Share

If you are having difficulty seeing this email, you can view in your browser or click here to print.

10/30/18
Thomas Thornton
Top Overnight News

  • S&P futures up 0.4% +10 in a 28 point overnight range. Both Dow and S&P entered into correction territory at one point (though S&P breadth was actually positive). Asian markets mostly higher overnight with both Japan and China up over 1%. European markets largely on the defensive. Treasuries weaker. Dollar firmer (DXY with 52 week high) vs both yen and euro. Gold down 0.3%. WTI crude off 0.6%.
  • Trump said he expects a "great deal" with China, but reiterated threat to go all in on tariffs if not. China stocks also helped by comments from securities regulator that it would boost market liquidity and encourage share buybacks and mergers. However, PBOC set official yuan rate at weakest in a decade. Nothing really incremental on Italian budget showdown, though Italian GDP light (despite its plans to increase spending); 0% growth vs. estimates of .2%. Usual noise surrounding Brexit.
  • Market selloff still the biggest topic of discussion in press. Usual suspects in focus in terms of concerns about peak earnings, peak US economic growth, desynchronized global growth. potential Fed policy mistake, exodus from crowded longs (particularly in growth and momentum), and more selling from systematic funds. When it comes to potential for near-term support, resumptions of corporate buybacks most commonly cited factor.
  • KLAC beat, guidance better than feared and expects shipments to recover in 1H19. AKAM beat on security strength. MDLZ beat with EM a standout.  RIG beat with analysts highlighting improved execution. WSJ reported Third Point wants CPB to consider a breakup. GE missed, cut dividend, and announced Power unit reorganization.
  • New 6 month closing lows for the S&P yesterday, with 5 of the 11 S&P subsectors down at least 5.2% over the last 5 sessions (energy, tech, industrials, communication services, consumer discretionary).
  • FANG weakness continues to get most of the headlines (AMZN, GOOG, NFLX all down at least 4.8% yesterday).  Over the last 3 ½ weeks the NYSE FANG index is now -12.2% (but still +9.8% YTD).
  • Now 5 straight sessions where US volume has been above 9B shares vs. the 7B YTD average.  Only the 3rd time in the last 2 years we’ve seen a 5 day stretch this strong (Nov 2016, Feb this year).
  • Another big day with earnings (AET, AGCO, AGN, AMT, AN, AOS, AWI, BHGE, BKI, CMI, CTSH, CVLT, EAT, ECL, Embraer, ESV, ETN, Fiat Chrysler, FIS, FLOW, FUN, GE, GWR, HCA, HUN, I, INCY, IPGP, KBR, KO, LL, LYB, MA, MAS, MSM, PFE, SABR, TPR, UA, VMC, VNTR, VSH, VW, WDR, and XYL pre-open and ACGL, AINV, AMGN, APC, ATEN, BXP, CAKE, CHRW, CVLS, CXO, DDD, EA, EBAY, ESIO, EVTC, EXAS, FB, FEYE, FLT, GNW, H, HLF, MGM, MOBL, MX, MXIM, MXL, NANO, NCR, NUVA, OI, PAYC, QLYS, RNR, Samsung Electronics, SFLY, SIMO, TTMI, ULTI, VOYA, VRSK, WNC, YELP, YUMC, and ZEN after the close).

Market Snapshot
US Economic Reports Over The Next Three Days
Pre Market Movers
Key Levels



 


Any comments, suggestions, or questions - please email info@hedgefundtelemetry.com
Occasionally, an earnings report date could change, or could be incorrect. We rely on various sources including Street Account, Factset, and Bloomberg to compile this report.    

 

Know which button to push next
in the market.

 

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.

 


Email Marketing by ActiveCampaign