stock Index Trading
Current through 10/9 close. All indexes now positive.
Bold means a change from prior day.
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 10/9 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.
The latest NYSE and NASDAQ Short Interest came out after the close on Frida for the period September 11th through September 28th. The S&P 500 rose 0.32% in that period while NYSE rose by 2.98% and NASDAQ by 0.46%.
Geopolitical & Related
President Trump is back on the campaign trail in one of the quickest recoveries from Covid-19. He heads to Sanford, FL to deliver a speech.
Senate Judiciary Committee Hearings on Supreme Court Nominee Amy Coney Barret begin today.
Investor Meetings & Conferences
Sellside Conferences: Roth Capital Partners CEO Talk Series (10/12)
Industry Conferences: Annual Child Neurology Society & 16th International Child Neurology Society Congress Meeting (10/12-10/23)
Upgrades & Downgrades For Monday – 10/12