First Call - Hedge Fund Telemetry

S&P futures up 0.1%. Asian markets mixed overnight, though no standouts in either direction. European equities mostly weaker, though pullback limited. Treasuries unchanged to a touch firmer. Dollar outperforming euro, but not doing much vs yen. Gold down 0.35%. WTI crude up 0.6%.
Shaping up to be another very quiet session ahead of Labor Day holiday. Biggest macro story continues to revolve around trade, and particularly whether Canada will sign on to the deal recently reached between US and Mexico. Press reports have largely focused on Congressional resistance to a bilateral deal and some of the perceived red lines for Canada in the negotiations, though reportedly willing to compromise on dairy. There is a Friday deadline or else sanctions will be imposed.
Not much going on elsewhere. In a widely expected move, Senate confirmed Richard Clarida as Fed vice chair. Some focus on a story out of La Stampa that Italian government may reach out to ECB for a new bond purchase program. Fits with ongoing focus on Italy as a potential tail risk. BoJ’s Suzuki said monitoring effects of extended stimulus on JGB and other markets. Telegraph discussed warning that global banks could sell sterling and euro on a no-deal Brexit.
Latest report from Investor’s Intelligence noted bulls increased to 59.6% in week-ended 28-Aug from 57.7% in prior reading. Marked third consecutive seven-month high and a big jump from the 47.4% seen at end of June, but still below the 66.7% seen in January that was highest since April 1986. Report noted readings of 55% or higher call for increased caution.
Daily Sentiment Index S&P bullish sentiment is at 75% slightly down yesterday from the previous day's 80% (extreme zone)
Mnuchin now praising China for supporting its currency, saying that is not manipulation
MS raises the price target on AMZN to $2500

Unsubscribe me from Hedge Fund Telemetry

CONFIDENTIALITY NOTE and DISCLAIMER: This message is for the named person's use only. It may contain confidential, proprietary or legally privileged material. No confidentiality or privilege is waived by any accidental or unintentional transmission. If you receive this message in error, please immediately delete it and all copies of it from your system, destroy any hard copies and notify the sender. You must not, directly or indirectly, use, disclose, distribute, print or copy any part of this message if you are not the intended recipient. Hedge Fund Telemetry LLC. cannot guarantee the confidentiality of the material transmitted; therefore, information of a sensitive or confidential nature should not be transmitted. There is risk in trading markets. Hedge Fund Telemetry reports are based on information gathered from various sources and believed to be reliable, but are not guaranteed as to accuracy and completeness. The information is subject to change without notice and Hedge Fund Telemetry LLC has no obligation to provide any updates or changes. Hedge Fund Telemetry LLC is providing this data for informational and educational purposes and does not believe that it is sufficient to base an investment decision on. This information should not be regarded as a solicitation or recommendation of any particular security or to engage in any trading strategy. One should always check with your licensed financial advisor to determine suitability of any investments.