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8/27/18
Thomas Thornton
Top Overnight News

  • S&P futures up 0.2% after US equities finished higher last week with S&P and Nasdaq hitting record levels. Asian equities stronger overnight with China a standout, up over 2%. European markets mostly higher, though Italy on the defensive. UK closed for holiday. Treasuries unchanged. Dollar little changed on the major crosses. Gold down 0.2%. WTI crude off 0.5%.
  • Nasdaq Futures joining the other major indexes with a DeMark upside Sequential exhaustion Countdown 13.  S&P Futures on day 12 of 13.  
  • Seems to be some spillover of the positive sentiment from late last week, when comments from Fed Chair Powell reinforced expectations for Fed tightening cycle to remain gradual and China reintroduced use of a counter-cyclical factor in the yuan midpoint-fixing mechanism (fitting with Beijing’s longstanding assertion it will not use the currency as a tool in trade war with US). In a more recent development, US and Mexico have talked up likelihood of a near-term deal on NAFTA.
  • In terms of other macro headlines, German Ifo beat expectations with strong domestic economy offsetting uncertainties about Brexit and lira crisis. While NAFTA trade headlines have been more upbeat, Axios discussed concerns trade tensions between US and China could last much longer than originally thought.
  • Big corporate news story is that Musk has decided against trying to take TSLA private. Cited shareholder feedback and concerns about potential to disrupt crucial Model 3 ramp. NY Post noted Elliott Management has been voicing concern about Dell’s plan to go public via the acquisition of the DVMT tracking stock. Reuters reported late on Friday ARNC in talks to be taken private. TWTR CEO Jack Dorsey to testify to Congress early next month.
  • Summer volumes in effect; Bloomberg noting trading in Europe is roughly 1/3 the 6 week average (UK Holiday not helping).  US volume this week should be very light too.
  • Turkish markets reopened (closed last week), and the Lira has fallen to new 5 day lows
  • "Everything’s higher"; Friday saw new record intraday and closing highs for the S&P and Russell.  Tuesday the Dow made a record close, and despite FANG shakiness of late, the Nasdaq is within 1% of new record.  

Market Snapshot
US Economic Reports over the next two days
Pre Market Movers



 


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