沁颍

9/2/2014

It’s a new month but it looks to be another ‘Groundhog day’ as U.S. equity futures (/ES) are pointing to a higher open. Investors are returning from the Labor Day holiday weekend and vacation season with gains in their minds. The benchmark S&P 500 (SPX) ended last week with its 32ndrecord close in 2014. We will be hit with many economic reports this week which will hopefully give us some clarity with markets and some needed volume. The CBOE volatility Index (VIX) remains at extremely low levels but is near its 2014 support around $12.



Treasuries are sharply lower as the ‘Risk-off’ trade looks to be in favor today. Yields have jumped higher, in tandem with weakness in global bonds. Trading volume was strong on the September opening. Equities are higher with Japan's Nikkei leading the way with over a 1% surge. Overseas data were mixed with a strong U.K construction reading and a decline in Euro-zone PPI to -1.1%. It's a busy week of data and events globally, with all eyes on the ECB meeting Thursday with huge expectations for more stimulus. In the U.S. the key report is the August employment release (Friday). Today's slate includes the August ISM manufacturing index and construction spending for July. Also of interest this week is the Fed's Beige Book (Wednesday).



Stock Stories:

Apple (AAPL) – More than a bigger phone?! – The tech product retailer is rising again in anticipation of its Sept 9thproduct launch. The company is reportedly set to release new phones, iPads and potentially a smart watch.  The shares are up slightly in the pre-market and are currently at all-time highs.



Major Economic Reports:

8:45 am CT– PMI MFG. Index

9:00 am CT – ISM Mfg. Index

9:00 am CT – Construction Spending



Notable Earnings:   

Tuesday – 9/2:

Before Market:  CONN

After Market:  N/A



Wednesday – 9/3:

Before Market:  NAV, TOL

After Market:  ABM, HRB, SNOW, PVH, VSR

aimei

My internet is so slow

沁颍

9/3/2014

U.S. equity futures (/ES) are pointing to a higher open following reports of a cease fire between Russia and Ukraine. Global markets were also helped by new signs of strength in the U.S. economy as yesterday’s manufacturing data was positive. There is also the belief that the European Central Bank will implement additional stimulus measures tomorrow. There is plenty of potential market-moving economic news today and volumes picked up slightly yesterday. The CBOE volatility Index (VIX) posted small gains of 2% yesterday and it may have set a near-term bottom last week.



Bonds are mostly lower globally in conjunction with losses in the U.S. Yesterday saw huge declines as the appetite for Risk expanded globally. The 10-year Treasury yield is slightly higher at 2.45% and may have its sights set on 2.5% today. Mostly better than expected PMI services data, including gains in various Chinese numbers and the reports of a ceasefire between Ukraine and Russia, have boosted global equities also. Data out of the U.S. today includes August vehicle sales, July factory orders along with the ADP report that may forecast Friday’s Government data. The MBA posted a 0.2% increase in its mortgage applications index. The Fed's Beige Book for the September 16, 17 FOMC will be of interest too. But trading may be limited ahead of the ECB decision on Thursday and August employment report on Friday.



Stock Stories:

Toll Brothers (TOL) – Seller’s Market?! –The homebuilder posted better than expected earnings this morning as its backlog increased. The company increased its expected deliveries in Q4 and for the entire FY14. The shares are basically unchanged after the report and the option market was predicting a move of 3%.



Major Economic Reports:

*Auto Sales – All Day

6:00 am CT – MBA Purchase Applications – up 0.2%

6:45 am CT – GS Store Sales

7:15 am CT – ADP Employment Report

9:00 am CT – Factory Orders

1:00 pm CT – Beige Book



Notable Earnings:   

Wednesday – 9/3:

Before Market:  NAV, TOL

After Market:  ABM, HRB, SNOW, PVH, VSR



Thursday – 9/4:

Before Market:  CIEN, PAY

After Market:  FNSR, ZQK, ZUMZ

沁颍

9/4/2014

U.S. equity futures (/ES) are higher this morning again as investors begin to look ahead to tomorrow’s jobs report. Before that, however, they will receive plenty of data to pour over today. Investors will also analyze the action by the European Central Bank after they cut rates on specific sectors in an effort to spark the region’s ailing economy. Yesterday saw a massive decline after equities rallied early in the session. Positive economic news was met with selling and this price action reversed the recent trend of buying on dips.  The CBOE volatility Index (VIX) finished Wednesday relatively flat despite the sell-off from another all-time high.



Treasuries have dipped slightly lower, following the lead from Europe and are reflecting disappointment over little news from the ECB on a broader based asset purchase program. It was a mixed news day overseas. The Bank of Japan and Bank of England each left policy unchanged, as widely expected. German manufacturing orders were stronger than expected, while French unemployment rose. It's a busy day in the U.S. ahead of tomorrow's August employment report. Data on today's calendar includes the August ADP private payrolls, the August ISM services index, PMI, Q2 productivity, July trade figures and initial jobless claims. Fed-speak returns with first time comments from the Cleveland Fed's Mester speaking on monetary policy. There are also appearances by Powell, Fisher and Kocherlakota, one of the more dovish on the FOMC. .



Stock Stories:

Apple (AAPL) – Sell now?! –The tech product was under pressure yesterday on an analyst downgrade and concerns over the new product line.  The company has a launch presentation next week and much is expected on new game-changing products. The shares are slightly lower today as volatility picks up ahead of the announcement.



Major Economic Reports:

ECB Policy Meeting & Announcement

7:15 am CT – ADP Jobs Report

7:30 am CT– Weekly Jobless Claims

7:30 am CT– International Trade

7:30 am CT – Productivity and Costs

8:45 am CT – PMI Services Index

9:00 am CT – ISM Non-Mfg. Index

9:30 am CT – Natural Gas Inventories

10:00 am CT – Oil Inventories

11:30 am CT – Fed’s Mester Speaks

5:15 pm CT – Fed’s Powell Speaks

8:00 pm CT – Fed’s Kocherlakota Speaks



Notable Earnings:   

Thursday – 9/4:

Before Market:  CIEN, JOY, PAY

After Market:  FNSR, ZQK, ZUMZ



Friday – 9/5:

Before Market:  KMG, MVC

After Market:  N/A

沁颍

9/5/2014

U.S. equity futures (/ES) are slightly lower ahead of the release of the monthly nonfarm payrolls report. Analysts predict that the economy added 230K nonfarm jobs and 215K service jobs, while the unemployment rate is expected to drop to 6.1% from 6.2%. The data is due out at 7:30 am CT. Yesterday saw another massive afternoon sell-off which was identical to the price action on Wednesday. If we get more selling pressure we could see a quick rally in option volatility. The CBOE volatility Index (VIX) rose a modest 2% but may pick up some more steam today if stocks remain in the red.



Treasuries are little changed as the market awaits the August nonfarm payrolls report. Overseas bonds were mixed with Europe slightly higher and Asia slightly lower. The 10-year Treasury yield stabilized around the 2.45% level, while the German Bund is still below 1%. Stocks are lower after Euro-zone Q2 GDP was confirmed at 0% and German industrial production jumped 1.9% in July. Now all eyes are on the upcoming jobs data where at least a 200k increase is expected. The only other item on today's calendar will be Fed-speak from the dovish Rosengren who is appearing at a bankers' conference. The noted Fed hawk Plosser also speaks today and tomorrow.



Stock Stories:

GoPro (GPRO) – Watch this! –The action camera company gets an upgrade a couple days after getting a downgrade. The valuation is stretched and competition is ramping up but the shares are at all-time highs. The stock is up over 1% ahead of the opening bell.



Major Economic Reports:

7:30 am CT – August Jobs Report

9:15 am CT – Fed’s Plosser Speaks

2:45 pm CT – Fed’s Rosengren Speaks



Notable Earnings:   

Friday – 9/5:

Before Market:  KMG, MVC

After Market:  N/A



Monday – 9/8:

Before Market:  CPB, GFN

After Market:  CASY, PBY

沁颍

Weekend Update
September 7, 2014

Equities had modest gains this past week with the S&P 500 (SPX) finishing at a record close. Stocks see-sawed early in the week but rose on Thursday morning after the European Central Bank lowered its key interest rate to 0.05 percent and introduced an asset buying program. However, stocks ended the day lower, as they reversed course in the afternoon as energy shares dropped and investors grew cautious before Friday's employment situation report. Friday, the jobs report came in significantly below expectations and many traders saw that as further justification for easy monetary policy. Fed rate increases were seen as delayed and stocks rose on the day and week. Another case of bad news is good on the Fed-induced rally. The S&P 500 Index (SPX) was up 0.2% for the week to match the Blue Chip-heavy Dow Jones Industrial Average’s ($DJI) rise. The tech-heavy Nasdaq (NDX) rose a modest 0.1% as losses in Apple (AAPL) put pressure on the index.  The small caps (RUT, IWM) were the only major index down for the week as it fell 0.4%.



Option volatility remains at low levels but is reflecting that stocks are at or near all-time highs. The CBOE Volatility Index (VIX) actually rose minimally for the holiday-shortened week. Trading volumes picked up slightly as investors returned from the vacation season in August. The U.S. Dollar (/DX, UUP) shot higher this past week after the ECB announcement on Thursday. The Euro is now at its lowest level against the U.S. Dollar (EUR/USD) in over a year. Economic data is relatively light this upcoming week but there are a few potential market-moving events.  



Bonds fell for the week as traders focused on adding risk. The biggest daily swings were Tuesday and Thursday. Treasury rates rose Tuesday on strong numbers for ISM manufacturing and construction spending. Thursday, jobless claims remained relatively low and the ISM non-manufacturing index came in above consensus and notably positive. The 10-year yield sits at 2.46% and may continue to increase if demand for the safety of Treasuries continues to weaken.



The consumer sector is this week's focus. A big question is whether the soft August employment report appears real to consumers. Based on auto sales, the economy is stronger than employment data. The retail sales number comes out on Friday and should give us more clarity on the consumer. Consumer sentiment has been edging up—will that trend continue? There is a reasonable chance that this coming week's data on the consumer sector raise questions about the softness in the payroll employment numbers. Earnings season is over but the tech sector may see some action when Apple (AAPL) has its product launch event on Tuesday.


Major Earnings for the Upcoming Week:

Monday:

A.M. – CPB, GFN

P.M. – CASY, PBY



Tuesday:

A.M. – BKS, RSH, TITN

P.M.– KKD, PANW, PPHM, SAIC



Wednesday:

A.M. – MANU, VSR

P.M. – FIVE, MW, RH



Thursday:

A.M. – KR, LE, LULU

P.M. – NQ, ULTA



Friday:

A.M. – DRI, SNOW



Economic Releases (9/8 – 9/12):

Monday:

11:30 am CT– TD Ameritrade IMX ($IMX)

                                                                                                                                                                                

Tuesday:

6:45 am CT – GS Store Sales

9:00 am CT – JOLTS

11:30 am CT – Fed’s Tarullo Speaks

12:00 pm CT – 3-year Note Auction Results

                                                                                                                                                                                                              

Wednesday:

6:00 am CT – MBA Purchase Applications

9:00 am CT – Wholesale Trade

9:30 am CT – Oil Inventories

12:00 pm CT – 10-year Note Auction Results



Thursday:

7:30 am CT– Weekly Jobless Claims

9:30 am CT – Natural Gas Inventories

12:00 pm CT – 30-year Bond Auction Results

1:00 pm CT – Treasury Budget

                                                                                                                                                                                                        

Friday:

7:30 am CT – Retail Sales

7:30 am CT – Import and Export Prices

8:55 am CT – Consumer Sentiment

9:00 am CT – Business Inventories

沁颍

9/8/2014

U.S. equity futures (/ES) are slightly lower to start the week. Last week saw stocks settle at all-time highs once again as the S&P 500 Index (SPX) finished at $2007. It was the 5thstraight week of gains for the major indices. Investors shrugged off the weak jobs data on Friday and economic data overseas continues to struggle.  The CBOE volatility Index (VIX) sits near support at the $12 level. The President is scheduled to lay out plans this week for expanding the U.S. military campaign against ISIS including possible airstrikes in Syria. This, along with some hiccups last week as investors digested the ECB news, may provide some additional volatility.



Treasuries are a little higher, in contrast to weakness in European sovereigns, where yields are slightly higher. There's some ongoing spillover from the disappointing U.S. jobs report on Friday, and mixed comments from policymakers. Overseas news was mixed, with German exports rising to record levels, while Chinese imports weaker. Also out of Europe, the Investor Sentiment measure fell into negative territory. There's a light calendar in the U.S. today with only the TD Ameritrade Investor Momentum Index due. Supply headlines this week with the $61 B in coupon auctions, beginning with the $27 B 3-year note sale Tuesday.



Stock Stories:

Campbell Soup (CPB) – No Soup For You! –The soup giant posted in-line EPS this morning but missed on Revenue. The company lowered its FY15 guidance and sees long-term targets for sales and earnings below expectations. The stock is down over 3% ahead of the opening bell.



Boeing (BA) – Flying High – The aircraft-maker will announce a major deal this morning with the European discount carrier Ryanair (RYAAY). The deal is reportedly worth over $10B and for 100 new planes. BA shares are up slightly in the pre-market.



Major Economic Reports:

11:30 am CT– TD Ameritrade IMX ($IMX)



Notable Earnings:   

Monday – 9/8:

Before Market:  CPB, GFN

After Market:  CASY, PBY



Tuesday – 9/9:

Before Market:  BKS, RSH, TITN

After Market:  KKD, PANW, PPHM, SAIC

沁颍

9/9/2014

U.S. equity futures (/ES) are suggesting another quiet open as they trade relatively flat. There is little to look forward to as far as a catalyst, but investors will be watching the highly anticipated launch of Apple's (AAPL) new products at noon CT .Meanwhile, little market moving economic data is expected to be announced today.  Yesterday saw another mid-day sell-off but stocks rallied back to only finish slightly lower. The U.S. Dollar spiked higher again yesterday and should add some needed volatility to the market. The CBOE volatility Index (VIX) rose 4% but remains below the $13 level.



Bonds are sharply weaker globally in a heavy volume trade. Data was on the bearish side for Treasuries. The German Bund 10-year yield is over 5 bps higher and back above the 1.0% mark. The 10-year Treasury yield is up again and is now back to 2.5%, the highest since early August and above its 50-day moving average. There are some fears of a hawkish language change at next week's FOMC meeting as economic data improves. In overnight news, the German Finance Minister warned cheap money can't buy economic growth and warned governments not to expect the ECB to underpin growth. In the U.S. today, Treasury supply gets underway with the $27 B 3-year note sale kicking off the week’s $61 B in coupon auctions. Data is light, but important with the July JOLTS report on tap as it's one of 9 key employment indicators on Yellen's dashboard. Fed Governor Tarullo will testify before the Senate Banking Committee, but Fed-speak will be going dark ahead of the September 16, 17 policy meeting.



Stock Stories:

McDonald’s (MCD) – Grimaced! – The Fast-Food giant posted global sales that fell 3.7%.  August US comparable sales were down 2.8% and Europe comparable sales fell 0.7%.  Global sales dropped 14.5% as the company missed badly and the shares down ahead of the opening bell.



General Mills (GIS) – One scoop – The cereal giant agrees to buy Annie’s (BNNY) a leading U.S. producer of branded organic and natural food products for $46 a share. The news has other natural food product shares higher as investors continue to focus the next big acquisition.



Major Economic Reports:

6:45 am CT – GS Store Sales

9:00 am CT – JOLTS

11:30 am CT – Fed’s Tarullo Speaks

12:00 pm CT – 3-year Note Auction Results

12:00 pm CT - APPLE Product Launch Presentation



Notable Earnings:   

Tuesday – 9/9:

Before Market:  BKS, RSH, TITN

After Market:  KKD, PANW, PPHM, SAIC



Wednesday – 9/10:

Before Market:  MANU, VSR

After Market:  FIVE, MW, RH

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沁颍

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沁颍

9/10/2014

U.S. equity futures (/ES) are trading relatively flat to slightly lower this morning after a wild ride during Tuesday's session. The highly anticipated launch of Apple's (AAPL) new products yesterday had markets whipsawing but they finished the session on a downturn. Although a reversal in AAPL shares may have negatively affected stocks overall, the main culprit continues to be interest rate concerns and the Fed. Rising yields may reflect a slight re-pricing of the first rate hike, with some believing that markets had priced in a later hike than the Fed is suggesting. The U.S. Dollar continues to strengthen which has recently put further pressure on commodities. The CBOE volatility Index (VIX) rose 6.6% on Tuesday’s sell-off and is beginning to show some signs of sustained strength. We may see more gains for the ‘Fear Gauge’ if interest rates continue to rise and stocks fall further.



U.S. Treasuries are weaker this morning and have trended lower over the last 10 days. The 10-year Treasury yield is up and is now above 2.52% and is now through some recent resistance on the upside. There is a $21B auction of 10-year Notes today at Noon CT and may provide some additional volatility for Treasuries. Stocks globally headed lower following the post-Apple event U.S. slide yesterday afternoon, but Europe has now bounced back somewhat. Data is light today so focus will remain on corporate news and the Treasury market. Investors have also begun to look to next week’s Federal Open Market Committee meeting for fresh guidance on rates.



Stock Stories:

Apple (AAPL) – There was news?! – The tech product maker released plans for new phones, a payment system and a watch at its event yesterday…if you hadn’t heard.   Analysts are mixed in price target raises for the stock and upgrades/downgrades this morning after digesting the news.  The shares were highly volatile yesterday but finished the session flat which is where they are ahead of the opening bell.



Major Economic Reports:

6:00 am CT – MBA Purchase Applications – Down 7.2% for week

9:00 am CT – Wholesale Trade

9:30 am CT – Oil Inventories

12:00 pm CT – 10-year Note Auction Results



Notable Earnings:   

Wednesday – 9/10:

Before Market:  MANU, VSR

After Market:  FIVE, MW, RH



Thursday – 9/11:

Before Market:  KR, LE, LULU

After Market:  NQ, ULTA

沁颍

9/11/2014

U.S. equity futures (/ES) are trading lower this morning ahead of the weekly jobless claims report. Initial claims are expected to come in 300K and there are expected to be 2.49M continuing claims. Yesterday saw modest gains after stocks broke lower early in the morning. Support near $1980 in the benchmark S&P 500 (SPX) was tested early in the session but equities immediately bounced off this area. Speaking on the eve of the anniversary of September 11 terrorist attacks, the President last night discussed the strategy that the U.S. will utilize against ISIL. It looks like geopolitical risks along with mediocre economic data is beginning to show some additional volatility for markets.The CBOE volatility Index (VIX) dropped 4% yesterday but should show some strength today if stocks remain weak today.



U.S. Treasuries are posting small gains in contrast to weaker Asian debt markets, while Europe's little rally is also failing. The 10-year yield has edged down to 2.52% but is holding support above the 2.5% level. Equities are mostly lower, with the exception of the Nikkei, even as Scottish independence concerns have faded slightly. In overnight news, German inflation was confirmed at a subdued 0.8% year over year pace. The U.K. house price index slid to 40%, the lowest in a year. In the U.S. today, there's more supply today with the 30-year Bond auction on tap. The data calendar is light with just initial jobless claims and the August Treasury budget.



Stock Stories:

Lululemon (LULU) – No Pants! – The athletic apparel-maker posted better than expected earnings this morning, albeit on lowered estimates.  The guidance for Q3 and FY14 is relatively in-line with analyst expectations but the shares are up 14% ahead of the opening bell.



Major Economic Reports:

7:30 am CT– Weekly Jobless Claims

9:30 am CT – Natural Gas Inventories

12:00 pm CT – 30-year Bond Auction Results

1:00 pm CT – Treasury Budget



Notable Earnings:   

Thursday – 9/11

Before Market:  KR, LULU

After Market:  NQ, ULTA



Friday – 9/12:

Before Market:  DRI, SNOW

After Market:  N/A

沁颍

9/12/2014

U.S. equity futures (/ES) are trading relatively flat again this morning. Volume is light ahead of the advance retail sales report for August which is due out at 7:30 am CT. Analysts are predicting that sales rose 0.6% overall ,while the core reading which excludes autos and gas is expected to have risen 0.3%. We saw another sharp reversal in equities yesterday as traders once again bought early weakness. Although markets remain near all-time highs and headwinds remain, investors continue to look to riskier assets such as stocks. The CBOE volatility Index (VIX) finished the session flat after rising sharply in the morning.



Weakness in global bonds spilled over to Treasuries and the 10-year yield traded up to 2.57%. The German Bund is holding over the 1.0% level for a third straight session. Equities are little changed and mixed both overseas and in the U.S.  Worries the FOMC will drop its "considerable time" language at next week's meeting continues to weigh on the markets, along with disappointment over the lack of QE from the ECB. In overnight news, the "No's" are still in the lead in the latest Scottish referendum poll. Euro-zone production was stronger than expected. Chinese lending data was weaker than expected. And, new sanctions take hold on Russia. In the U.S., the data calendar is heavy with August retail sales headlining, while trade prices, business inventories and the preliminary consumer sentiment index are also due.



Stock Stories:

Darden (DRI) – Suburbia eats – The casual restaurant chain company posted in-line quarterly results this morning.  A turnaround plan for its Olive Garden restaurants and a sales jump at its Longhorn Steakhouse has the shares are up 2% ahead of the opening bell.



Major Economic Reports:

7:30 am CT – Retail Sales

7:30 am CT – Import and Export Prices

8:55 am CT – Consumer Sentiment

9:00 am CT – Business Inventories



Notable Earnings:   

Friday – 9/12

Before Market:  DRI, SNOW

After Market:  N/A



Monday – 9/15:

Before Market:  COCO

After Market:  N/A

沁颍

Weekend Update

Equities had modest loses this past week with the S&P 500 (SPX) pulling back from all-time highs.  Economic news was mostly favorable but stocks dipped on corporate news and Fed worries. Equities began the week mixed but fell on Tuesday after Apple’s (AAPL) product launch and rising interest rates. We saw a solid reversal in stocks and AAPL on Wednesday but Thursday’s weak jobless claims data put a halt to gains. The week finished down sharply on Friday as positive Retail Sales raised bets that the Fed will rates earlier in 2015 than later. The S&P 500 Index (SPX) led the major indices lower off 1.1% and the Blue Chip-heavy Dow Jones Industrial Average’s ($DJI) fell 0.9%. The tech-heavy Nasdaq (NDX) was down only 0.3% as gains in Apple (AAPL) put support in the sector.  The small caps (RUT, IWM) fell only 0.8% but certainly were the most volatile for the week.



Option volatility firmed up this past week and is finally beginning to reflect the global risks in the markets. The CBOE Volatility Index (VIX) rose 10% but remains in historically low territory. Option premium should begin to rise into the Fed meeting this week and hopefully we will get stocks to bounce around a bit. Oil futures (/CL) hit their lowest levels in over a year on Thursday morning but bounced off the $90 level sharply. Decreasing fuel costs should help consumer spending going forward as inventories and supply have been increasing.  



Bonds prices were relatively stable for the week until Friday’s sharp drop. Conversely, Treasury rates rose to their highest level in two months. The 10-year yield sits at 2.61% and is showing signs that the Fed may raise rates sooner than expected. The upcoming FOMC meeting this upcoming week may induce the Fed to remove a reference to interest rates staying low for a "considerable time" after it ends bond buying



News for the upcoming week is wide ranging. The Fed posts its decision Wednesday along with updated forecasts. Both manufacturing and housing have shown some renewed vigor. Regional surveys have not always been in line with national data on manufacturing. The New York Fed's survey has been soft and posts Monday for September while national industrial production hits the wires the same day. Housing has shown improvement with a jump in July starts and with a rise in the NAHB housing market index. But mortgage purchase applications have slipped and are at low levels. Thursday's housing starts report will be an important update on this sector.


Major Earnings for the Upcoming Week:

Monday:

A.M. – COCO

P.M. – ALOG



Tuesday:

A.M. – FDS

P.M.– ADBE, APOG



Wednesday:

A.M. – CBRL, FDX, GIS, LEN

P.M. – PIR, UNFI



Thursday:

A.M. – CAG, IHS, RAD, SCHL

P.M. – ORCL, RHT, TIBX



Friday:

A.M. – N/A



Economic Releases (9/15 – 9/19):

Monday:

7:30 am CT– Empire State Mfg. Survey

8:15 am CT –Industrial Production

                                                                                                                                                                                

Tuesday:

6:45 am CT – GS Store Sales

7:30 am CT – Producer Price Index (PPI)

8:00 am CT – Treasury International Capital

                                                                                                                                                                                                              

Wednesday:

6:00 am CT – MBA Purchase Applications

7:30 am CT – Consumer Price Index (CPI)

9:00 am CT – Housing Market Index

9:30 am CT – Oil Inventories

1:00 pm CT – FOMC Meeting Announcement & Forecast

1:30 pm CT – Fed Chair Yellen’s Press Conference



Thursday:

7:30 am CT– Weekly Jobless Claims

7:30 am CT – Housing Starts

9:00 am CT – Philly Fed Survey

9:30 am CT – Natural Gas Inventories

                                                                                                                                                                                                        

Friday:

9:00 am CT – Leading Economic Indicators

沁颍

9/15/2014
U.S. equity futures (/ES) are trading slightly lower as investors hope the market can get back to its winning ways. Last week the market posted its first losing week in the past six. Investors will remain anxious ahead of the Fed’s policy statement on Wednesday. There have been indications that the central bank could eliminate its assertion that interest rates will remain low for a long time. The market will also have to look past Chinese industrial output data, which came in well below expectations. The CBOE volatility Index (VIX) is showing some strength and should firm up ahead of the economic and Fed policy updates this week.



Treasuries corrected slightly higher in light trading overnight after major losses last week, as the markets await several key events. The 10-year yield slipped to 2.59% after settling above 2.6% last week for the first time in months. Overseas bond markets are mixed with core sovereign yields modestly lower too with the German Bund holding steady above 1%. Providing some support for bonds were disappointing production and loan data from China and the OECD's cut in growth forecasts for the largest developed economies. Key factors this week include the Wednesday's FOMC decision where there's significant risk of a hawkish change in forward guidance. As for the Scottish referendum, the "No's" have a fractional lead in surveys. The U.S. calendar is thin today with August industrial production and the September Empire State index.



Stock Stories:

Apple (AAPL) – Here come the Bulls – The Company’s stock historically rises after a product announcement and this time is no different so far.  The lemmings are lining up as analysts continue to pump up the shares. The stock isup slightly ahead of the opening bell.



Major Economic Reports:

7:30 am CT– Empire State Mfg. Survey

8:15 am CT –Industrial Production



Notable Earnings:   

Monday – 9/15

Before Market:  COCO

After Market:  ALOG



Tuesday – 9/16:

Before Market:  FDS

After Market:  ADBE, APOG