Today's Market Take:
Broad Market Tone:
- Advance/Decline Line: Higher
- Sector Performance: Most Sectors Rising
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- ISE Sentiment Index 81.0 -28.32%
- Total Put/Call .96 -18.64%
Credit Investor Angst:
- North American Investment Grade CDS Index 82.42 -1.92%
- European Financial Sector CDS Index 153.94 -3.57%
- Western Europe Sovereign Debt CDS Index 89.50 +.64%
- Emerging Market CDS Index 318.51 +7.0%
- 2-Year Swap Spread 16.25 +.5 bp
- 3-Month EUR/USD Cross-Currency Basis Swap -11.75 +.25 bp
Economic Gauges:
- 3-Month T-Bill Yield .04% unch.
- China Import Iron Ore Spot $115.0/Metric Tonne +1.23%
- Citi US Economic Surprise Index -14.0 +15.7 points
- 10-Year TIPS Spread 2.05 -1 bp
Overseas Futures:
- Nikkei Futures: Indicating +39 open in Japan
- DAX Futures: Indicating -17 open in Germany
Portfolio:
- Slightly Higher: On gains in my tech/medical/retail sector longs
- Disclosed Trades: Added to my (IWM)/(QQQ) hedges and then covered some of them
- Market Exposure: 50% Net Long
Bloomberg:
- China Policy Bank Cuts Bond Sale Goal by 31% Amid Crunch. Agricultural
Development Bank of China Co. scaled back the size of two bond
offerings tomorrow by 31 percent as the worst cash crunch in at least
seven years curbs demand for the securities. The Beijing-based
policy bank said it will sell up to 8 billion yuan ($1.3 billion) of
three-year notes, down from 13 billion yuan previously, according to a
statement on ChinaBond, the nation’s biggest debt clearing house today.
An issue of five-year debt was reduced to 10 billion yuan from 13
billion yuan. The lender has options for each tenor that would allow the
original issuance targets to be met, the statement said. The seven-day
repurchase rate, a gauge of interbank funding
availability, has averaged 6.03 percent in June, the most since
the National Interbank Funding Center began compiling a weighted
average in 2006.
- European Stocks Advance as Investors Weigh Fed Policy.
European stocks rose to a one-week
high, rebounding from their longest streak of weekly losses in
14 months, as investors awaited this week’s Federal Reserve
meeting for signs on the pace of stimulus reduction. Telefonica SA
(TEF), Europe’s most indebted telephone company, climbed 2.4 percent
after a report that AT&T Inc. had been keen to acquire the company.
ABB Ltd. (ABBN) advanced 2.6 percent after the world’s largest supplier
of power grids named a new chief executive officer. Saipem SpA plunged
to a four-year low after cutting its 2013 guidance for the second time
in six months. The Stoxx Europe 600 Index rose 0.7 percent to 293.25 at
the close, for the first back-to-back gains this month.
- Calpers Commodity Holdings Declined 5.5% in April to $1.214B. The California Public Employees’
Retirement System, the largest U.S. pension fund, reported the
value of its commodity holdings fell 5.5 percent in April from
the previous month. The fund held $1.214 billion in commodities as
of April 30,
the most-recent data available, or 0.5 percent of the total assets
listed at $263.944 billion, according to a monthly report posted on the
fund’s website for today’s investment committee meeting. That’s down
from $1.284 billion on March 31, or 0.5 percent of total assets of
$257.395 billion. Commodities were the worst-performing asset class in the
portfolio during the 12 months through April, dropping 9.8
percent, according to the report. All other asset groups
increased, with a total fund return of 13.4 percent.
Wall Street Journal:
- Snowden Says Obama’s Failed Promises Motivated Leaks. In response to a reader question about the president, Mr. Snowden wrote: “Obama’s campaign promises and election gave
me faith that he would lead us toward fixing the problems he outlined
in his quest for votes. Many Americans felt similarly. Unfortunately,
shortly after assuming power, he closed the door on investigating
systemic violations of law, deepened and expanded several abusive
programs, and refused to spend the political capital to end the kind of
human rights violations like we see in Guantanamo, where men still sit
without charge.’’
- U.K. Prosecutors Likely to File Libor-Manipulation Charges.
British prosecutors plan to file criminal fraud charges against
former UBS AG and Citigroup Inc. trader Tom Hayes for allegedly trying
to manipulate benchmark interest rates, according to people familiar
with the plans. The planned charges, which could be filed by the U.K.'s Serious Fraud
Office as soon as Tuesday in London, represent the first effort by
British authorities to seek criminal penalties against someone they
allege was involved in manipulation of the London interbank offered
rate, or Libor.
- Ford(F) to Add Back Dashboard Buttons After Complaints. Ford Motor Co. is going back to buttons and knobs. Punished
by third-party quality reports because of the difficulty of using its
touch-screen multimedia system, called MyFord Touch, the auto maker will
reprise
tuning and volume knobs for the radio as it redesigns existing models, a
top Ford executive said. It is a reversal for Ford, which has been a first-mover with
installing mobile-phone-based technologies, voice recognition and touch
screens in its vehicles. The systems have been a big selling point for
Ford with its vehicles, but also have dragged down its reputation for
quality.
- Economists Wary as Fed's Next Forecast Looms.
The Wall Street Journal's monthly survey of private-sector economists
shows that forecasters on average expect the economy to grow 2.3% this
year and 2.8% next year. The Fed is more optimistic. Its latest growth projections, made in
March, average closer to 2.6% for 2013 and closer to 3.2% for 2014. At
the conclusion of its two-day policy meeting on Wednesday, the Fed will
release its updated projections of growth, inflation and unemployment.
Fox News:
- IRS supervisor in DC scrutinized Tea Party groups' cases. A Washington-based IRS supervisor acknowledged she was personally
involved in reviewing Tea Party applications for tax-exempt status as
far back as 2010, Fox News confirms -- a detail that further challenges
the agency's initial claim that the practice of singling out those
groups was limited to a handful of employees in Ohio.
CNBC:
- Bank of America(BAC) Paid Bonuses to Foreclose: Lawsuit. Bank of America routinely denied qualified borrowers a chance to modify their loans to more affordable terms and paid cash bonuses to bank staffers for pushing
homeowners into foreclosure, according to affidavits filed last week in
a Massachusetts lawsuit.
- Deals for Industries, Immigrants Tucked in Senate Bill. Foreign retirees could live in the United States for longer periods
each year if they agree to make hefty cash investments in real estate.
Overseas snowboard instructors could enter the USA under visas now
reserved for athletes, and beach resorts could hire more lifeguards and
groundskeepers from abroad. The massive immigration overhaul
working its way through the Senate is peppered with benefits like these
for specific industries and immigrant groups — even as it aims to tackle
three core policy objectives: creating a path to citizenship for 11
million immigrants in this country illegally, strengthening border
security and increasing enforcement of laws that guard against the
employment of undocumented workers.
Zero Hedge:
Business Insider:
Reuters:
Financial Times:
- European Car Market Won't Grow Until 2019, Study Shows. Car sales
in western Europe to drop to 12m in 2014 from 13.2m last yr, citing a
report from AlixPartners. Europe will need to cut capacity by >2m
vehicles by 2019 to have sustainable level of use. 42 of 100 biggest
auto plants in Europe will be running at >75% capacity this yr vs
60 in 2011.
- Fed likely to signal tapering move. Ben
Bernanke is likely to signal that the US Federal Reserve is close to
tapering down its $85bn-a-month in asset purchases when he holds a press
conference on Wednesday, but balance that by saying subsequent moves
depend on what happens to the economy.
Telegraph:
Bild-Zeitung:
- Balancing Germany's federal budget takes priority over additional
spending in next legislature, CSU head and Bavarian Prime Minister
Horst Seehofer said.
Valor:
- Brazil Govt Sees Serious Confidence Crisis. Govt recognizes that
Brazilian and overseas investors continue to lack confidence in the
country. Changing economic policy is no longer enough to regain
confidence. Members of govt see need for President Dilma Rousseff to
announce commitment to strengthen public accounts. Finance Minister
Guido Mantega and Treasury Secretary Arno Augustin have had images
tarnished by series of artifices used to reach fiscal targets. Govt
expects effect of real's decline on prices in Brazil to be small for 4
reasons: GDP growth below expectations in 2013, tightening monetary
policy, which tends to discourage price adjustments, falling commodities
prices and reduced indexation of rates for energy/telecoms to exchange
rate.
Echoing fears that
European policymakers remain in a state of cognitive dissonance –
recognizing the need for root-and-branch overhaul of peripheral banks,
but backtracking on joint liability plans – Christopher Flowers, the
legendary FIG investor who now runs the £2.3 billion ($3.5 billion)
private equity group JC Flowers, sounded the alarm over the negative
sovereign-bank feedback loop.
In a shot across the bows of market bulls, who cite the return of
capital flows to weaker eurozone states, Flowers issued a stark warning:
"There is a scenario where we have a Lehman-type event: we wake up some
Thursday and a big country is in trouble.
"And the ECB will have to decide to support banks x, y, z. And then the
ECB will, in fact, decide to own bank x, y, z.
While we want you to share, we ask you use the functions on-site rather than copy/paste. See T's & C's for details. http://www.euromoney.com/Article/3211790/CurrentIssue/88924/Restructuring-Flowers-slams-Europe-over-inaction.html?copyrightInfo=true
CaixinOnline:
Style Underperformer:
Sector Underperformers:
- 1) Biotech -.46% 2) Road & Rail -.36% 3) Gold & Silver -.35%
Stocks Falling on Unusual Volume:
- TEX, MDVN, ANAC, SA, IRE, TWC, LINE, MYGN, SIRO, GCI, WLT, LINE, KMR, MCC, ECPG, PTR, ETE, E, GNRC, MR, CHL, BC, DD, LULU, BONT, LPNT, WABC, CASY, CFR, MITT, MLU, OXM, RXN and LNCO
Stocks With Unusual Put Option Activity:
- 1) UPL 2) CHS 3) EWJ 4) TEX 5) WLT
Stocks With Most Negative News Mentions:
- 1) GM 2) BIDU 3) CMG 4) AXP 5) CLF
Charts:
Style Outperformer:
Sector Outperformers:
- I-Banking +2.09% 2) Internet +1.88% 3) Homebuilders +1.76%
Stocks Rising on Unusual Volume:
- CRZO, NFLX, IRBT, DWA, MU and PTY
Stocks With Unusual Call Option Activity:
- 1) KR 2) TEX 3) TWC 4) AVNR 5) MYL
Stocks With Most Positive News Mentions:
- 1) COF 2) MRVL 3) SHLD 4) TIBX 5) CRZO
Charts:
Weekend Headlines
Bloomberg:
- Natto Makers to Public Baths Suffer in Abenomics Divide. Almost everything Mikio Matsushita’s
factory near Tokyo needs to produce natto is imported, from the soybeans used in the fermented Japanese snack to the polystyrene
trays in which they’re packaged. The reliance on imports, combined with the domestic market
focus for the quintessentially Japanese product, puts Matsushita
on the losing end of government policies that aid heavy
exporters by weakening the country’s currency. Expenses have
surged for Matsushita’s company as the yen’s slide boosts its costs for
beans grown in China and North America. The fuel it uses to steam the
beans and for the natto’s polystyrene packaging, both petroleum products
derived from
imported crude, have also gotten more expensive.
- Singapore Exports Fall More Than Estimated on Electronics Slump. Singapore’s exports fell more than economists estimated in May as
manufacturers shipped fewer electronics after an uneven global recovery
hurt demand. Non-oil domestic exports slid 4.6 percent from a year
earlier, after falling 1 percent in April, the trade promotion agency
said in a statement today. The median of 10 estimates in a Bloomberg
News survey was for a 0.2 percent drop. Shipments of electronics dropped
13.2 percent from a year ago, extending the slump to a 10th month.
- China’s Stocks Fall, Led by PetroChina, Anhui Conch Cement.
China’s stocks fell, led by material producers, on concern a deeper
economic slowdown would curb demand for commodities and
construction-related products. PetroChina Co. dropped 0.8 percent to a
record low after
BNP Paribas SA cut its share-price estimate for the nation’s
largest energy producer. Anhui Conch Cement Co., the biggest
producer of the building material, slumped to a nine-month low. China
Everbright Bank Co. and New China Life Insurance Co. climbed more than 2
percent after state-owned Central Huijin Investment Co. boosted its
stakes in the companies. The Shanghai Composite Index (SHCOMP) lost 0.3 percent to 2,155.26
at 9:46 a.m. local time, dropping for a ninth time in 10 days.
- Asian Stocks Climb While Yen Drops on FOMC; Corn Declines. Asian stocks rose and the yen
retreated after its biggest weekly climb in four years as
investors awaited this week’s Federal Reserve meeting and
weighed prospects of reduced economic stimulus. Corn declined
and natural gas rallied.
The MSCI Asia Pacific Index (SPGSCI) of equities climbed 0.7 percent
to 131.67 at 11:42 a.m. in Tokyo, as Japan’s Topix index added
1.3 percent.
- Italian Bonds Fall 6th Week Amid Fed Concern; German Bunds Gain. Italian government bonds fell for a
sixth week, the longest losing streak in a year, amid concern
the Federal Reserve will slow its asset-purchase program that has boosted higher-yielding securities around the world. Italy’s 10-year yields climbed to the highest level in two months after a report showed gross domestic product shrank more
than initially reported last quarter. Portuguese and Greek bonds
also dropped this week after European Central Bank President
Mario Draghi said debt purchases will only be used when prices
are out of line with fundamentals. German bunds rose as
speculation central banks will remove stimulus pushed down
stocks and boosted demand for the region’s safest securities.
- Bond
Rally Leaves HSBC Wary of Economic Recovery: Euro Credit. A rally that
makes euro-region bonds the best-performing sovereign securities this
year leaves debt burdens for the weakest economies unimproved and masks
the need for further economic reforms, HSBC Holdings Plc predicts.
Greek, Spanish and Irish bonds have had the highest returns this year
among 26 markets tracked by Bloomberg and the European Federation on
Financial Analysts Societies. Even so, those gains are not translating
into economic recovery.
- Istanbul Police Escalate Crackdown as Erdogan Rallies Supporters. Police
in Istanbul stepped up their attacks on protesters, detaining hundreds
amid some of the worst violence this month, as Prime Minister Recep
Tayyip Erdogan told a mass rally a few kilometers away that those behind
the unrest will be made to pay. The clashes spread in all directions
out of Taksim Square yesterday, a day after police moved in to clear
demonstrators
out of Gezi Park where they had been camping out to oppose a
development plan. Late yesterday, police were firing tear gas
along side streets off the square and nearby districts, beating
and arresting protesters. The Istanbul Bar Association said 350
were detained, according to Hurriyet daily. Scattered and
bedraggled groups of demonstrators sought to escape or regroup
and head back toward Taksim as a thunderstorm lashed the city.
- Rigged Benchmark Probes Proliferating From Singapore to London. The probe of Libor manipulation is proving to be the tip of the
iceberg as inquiries into assets from derivatives to foreign exchange
show that if there’s a chance to rig benchmark rates in world markets,
someone is usually willing to try. Singapore’s monetary authority
last week censured 20 banks for attempting to fix interest rate levels
in the island state and ordered them to set aside as much as $9.6
billion. Britain’s markets regulator is looking into the $4.7
trillion-a-day currency market after Bloomberg News reported that
traders have manipulated key rates for more than a decade, citing five
dealers.
- Hedge Funds Cut Gold Bets as Paulson’s Loss Widens: Commodities.
Hedge funds cut wagers on a gold rally for the first time in three
weeks on mounting speculation central banks will curb record stimulus
and as this year’s slump in bullion spurred losses for billionaire John
Paulson. The funds and other large speculators lowered their net-long
position by 4.1 percent to 54,779 futures and options by June 11, U.S.
Commodity Futures Trading Commission data show. Net-bullish wagers
across 18 U.S.-traded commodities rose 0.1 percent. Bearish copper bets
more than doubled as the metal had
its longest slump since November. Cocoa holdings advanced to the
highest since 2008 before the biggest weekly slide since January.
- Record Soybean Glut Is Seen Worsening as China’s Appetite Eases.
Soybean imports by China, the biggest buyer, may be lower than official
U.S. forecasts, deepening a glut and weighing down prices as global
reserves are set to reach a record. Inbound shipments will be 63 million
metric tons in the 12 months starting Oct. 1, less than the U.S.
Department of Agriculture’s June 13 projection of 69 million tons,
according to the median of 14 estimates of China-based crushers and
researchers by Bloomberg. Soybeans, which rose to a record $17.89 a
bushel in Chicago during the 2012 drought in the U.S., slumped 14
percent this month and are in a bear market along with corn and wheat.
Wall Street Journal:
- West to Press Iran on Nukes. Plan to Seek Resumed Talks by August After Surprise Election of Centrist President. The Obama administration and its European allies—surprised and
encouraged by Hassan Rohani's election as Iran's next president—intend
to aggressively push to resume negotiations with Tehran on its nuclear
program by August to test his new government's positions, U.S. and
European diplomats say.
- Smithfield(SFD) Pressed to Carve Itself Up. A
major Smithfield Foods Inc. investor is pressuring the company to
explore a breakup rather than follow through with its planned takeover
by a Chinese meat producer, according to a letter reviewed by The Wall
Street Journal. In
a letter to the Smithfield board, expected to be delivered by Monday,
activist investment fund Starboard Value LP says it has taken a 5.7%
stake in the world's largest hog farmer and pork processor and urges the
company to consider splitting up.
- Emerging-Market Fund Exodus Grows. Investors
continued to pull money out of emerging-market bond and equity funds on
increasing concerns about a tapering of the Federal Reserve's
bond-buying program. Investors continued to pull money out of emerging-market bond and
equity funds on increasing concerns about a tapering of the Federal
Reserve’s bond-buying program. During the week ended June 12, mutual-fund and ETF managers pulled
out $8.9 billion in total, said data provider EPFR Global. This adds to
the nearly $6 billion in outflows the previous week, bringing the total
selling of emerging-market assets to nearly $15 billion. The outflows were the second highest on record, with $2.53 billion in
net unwinding. These assets have seen a sharp fall in value after weeks
of continued selloff in emerging-market currencies and bonds.
Fox News:
- Iran reportedly preparing to send 4,000 troops into Syria.
Iran reportedly is preparing to send 4,000 Revolutionary Guard
soldiers to Syria to defend President Bashar Assad's regime, as the
United States intends to supply rebels with small arms through a CIA-run
program. Pro-Iranian sources deeply involved with Iran's security told
The Independent that the decision to move soldiers into Syria was made
before last week's presidential election.
CNBC:
- Genome Research Benefits Growing and Getting Cheaper. The ruling by the U.S. Supreme Court this week that human genes cannot
be patented comes a decade after the Human Genome Project was completed
to much fanfare, and people might be forgiven for wondering what the
fuss was about. After all, where are the miraculous benefits?
Business Insider:
New York Times:
- Faltering Economy in China Dims Job Prospects for Graduates. A
record seven million students will graduate from universities and
colleges across China in the coming weeks, but their job prospects
appear bleak — the latest sign of a troubled Chinese economy. Businesses
say they are swamped with job applications but have few positions to
offer as economic growth has begun to falter. Twitter-like microblogging
sites in China are full of laments from graduates with dim prospects. The Chinese government is worried, saying that the problem could affect
social stability, and it has ordered schools, government agencies and
state-owned enterprises to hire more graduates at least temporarily to
help relieve joblessness. “The only thing that worries them more than an
unemployed low-skilled person is an unemployed educated person,” said
Shang-Jin Wei, a Columbia Business School economist.
MercuryNews.com:
- Is Bay Area housing bubble back? It seems
absurd, but a few short years after the biggest home price crash in
memory, soaring prices are stoking fears -- or at least stirring talk --
that another housing bubble is forming in the Bay Area. That has some buyers skittish and others dropping out of a market that favors cash offers and whopping over-asking-price bids. "It's
back to the bubble," said Janine Epstein, a San Jose schoolteacher who
is having trouble finding a condominium or townhouse she can afford.
Washington Post:
- Document: Major resources needed for Obama Africa trip. When President Obama goes to sub-Saharan Africa this month, the
federal agencies charged with keeping him safe won’t be taking any
chances. Hundreds of U.S. Secret Service agents will be dispatched to secure
facilities in Senegal, South Africa and Tanzania. A Navy aircraft
carrier or amphibious ship, with a fully staffed medical trauma center,
will be stationed offshore in case of an emergency.
Military
cargo planes will airlift in 56 support vehicles, including 14
limousines and three trucks loaded with sheets of bulletproof glass to
cover the windows of the hotels where the first family will stay.
Fighter jets will fly in shifts, giving 24-hour coverage over the
president’s airspace, so they can intervene quickly if an errant plane
gets too close. The elaborate
security provisions — which will cost the government tens of millions of
dollars — are outlined in a confidential internal planning document
obtained by The Washington Post. While the preparations appear to be in
line with similar travels in the past, the document offers an unusual
glimpse into the colossal efforts to protect the U.S. commander in chief
on trips abroad.
Reuters:
- French Socialists call for weaker euro, eased EU budget rules. France's
ruling Socialists called on Sunday for a weaker euro and changes to EU
rules on budget deficits, accusing the centre-right governments of
Britain and Germany of creating economic hardship across the European
Union. At a conference on Europe, Francois Hollande's party adopted a
policy paper that toned down earlier attacks on German Chancellor Angela
Merkel, providing some relief to the French president as he seeks to
ease tensions with Berlin. "Right-wingers have ruined Europe and
thrown Europeans into precariousness," read the preamble to the 13-page
policy paper which seeks to woo voters ahead of European Parliament
elections in early 2014 where Eurosceptic and far-left and far-right
parties are expected to make gains.
Financial Times:
- Bid to relaunch synthetic CDO unravels. An
attempt by two big Wall Street banks to revive notorious credit
boom-era securities blamed for exacerbating the global financial crisis
has failed after investors balked at buying some of the derivatives on
offer. JPMorgan Chase(JPM) and Morgan Stanley(MS) have scrapped a
plan to sell “synthetic collateralised debt obligations” – sliced and
diced pools of credit derivatives – after failing to find investors
willing to take on all of the deal’s different pieces.
- G8 dispute breaks out on Syria arms. An international row has broken out on the eve of the G8 summit over arming of both sides in Syria’s civil war. President
Vladimir Putin bluntly warned the US and its allies not to arm
opposition rebels in Syria, reasserting Russia’s uncompromising support
for Bashar al-Assad’s regime and declaring that Moscow backs the
country’s “legitimate”
government.
Telegraph:
Der Spiegel:
- German unemployment rate will rise to 6.9% in 2013, 7.0% in 2014, citing a study from DIW economic institute.
FD:
- The Netherlands sees no role for IMF in future European aid
programs after crisis and current programs have ended, citing Dutch
Finance Minister Jeroen Dijsselbloem.
Folha de S. Paulo:
- Aides to Brazil President Dilma Rousseff see currency depreciation as one of the main
concerns because it may affect inflation and lead the central bank to
increase benchmark interest rates more than planned, citing the aides.
People's Daily:
- China Shouldn't Pursue Growth of Over 8%. Chinese growth of more
than 8% may lead the Asian nation into overcapacity, inflationary
pressure and bubbles, citing Cai Fang, director of the Institute of
Population and Labor Economics under the Chinese Academy of Social
Sciences, as saying.
- China Gov't Spending Curb Won't Harm
Economy. The stable consumer demand won't be affected by government
spending curbs, according to a front-page commentary written by an
unidentified reporter. The Communist Party's rules on limited government
spending aim to control "artificially" high consumption demand.
Governments at all levels should firmly implement the rules even if some
industries will be affected in the short-term, according to the commentary.
Weekend Recommendations
Barron's:
- Bullish commentary on (AMD), (EMN) and (AMGN).
Night Trading
- Asian indices are unch. to +1.25% on average.
- Asia Ex-Japan Investment Grade CDS Index 135.0 -2.5 basis points.
- Asia Pacific Sovereign CDS Index 107.75 -5.5 basis points.
- NASDAQ 100 futures +.42%.
Morning Preview Links
Earnings of Note
Company/Estimate
Economic Releases
8:30 am EST
- Empire Manufacturing for June is estimated to rise to 0.0 versus -1.43 in May.
10:00 am EST
- The NAHB Market Index for June is estimated to rise to 45.0 versus 44.0 in May.
Upcoming Splits
Other Potential Market Movers
- The G-8 Meetings, India rate decision, RBA minutes, China Home Price data and the (DDD) investor meeting could also impact trading today.
BOTTOM LINE: Asian indices are mostly higher, boosted by automaker and consumer staple shares in the region. I expect US stocks to open modestly higher and to maintain gains into the afternoon. The Portfolio is 50% net long heading into the week.
U.S. Week Ahead by Reuters (video).
Wall St. Week Ahead by Reuters.
Weekly Economic Calendar by Briefing.com.
BOTTOM LINE: I expect US stocks to finish the week modestly lower on rising global growth fears, more Mideast unrest, increasing Eurozone/Asian
debt angst, more shorting, profit-taking and technical selling. My
intermediate-term trading indicators are giving neutral signals and the
Portfolio is 50% net long heading into the week.
