The Week Ahead

An important week ahead on the corporate calendar which will see a handful of earnings releases that could give a good tell for next month's earnings parade. Notable releases include but are not limited too (FDX, ORCL, GIS, AZO, CBRL, MU, RHT, THO). Although I would not doubt beats on this current quarter, one should be very focused on next quarter's guidance.

On the economics calendar, in the US we will see Empire manufacturing numbers on Monday followed by NAHB housing index Tuesday, with housing data out Wednesday and Thursday and and ending the week with Markit PMI's. Abroad we will get Euro-zone CPI on Monday, Euro-zone current accounts and consumer confidence later in the week with Flash PMI closing the week. In Japan we will have Import / Export prices on Tuesday night and the BoJ rate decision on Wednesday, closing the week with CPI on Thursday.

S&P bullish sentiment ended the week at 74% and the Nasdaq 100 bullish sentiment ended the week at 67% both divergent from index prices. In the past there have been signs of these types of divergences ahead of pullbacks although this did not happen in January.

The markets around the world will be watching to see if the latest Trump tariff threat of $200 billion more of Chinese products will be more than just off handed talk. The market has dismissed tariff threats however celebrate when news of potential restarting of talks could happen.

ECB President Mario Draghi speaks in Paris on Tuesday and in Berlin on Wednesday. Considering the equity markets in Europe made some multi quarter lows this past week, there could be some interesting comments.

This week we will be launching our new site with much improved sentiment charts and other improved and new features. We will in a few days be adding more market sentiment charts including some equity and bond markets in Europe. The Daily Note will also see some changes in format as well there will be a web based note that will require a log on. We have done this insure better formatting for viewing/printing as well tighter security. We will asking everyone to reset their password too. We'll send out a note on how to do this and how to save your password on your computer and phone to seamlessly access the Daily Note. Lastly, I ordered for Hedge Fund Telemetry clients a batch of Jason Perl's book "DeMark Indicators" and if you would like a copy, please send an email with your address. Have a great week!

Monday 17-Sep

Corporate

Post-close: FDX, ORCL

Janney Healthcare

Analyst Meeting: BABA, RACE

Economic

US: Empire manufacturing (Sep)
Europe: Euro-zone: CPI (Aug) UK: House Price (Sep)

Tuesday 18-Sep

Corporate

Pre-open: AZO, CBRL, GIS

Janney Healthcare

Analyst Meeting: BRO, ITI, DVMT, BWA, DHR, MB

Economic

US: NAHB Housing Market Index (Sep)

Wednesday 19-Sep

Corporate

Pre-open: CPRT
Post-close: RHT

Brokerage Conferences:
Analyst Meeting: KEY.CN, ITI
IPO: BSVN

Economic

US: housing starts / building permits (Aug)
Europe: Euro-zone: Draghi Speaks Berlin, Construction output (Jul), Auto Registration (Aug) Current account (Jul) UK: PPI (Aug), Retail Price Index (Aug), Inflation Rate (Aug), PPI Output (Aug)
Asia (Tues PM / Wed AM): Japan: Inports / Exports (Aug), Balance of Trade (Aug), BoJ interest rate

Thursday 20-Sep

Corporate

Pre-open: DRI, THO
Post-close: MU, UNFI

BMO Capital Markets
Cowen Industrial Innovation and Technology
D.A. Davidson industrial & services

Analyst Meeting: WBC, DOVA, ITI, WK
IPO: EB, ELAN, FTCH, RRI, YMAB, ZEK

Economic

US: Philadelphia Fed (Sep), Leading Index (Aug), Existing home sales (Aug)
Europe: Euro-zone: Consumer Confidence (Sep) Germany: UK: Retail Sales (Aug)

Friday 21-Sep

Corporate

BMO Capital Markets
D.A. Davidson industrial & service

Analyst Meeting: BX
PDUFA: BHC, SAN.FP. SOBI.SS, PHARM.NA (Ruconest)

Economic

US: Flash PMIs (Sep)
Europe: Euro-zone: Markit PMI composite (Sep) Germany: Markit PMI composite (Sep), UK: Public Sector Borrowing (Aug)
Asia (Thurs PM / Fri AM): China: Japan: Core Inflation (Aug), All Industry Index (Jul)

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