沁颍

3/23/2015

Friday’s rally saw stocks finish with their second best week of 2015. The Nasdaq Composite (COMP) finished above 5K again and the Dow Industrials settled above 18K. Ahead of the opening bell, the U.S. equity futures (/ES) are showing a slight pull-back, albeit a small one. The Dovish Fed stance has investors pouring into risk assets such as stocks and we could see more gains as complacency reigns. The U.S. Dollar is down again today which is adding to last week’s slide. We saw an inverse correlation take place last week but today’s move is showing a little bit of divergence. Option volatility may get a bounce higher today if stocks remain in the red but premarket indicators are already off of overnight lows. The CBOE Volatility Index (VIX) fell almost 20% last week and is approaching support near the $12 level.



This week will be a good indicator for the Treasury market. We saw fresh demand for Bonds last week as the dovish Fed had investors scrambling to buy. The 10-year yield broke through the 2% level and is approaching 1.9% for the first time in a month. Overseas, the Bundesbank sees a "vibrant expansion" in Germany. U.S. equity futures are weaker, following the lead from Euro-zone bourses after Asian markets rallied. It's a quiet start to the week in the U.S. but Fed-speak will highlight. Cleveland Fed's Mester, spoke earlier and noted the Fed is cognizant of bubble risks, and added the Committee has plenty of room to ease if the economy slows sharply. Fischer and Williams will also speak today. Data is light with just February existing home sales and the Chicago Fed's national activity index on tap.



Stock Stories:

Lululemon (LULU) –No Pants – The yoga apparel maker reports earnings this week and the stock has made significant strides after mid-2014 lows.  Sales momentum had positively picked up but may be topping out according to analysts. The shares are down over slighly ahead of the opening bell.



Major Economic Reports:

7:30 am CT – Chicago Fed Activity Index

9:00 am CT– Existing Home Sales

9:00 pm CT –Fed’s Williams Speaks



Notable Earnings:   

Monday – 3/23:

Before Market:  FMSA

After Market:  N/A



Tuesday – 3/24:

Before Market:  MKC

After Market:SONC, SCS

沁颍

3/24/2015

A late-day sell off did not take the luster off of upward momentum for stocks to start the week. Volume and movement yesterday was muted as traders were in a bit of a weekend hangover. Ahead of the opening bell today, the U.S. equity futures (/ES) are gaining back all of yesterday’s minor losses. Upbeat economic data out of the Euro-Zone and particularly Germany helped reverse global equities despite bearish news out of China. Chinese Factory activity showed a drop to an 11-month low and was far below expectations. Option volatility saw a small bounce higher yesterday as stocks were weak at the close. The CBOE Volatility Index (VIX) should reverse lower today if we remain in positive territory but there is plenty of economic news that could change that sentiment.



Yields continue to come under pressure as the demand for Treasuries remains strong. Bonds were choppy yesterday and are relatively strong this morning. The U.S. Dollar is easing more today and has given back much of the previous week’s gains. If the Greenback catches another bid, we could see downward pressure on stocks again especially global multinationals. Stocks are mixed with China's Shanghai index having rebounded from losses after its disappointing PMI that fell to 49.2, which is contraction. And Grexit fears remain intact after PM Tsipras failed to unlock emergency aid. In the U.S. today, there's key data on February CPI and February new home sales. There's also the PMI, the FHFA home price index, the Richmond Fed index  and the Treasury auctions $26 B in 2-year notes.



Stock Stories:

Metlife (MET) –Rate reality – A letter to shareholders from the CEO stated that there may be concerns for earnings if rates remain low for longer than expected. The financial sector may under pressure on margins if rates do not begin to normalize into 2016 and 2017 as estimates are based on higher levels.



Major Economic Reports:

5:05 am CT –Fed’s Bullard Speaks

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

8:00 am CT – House Price Index

8:45 am CT – PMI Mfg. Index – Flash

9:00 am CT – New Home Sales

9:00 am CT – Richmond Fed Mfg. Index

12:00 pm CT – 2-Year Note Auction Results



Notable Earnings:   

Tuesday – 3/24:

Before Market:  MKC

After Market:  SONC, SCS



Wednesday – 3/25:

Before Market:  APOL

After Market:FIVE, LE, PSUN, PAYX, PVH, RHT

沁颍

3/25/2015

Tuesday saw another session that failed at the end of the day. Stocks were weak after a 2-year Note auction mid-day and weakened into the close. Volatility rose only modestly despite the downturn as risk protection in the option markets remains cheap on a historical basis. The CBOE Volatility Index (VIX) is still relatively low and is just above the $13 level. Ahead of the opening bell today, the U.S. equity futures (/ES) are showing minor losses again but the Nasdaq futures (/NQ) are in positive territory. Oil futures (/CL) are relatively flat but may become volatile today as inventory results are due this morning. The Dollar (/DX) is falling and has trended lower after hitting 12 year highs about a week ago.



Treasuries are higher, extending gains for a 4th straight session. Core European sovereigns and most Asian bonds outside of Japan are also in rally mode. As Bonds rise, the inverse yields fall and the 10-year yield has dipped to 1.86% in light volume. U.S. equity futures have headed south in tandem with European bourse as Grexit fears flare up again. There wasn't much data of note overnight in the overseas markets. Today's U.S. slate includes the $35 B 5-year sale while Durable Goods for March highlight the data calendar. The MBA reported mortgage applications surged 9.5% in the week ended March 20. Earlier the Fed's Evans said the U.S. economy is very strong, but reiterated concerns over raising rates too soon as he is the Uber-Dove member.



Stock Stories:

Kraft (KRFT) –Processed Food Merger – H.J. Heinz Company and Kraft Foods Group (KRFT) announced that they have entered into a definitive merger agreement to create The Kraft Heinz Company, forming the third largest food and beverage company in North America. Kraft shares are up 32% ahead of the opening bell.



Major Economic Reports:

5:30 am CT –Fed’s Evans Speaks

6:00 am CT – MBA Purchase Applications – Up 9.5%

7:30 am CT – Durable Goods Orders

9:30 am CT – Oil Inventories

12:00 pm CT – 5-Year Note Auction Results



Notable Earnings:   

Wednesday – 3/25:

Before Market:  APOL

After Market:  FIVE, LE, PSUN, PAYX, PVH, RHT



Thursday – 3/26:

Before Market:  CAN, CAG, CCL, FRED, LULU, WGO

After Market: GME, OCN, RH

沁颍

看病去了，贴晚了。。。

3/26/2015

The markets were bleeding red yesterday as stocks fell sharply throughout the day. The Benchmark S&P 500 gave up 1.5% while the tech-heavy Nasdaq (QQQ) was lower by over 2%. The sell-off was blamed on pre-earnings jitters and profit-taking on bloated momentum names. Volatility rose sharply on the downturn as risk protection in the option markets got scooped up by investors. The CBOE Volatility Index (VIX) spiked over 13% yesterday as the ‘Fear Gauge’ may get choppy if stocks remain volatile. Ahead of the opening bell today, the U.S. equity futures (/ES) are suggesting a sharply lower open as the market appears ready to continue yesterday's selloff. Stocks may be reacting to reports that Saudi Arabia and its Gulf allies began bombing targets in Yemen as the country moves closer to a civil war. The news has caused a spike in crude oil prices (/CL) and nervousness in Europe and the Middle East.



Capital flows into Bonds took a break yesterday and Treasuries are flat this morning. The 10-year yield remains below 2% and may have trouble breaking through resistance at that key level anytime soon. St Louis Fed moderate Bullard said stated in a speech that now may be a good time to begin normalizing policy, which will remain exceptionally accommodative. He is a non-voter at FOMC meetings but is part of the deliberations. Overseas saw German consumer confidence is at 13-year highs but Euro-Zone markets were still sharply lower. Today's U.S. calendar includes the $29 B 7-year auction, the last of the week. On the data slate are initial jobless claims for the week ended March 21, the March flash services PMI and the KC Fed manufacturing survey for March. Fed governor Lockhart will speak again on monetary policy and the economy, and his thoughts will be closely followed. Tomorrow's calendar has just revised Q4 GDP and the final print on consumer sentiment from the University of Michigan.



Stock Stories:

Sandisk (SNDK) –Chipped Off! – The Chip-maker lowered its Q1 guidance this morning from previous forecasts. The change in Q1 revenue estimate is primarily due to certain product qualification delays, lower than expected sales of enterprise products and lower pricing in some areas of the business. The shares are reacting negatively and are down over 10% ahead of the opening bell.



Major Economic Reports:

3:35 am CT –Fed’s Bullard Speaks

7:30 am CT – Weekly Jobless Claims

8:00 am CT –Fed’s Lockhart Speaks

9:00 am CT – PMI Services - Flash

9:30 am CT – Natural gas Inventories

10:00 am CT – Kansas City Fed Mfg. Index

12:00 pm CT – 7-Year Note Auction Results



Notable Earnings:   

Thursday – 3/26:

Before Market:  CAN, CAG, CCL, FRED, LULU, WGO

After Market:  GME, OCN, RH



Friday – 3/27:

Before Market:  BBRY, FINL

After Market: N/A

沁颍

3/27/2015

Thursday started off deep in the red for stocks as concerns in Yemen and Saudi Arabia negatively affected global markets. ‘Buy the Dip’ once again showed its head and stocks recovered most of its loses into the end of the session. The Benchmark S&P 500 index (SPX) ended the day down a modest quarter of a percent but at the open was off 1%. Volatility initially rose sharply on the downturn but quickly reversed on the rally. The CBOE Volatility Index (VIX) rose a modest 2% but found resistance once again near the $17 level. This morning in pre-market, the U.S. equity futures (/ES) are suggesting a slightly lower open as the market is on shaky ground.



Treasuries are sharply higher and are attempting to end their recent slide. But the 10-year yield is still under 2.0%. The UK’s gilt is underperforming after BoE's Carney reiterated that the next interest rate move is probably higher. Stocks are mixed overseas while U.S. equity futures are in the red with Greece still a concern as the PM Tsipras prepares to present details reform plans over the weekend. In other news, German import prices jumped 1.4% in February thanks to the weaker EUR and the rise in oil prices. On the U.S. docket today, comments from Fed Chair Yellen on monetary policy and the new normal are anxiously awaited, though she will not be speaking until later in the afternoon. Before that there will be data on revised Q4 GDP and the final print on consumer sentiment from the University of Michigan survey.



Stock Stories:

Gamestop (GME) –Game over?! – The video game retailer posted lower than expected quarterly results last night after the bell. The company also lowered FY15 guidance and is blaming currency issues for the pain. The shares are reacting negatively and are down over 4% ahead of the opening bell.



Major Economic Reports:

7:30 am CT – GDP

9:00 am CT– Consumer Sentiment

2:45 pm CT – Fed’s Yellen Speaks



Notable Earnings:   

Friday – 3/27:

Before Market:  BBRY, FINL

After Market:  N/A



Monday – 3/30:

Before Market:  CALM

After Market: CNET

沁颍

Weekend Update
Stocks took a bit of a hit this week as geopolitical concerns and poor economic data is finally having some negative impact on equities. Among the factors that concern investors globally is the current guessing game about when the Federal Reserve will begin to increase its fed funds rate. Despite comments out of the Fed, the markets are focused on either June or September, which is when FOMC meetings are followed by press conferences. Of late, a string of disappointing U.S. economic data has investors wondering if it will delay an increase in rates. Many economic indicators currently being released were affected by poor winter weather…although these should have been recognized by economists earlier. The question now is whether they will bounce back in the second quarter. It is a foregone conclusion that growth slowed in the first quarter of 2015. Other factors that influenced equity trading last week were the situation in Yemen especially given its geographic location regarding the flow of oil from the Middle East. The price swings in oil prices (/CL) have had a direct impact on energy company shares. Also dragging on financial markets are Greece's negotiations with its creditors. The markets continue to wait for some sort of an agreement to be reached. The S&P 500 Index (SPX) and the Blue Chip-heavy Dow Jones Industrial Average’s ($DJI) both lost 2.2% for the week. The tech-heavy Nasdaq (QQQ) led losses off 2.7% and the small caps (RUT, IWM) were down just over 2%. The losses pushed the Dow and the S&P 500 Index into flat to negative territory for the year.  



With equities dumping this week, Option volatility jumped higher, albeit from extremely low levels. The CBOE Volatility Index (VIX) rose 15% and gained back the prior week’s slide.  The ‘Fear Gauge’ should see some additional movement this week as there is plenty of economic data, Fed-speak and increased geopolitical action. Treasuries had an extremely choppy week but ended flat on Friday. The 10-year yield sits below 2% and looks to have found a range under this level. Friday’s GDP data saw the U.S. economy grew at a 2.2% rate in the fourth quarter of 2014, which was in-line with estimates. Oil futures (/CL) rose about 4% on the heels of the escalating conflict in Yemen and this occurred despite a 5% slide on Friday. Energy prices and the oil market should continue to have a big impact on markets and the economy going forward.



The upcoming week is a short one as markets are closed on Friday for the Easter holiday. While economic data remains mixed, the Fed is still in an accommodative stance. The consumer is still underperforming spending expectations and the data is supporting the mixed numbers.  The upcoming week is full of potential market-moving news. Housing, manufacturing and jobs data are all due and could throw some volatility into equities. The March Jobs report is due on Friday when markets are closed. We have had 12 straight months of employment gains above 200K, which is the longest duration since 1994.


Major Earnings for the Upcoming Week:

Monday:

A.M. – AIR, CALM

P.M. –N/A



Tuesday:

A.M. – CONN, GY, OCN, VTNR

P.M.– CNET, NG



Wednesday:

A.M. –  MON

P.M. – N/A



Thursday:

A.M. – KMX

P.M. – MU, SKY



Friday:

A.M. –Markets Closed



Economic Releases (3/23 – 3/27):

Monday:

7:30 am CT – Personal income and Outlays

9:00 am CT– Pending Home Sales

10:00 am CT – Dallas Fed Mfg. Index

6:15 pm CT –Fed’s Fischer Speaks

                                                                                                                                                                              

Tuesday:

Fed’s George Speaks

8:00 am CT –Fed’s Mester Speaks

8:00 am CT –Fed’s Lacker Speaks

8:00 am CT – S&P Case-Shiller HPI

8:45 am CT – Chicago PMI

9:00 am CT – Consumer Confidence

                                                                                                                                                                                                        

Wednesday:

Auto Sales – All Day

6:00 am CT – MBA Purchase Applications

7:15 am CT – ADP Employment Report

8:45 am CT – PMI Mfg. Index

9:00 am CT – ISM Mfg. Index

9:00 am CT – Construction Spending

9:30 am CT – Oil Inventories



Thursday:

7:30 am CT –International Trade

7:30 am CT – Weekly Jobless Claims

7:30 am CT –Fed’s Yellen Speaks

9:00 am CT – Factory Orders

9:30 am CT – Natural gas Inventories

                                                                                                                                                                                                   

Friday:

Holiday - Markets Closed

7:30 am CT – Jobs Report

7:30 am CT –Fed’s Kocherlakota Speaks

沁颍

3/30/2015

Stocks were in positive territory on Friday, but finished last week sharply lower. The Benchmark S&P 500 index (SPX) ended the week down over 2% as mixed economic data and geopolitical events were negatively affecting equities. This morning in pre-market, the U.S. equity futures (/ES) are sharply higher as the market is attempting to rebound.  Comments from Fed Chair Yellen on Friday afternoon and China’s Central Bank chief has investors feeling positive. The PBOC governor stated that they see ‘More Room’ for China to ease policy if the economic conditions remain soft. Volatility firmed up last week but will most likely see some weakness today on the rally. The CBOE Volatility Index (VIX) rose to the $15 level last week but is still in a tight range for the year.



Treasuries are slightly lower to start the week. The 10-year yield has dipped to 1.94% and remains firmly under 2%. The advent of month- and quarter-end is providing some support for Bonds over the last week. Stocks overseas are also posting solid gains too, underpinned by hopes for Chinese stimulus. In the U.S., today's data on personal income and consumption will be important for the GDP outlook. Other data today includes pending home sales and the Dallas Fed's manufacturing index. Comments from Fed VC Fischer will be closely monitored, though in comments to date, he hasn't provided any clear indications on the timing of a rate hike. He'll discuss monetary policy but well after the markets close.



Stock Stories:

Teva Pharmaceutical (TEVA) –Scoop – The drug giant announced an agreement to buy Auspex Pharma (ASPX) for $3.2 B. This transaction is expected to enhance Teva’s revenue and earnings growth profile and strengthen its core central nervous system franchise with the addition of Auspex’s portfolio of innovative medicines for people who live with movement disorders. TEVA shares are down slightly ahead of the opening bell.



Major Economic Reports:

7:30 am CT – Personal income and Outlays

9:00 am CT– Pending Home Sales

10:00 am CT – Dallas Fed Mfg. Index

6:15 pm CT –Fed’s Fischer Speaks



Notable Earnings:   

Monday – 3/30:

Before Market:  AIR, CALM

After Market:  N/A



Tuesday – 3/31:

Before Market:  CONN, GY, OCN, VTNR

After Market:  CNET, NG

沁颍

3/31/2015

Stocks were back in rally mode to start the week. The Benchmark S&P 500 index (SPX) jumped 1.2% and the Dow Industrials (DIA) were up almost 1.5%. M&A activity, China easing hints and decent Housing data had the Bulls in buying mode. Despite the rise in equities, option volatility finished the session off of lows reached at mid-morning. The CBOE Volatility Index (VIX) fell 3.7% but at one point was off by almost 7%.  This morning in pre-market, the U.S. equity futures (/ES) are sharply lower as stocks can’t seem to hold any gains recently.  Profit-taking ahead of the end of the quarter is being cited for the early weakness, as there is little on the foreign economic front that would point to such a significantly lower start.



Treasuries are slightly higher this morning. The 10-year yield has hovered under 2% recently and the trend looks to continue as the demand for Bonds remains firm. Stocks in Europe are also posting losses as data showed unemployment was still above expectations in February. Asia was also lower by 1% but the quarter produced double digit gains for the Japanese Nikkei and Shanghai Composite.  On the domestic economic calendar, investors will focus on the Case/Shiller home price report, the Chicago purchasing manager’s report, and a consumer confidence reading. There is also Fed-Speak from George, Mester and Lacker that could potentially sway markets.



Stock Stories:

McDonald’s (MCD) – More garbage, longer – The fast food giant will start to test an all-day breakfast in San Diego next month. The company continues to reach for ways to reverse the recent slide in revenue and growth. MCD shares have traded flat over the last few years and are down slightly ahead of the opening bell.



Major Economic Reports:

Fed’s George Speaks

8:00 am CT –Fed’s Mester Speaks

8:00 am CT –Fed’s Lacker Speaks

8:00 am CT – S&P Case-Shiller HPI

8:45 am CT – Chicago PMI

9:00 am CT – Consumer Confidence



Notable Earnings:   

Tuesday – 3/31:

Before Market:  CONN, GY, OCN, VTNR

After Market:  CNET, NG



Wednesday – 4/1:

Before Market:  MON

After Market:  N/A

沁颍

4/1/2015

Stocks reversed Monday’s gains yesterday as potential profit-taking into the quarter end took hold.  The major indices attempted to get back to positive territory but the Bears continually beat them down. Overnight saw stock futures trade in a massive range as the S&P 500 (/ES) was off over 1.25% early in the after-market when Asian markets opened. They have rebounded throughout the overnight session but are still weak. The U.S. equity futures (/ES) are down modestly but we may be in for some volatility to start the quarter.  On yesterday’s fall in equities, option volatility rose moderately. The CBOE Volatility Index (VIX) jumped over 5% as stocks finished the session near lows for the day.



Treasuries are sharply higher this morning as stocks fall. The demand for Bonds remains solid as many expect the Fed to hold off on interest rate increases past the June meeting and potentially longer. Global bonds are mostly higher too. Greece exit risks are underpinning the demand. U.S. equity futures are extending losses after closing Q1 on the back foot. European bourses are mostly higher after better than expected PMI data, while Asian markets were choppy amid less positive confidence data. Today's U.S. reports will be important, but won't really alter the outlook sufficiently. The March ADP, the ISM, the PMI, auto sales and construction spending are due. Fed-speak from the doves Williams and Lockhart will be monitored too. Most focus however, is Friday's nonfarm payroll report although markets will be closed when it is released on Good Friday.



Stock Stories:

Airlines (DAL, AAL, UAL) – Standby – The major international airlines received a major analyst downgrade this morning. The analyst sites currency concerns with the U.S. Dollar and international weakness. All three stocks are down ahead of the opening bell.



Major Economic Reports:

Auto Sales – All Day

6:00 am CT – MBA Purchase Applications – up 4.6%

7:15 am CT – ADP Employment Report

8:45 am CT – PMI Mfg. Index

9:00 am CT – ISM Mfg. Index

9:00 am CT – Construction Spending

9:30 am CT – Oil Inventories



Notable Earnings:   

Wednesday – 4/1:

Before Market:  MON

After Market:  N/A



Thursday – 4/2:

Before Market:  KMX

After Market:  MU, SKY

沁颍

4/2/2015

Stocks tumbled down yesterday but finished the session far off of lows. Private-sector job gains were weaker than expected while a larger-than-forecast drop in ISM manufacturing index suggested the economy slowed in the first quarter. Slower Auto Sales also negatively affected equities. In today’s pre-market, U.S. equity futures (/ES) are down modestly but the recent swings have created some solid volatility. On yesterday’s fall in equities, option volatility actually fell slightly. The CBOE Volatility Index (VIX) finished in the red as stocks closed the session trying to go positive. There were some large Buy prints on the close yesterday in SPY, IWM, DIA and the e-mini S&P 500 futures (/ES) that made the overall market spike higher off of lows.



Treasuries are higher again this morning after spiking significantly yesterday. The 10-year yield is now below the 1.9% level at 1.85% as the trend for lower rates continues. However, activity is thinning fast in Europe ahead of the Easter holiday. Stocks are little changed overseas, having pared earlier gains though U.S. futures are posting small losses. There wasn't much data overnight, but U.K. construction PMI was much weaker than expected. Meanwhile, expectations on Friday's March nonfarm payroll report are turning sour, though analysts are still forecasting a 250k increase. Stock Markets are closed tomorrow so affects from the Jobs data will come next week. Today's calendar includes February trade numbers, weekly jobless claims, and February factory orders. The Treasury announces details on next week's 3-10-, and 30-year auctions also. Fed Chair Yellen will give welcome remarks to a conference, but most likely will not say anything policy related.



Stock Stories:

Mondelez, Kraft (MDLZ, KRFT) – Busted? – The two food companies could trade actively today after both were charged with manipulating the prices of Wheat in both Futures and the Cash Markets.  The suit was brought by the CFTC, which actually oversees trading in both products.



Major Economic Reports:

7:30 am CT –International Trade

7:30 am CT – Weekly Jobless Claims

7:30 am CT –Fed’s Yellen Speaks

9:00 am CT – Factory Orders

9:30 am CT – Natural gas Inventories



Notable Earnings:   

Wednesday – 4/2:

Before Market:  KMX

After Market:  N/A



Friday – 4/3:

Before Market:  MARKETS

After Market:   CLOSED

沁颍

4/6/2015

Friday’s jobs data showed that a Fed rate hike at the June meeting may be remote. This would historically be a positive for ‘Risk-On’ assets such as equities, but corporate concerns may be weighing on markets. Payrolls on Friday showed only 126K jobs added in March, which was far lower than the estimates of close to 250K. In today’s pre-market, U.S. equity futures (/ES) are down sharply as they were on Friday’s report although markets were closed for the Good Friday holiday. Oil futures (/CL) are sharply higher despite last week’s Iranian nuclear deal as many expect supply increases won’t be immediate. Also, Saudi Arabia reportedly raised prices to Asian customers. Option Volatility should spike today if stocks remain in the red.



Treasuries are slightly lower today and will look to break its recent upward trend. As Bonds have been strong, the 10-year yield is now down to the 1.9% level. Most European markets remained shut for Easter Monday, while most Asian exchanges were on holiday too, which kept trading very light. The U.S. will open with hefty losses as the market reacts to the disappointing March jobs report. That could give Treasuries some support, even after Friday's big rally. Data today includes the March ISM non-manufacturing report, along with the Services PMI. The Fed also releases its LMCI (labor market conditions index), though it's only a compilation of previously released numbers, so won't provide much new information. Treasury supply will be a significant factor for traders this week with $58 B in coupons on tap, 3-year notes (Tuesday), 10’s (Wednesday), and $13 B in reopened 30-year bonds (Thursday).



Stock Stories:

Microsoft (MSFT) – Battleground – The software behemoth received an analyst upgrade this morning on Positive strategic positioning and price action. The stock is down over 10% this year and estimates are continuing to come under pressure on the heels of previous downgrades from analysts.  The stock is up slightly ahead of the opening bell.



Major Economic Reports:

8:45 am CT – PMI Services Index

9:00 am CT– ISM Non-Mfg. Index

9:00 am CT – Labor Market Conditions Index

11:30 am CT – TD Ameritrade IMX



Notable Earnings:   

Monday – 4/6:

Before Market:  N/A

After Market:  SHLM



Tuesday – 4/7:

Before Market:  GBX, SCHN

After Market:   N/A

沁颍

4/7/2015

The week started with a sharp reversal on Monday as stocks quickly bounced off of opening lows. Fed member Dudley spoke yesterday morning and once again gave Dovish comments due to the lower than expected Jobs Report from last Friday.  In today’s pre-market, U.S. equity futures (/ES) are up modestly as they attempt to extend Monday’s gains. Option Volatility was actually flat during the session despite the rise in equities. Oil futures (/CL) are slightly lower after yesterday’s rally back over $51 a barrel. The U.S. Dollar (/DX) is sharply higher this morning and Blackrock’s CEO stated that a higher Greenback may slow growth and stifle corporate results in the near-term.



Treasuries are mixed with Bonds higher but shorter-term Notes flat to slightly lower this morning. European equity markets are playing catch-up after being closed since last Thursday. Global equities are higher, in large part on expectations of additional Central Bank stimulus. Overnight, Overseas data were mixed with the services PMI revised slightly lower to 54.2, while the U.K. services PMI was stronger than expected. The U.S. calendar is thin today but the Treasury's $24 B 3-year note auction kicks off supply this week. There is also more market-moving potential Fed-speak today from the dovish Kocherlakota. Data includes just February JOLTS and earnings season kicks off tomorrow.



Stock Stories:

FedEx (FDX) – Delivered – The shipping giant announced a $4.8B deal to buy TNT Express this morning. The deal should help expand FedEx’s presence in Europe and abroad. FDX shares are up 4% ahead of the opening bell.



Major Economic Reports:

7:50 am CT –Fed’s Kocherlakota Speaks

9:00 am CT – JOLTS

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



Notable Earnings:   

Tuesday – 4/7:

Before Market:  GBX, SCHN

After Market:  N/A



Wednesday – 4/8:

Before Market:  FDO, RPM

After Market:   AA, BBBY, PIR

沁颍

4/8/2015

Stocks were strong through most of Tuesday’s session but failed to hold gains into the close. Small Caps (IWM, RUT) were down earlier in the day and forecasted the dump into the red near the last hour of the session. Alcoa, (AA) will be reporting its results after the close today, and investors remain concerned about the recent string of poor economic data and its effect on corporate earnings. This morning, U.S. equity futures (/ES) are relatively flat to slightly higher ahead of the open. Option Volatility was slightly higher on Tuesday after trading lower most of the day. The CBOE Volatility Index (VIX) continues to hover in a tight range near $14-$15. Oil futures (/CL) are sharply lower after yesterday’s rally. There was more signs of rising inventories of Crude and record production out of Saudi Arabia.



Bonds and Notes in the U.S. are a little higher, in tandem with gains in most sovereign markets overnight. The 10-year yield has dipped to 1.85% as demand for Treasuries continues. German Bonds (Bunds) are outperforming with the 10-year rate down to a new record low at 0.15%. German manufacturing orders unexpectedly contracted and Euro-zone retail sales dropped which are highlighting risks to the recovery. Greek yields are bouncing higher, reversing yesterday's slide given little progress on a reform deal. In the U.S. today, the FOMC minutes and the 10-year note auction highlight an otherwise thin calendar. There's more Fed-speak from Powell and Dudley, but his dovish views are widely known.



Stock Stories:

Apple (AAPL) – Dare to Downgrade?!– The tech product-maker received a rare analyst downgrade this morning. Research included a lower selling price point for iPhones in March quarter and currency headwinds will negatively affect results. AAPL shares are down slightly ahead of the opening bell.



Major Economic Reports:

6:00 am CT – MBA Purchase Applications – up 0.4%

7:00 am CT – Fed’s Powell Speaks

9:30 am CT – Oil Inventories

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

1:00 pm CT – FOMC Minutes



Notable Earnings:   

Wednesday – 4/8:

Before Market:  FDO, RPM

After Market:  AA, BBBY, PIR



Thursday – 4/9:

Before Market:  RAD, STZ, WBA

After Market:   PSMT, RT