Monday, September 02, 2019

Tuesday Watch

Today's Headlines
Bloomberg:
  • Asian Stocks Mixed on Trade Doubts; Treasuries Dip. Asian stocks were mixed in thin trading as Chinese and American officials struggled to schedule a planned meeting this month to continue trade talks. Treasury yields ticked higher. Shares were little changed in Tokyo, Sydney and Seoul. U.S. futures dropped as Bloomberg reported the difficulties the two countries were having in arranging the talks, following Washington’s rejection of Beijing’s request to delay tariffs that took effect over the weekend. Cash markets for both U.S. stocks and bonds were closed for the Labor Day holiday. The dollar was steady near its highest in more than two years. The pound held losses with the U.K. facing a showdown in Parliament over delaying Brexit again. Japan’s Topix index dipped 0.1% as of 9:06 a.m. in Tokyo. Australia’s S&P/ASX 200 Index was little changed. South Korea’s Kospi index slipped 0.1%. Hong Kong’s Hang Seng Index contracts lost 0.6%. Futures on the S&P 500 Index declined 0.7%.
MarketWatch.com:
Zero Hedge: 
Night Trading
  • Asian indices are -.5% to +.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 64.5 unch.
  • China Sovereign CDS 47.0 +1.0 basis point.
  • Bloomberg Emerging Markets Currency Index 64.78 -.07%.
  • FTSE 100 futures -.04%.
  • S&P 500 futures -.62%.
  • NASDAQ 100 futures -.72%.

Earnings of Note
Company/Estimate

Before the Open:
  • (CONN)/.51
After the Close:
  • (COUP)/-.11
  • (HQY)/.35
Economic Releases
10:00 am EST
  • ISM Manufacturing for August is estimated at 51.2 versus 51.2 in July.
  • ISM Prices Paid for August is estimated to rise to 46.8 versus 45.1 in July.
  • Construction Spending MoM for July is estimated to rise +.3% versus a -1.3% decline in June.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Eurozone PPI report, Australia Retail Sales report, UBS Chemicals Conference, Barclays Consumer Staples Conference and the Barclays Energy/Power Conference could also impact trading today.
BOTTOM LINE: Asian indices are mostly lower, weighed down by technology and industrial shares in the region. I expect US stocks to open lower and to maintain losses into the afternoon.  The Portfolio is 50% net long heading into the week.

Weekly Outlook

BOTTOM LINE: I expect US stocks to finish the week modestly lower on European/Emerging Markets/US High-Yield Debt Angst, technical selling, China trade tensions, oil weakness, global growth concerns and US dollar strength. My intermediate-term trading indicators are giving neutral signals and the Portfolio is 50% net long heading into the week.

Sunday, September 01, 2019

Today's Headlines

Bloomberg:         

Today's Headlines

Bloomberg:           
  • Had bullish commentary on  (TPRE), (GLRE), (ATVI), (MRNA) and (TBIO).
Zero Hedge: