The Week Ahead

The corporate calendar will continue to be in focus as we begin to shift to the back half of Q3 earnings cycle. During the upcoming week, 77 S&P 500 companies (including 1 Dow 30 component) are scheduled to report results for the third quarter. Notable reporters include but aren't limited to ( RBC, MOS, ADM, JCI, RL, MTCH, P, WEN, DISH, FOXA, KORS, ROK, IAC, NWSA, QCOM, ROKU, WYNN, DISCA, HAIN, T.CN, DIS, EPAY, LGF.A, NOG, AMC,CAH, DISH,)

The economic calendar will see Markit PMI reported early in the week with eyes focusing on the FOMC meeting on Thursday (no change in Fed Funds Rate is expected). Internationally we will see trade balance data from China Wednesday night / Thursday morning (this will be a field test on the effects of US tariffs). In the US the Mid-term elections will take place on Tuesday and will have market moving implications. Expect more headlines on China US trade.

The year-over-year S&P earnings growth rate for the third quarter so far is 24.9% today, which is above the estimate of 19.3% at the end of the quarter. If 24.9% is the actual growth rate for the quarter, it will mark the second highest earnings growth since Q3 2010. The year-over-year sales growth rate for the third quarter is 8.5% today, which is above the estimate of 7.8% at the end of the quarter.  Looking at future quarters, analysts see double-digit earnings growth for the fourth quarter, but also see single-digit earnings growth for the first half of 2019. Considering the strong growth investors haven't been paid for this growth.

S&P and Nasdaq 100 bullish sentiment ended the week at 27%, down from 33% on Thursday yet up week over week from 13%.

Tomorrow we will be launching the new upgraded Hedge Fund Telemetry website. Some of the improvements include awesome dynamic daily sentiment charts with added markets: Euro Stoxx, German DAX, French CAC, UK FTSE and some more global Bond markets. The charts will give clients the ability to adjust time periods going back to 2000 with both price of market and sentiment together on the chart. We will also have all of the DeMark Screens with PNL and Trade Ideas Sheets on the site. The new system will make it easier and quicker for us to produce as pieced will be available earlier in the morning on the site. Soon we will be putting out individual Europe, US, and Asian market pieces, again available much earlier than how we have published the Daily Note in the past. The weekly Currency Focus will return too. The new site will also be much more secure requiring a log on for each user to view our work. We will be sending an email with simple instructions on how to reset passwords and how to save passwords on your computer and phones. We ask that users do not share log on information with multiple users. If you would like others in your firm or client base to have access please reach out and we can discuss. We are very excited to launch the next stage of Hedge Fund Telemetry's platform and we thank you for your continued support.

Tom and Hedge Fund Telemetry Team

Monday 05-Nov

Corporate

Pre-open: DFRG, RBC, SYY
Post-close: ACHC, ATUS, BKNG, CRZO, EVBG, FMC, FRGI, FTT.CN, IFF, KMT, MAR, MOS, MYL, OAS, OXY, PDCE, RCII, REN, RNG, SBAC, THC, TWOU,

Analyst Meeting: MDR, AOS

Economic

US: Markit PMI Composite (Oct), ISM Non-Manufacturing (Oct)
Europe: Euro-zone: Sentix Economic Index (Nov), Germany: UK: Markit/CIPS UK Services PMI (Oct), New Car Sales (Oct)
Asia (Sun PM / Mon AM): China: Caixin Composite PMI (Oct), President Xi speech, Japan: BoJ Monetary Policy, BoJ Gov Kuroda Speech

Tuesday 06-Nov

Corporate

Pre-open: ABC, ADM, AFI, APD, BDX, CTLT, CVS, EMR, EXPD, FI, HSIC, LLY, LPX, MLM-M, MNK, PINC, REGN, RL, STE, SYNH, TRI
Post-close: APEI, BWXT, CCS, CHUY, CPE, DATA, DXC, ETSY, FTR, GDDY, INFN, JAZZ, JKHY, KAR, LC, MB, MODN, MTCH, MYGN, NEWR, P, PLNT, PXD, PZZA, QTWO, RRGB, SBOW, TWLO, WEN, XEC, ZG,

Stephens Fall Investment
Sandler O'Neill East Coast Financial Services
Robert W. Baird Industrial

Analyst Meeting: RST, MRCY, FHN, NOV
IPO CNF

Economic

US: JOLTS job Openings (Sep)
Europe: Euro-zone: Markit Composite PMI (Oct), PPI (Sep), Germany: Markit PMI (Oct)
Asia (Mon PM / Tues AM): Japan: Household Spending (Sep), Nikkei Services PMI (Oct)

Wednesday 07-Nov

Corporate

Pre-open: COTY, CRL, DISH, FOXA, GIB.A.CN, GRPN, HK, HUM, HZNP, KORS, ODP, ROK, SMG, VAC, VSI, WWW
Post-close: ALB, ANSS, CSOD, CVNA, CYBR, FLO, FLS, FOSL, FRSH, GDOT, HOLX, HUBS, IAC, MCHP, MNST, MRO, MUR, NUS, NWSA, PEGA, PSDO, QCOM, QEP, ROKU, SAIL, SPTN, SQ, TLND, TRIP, WK, WYNN, ZAYO,

Robert W. Baird Industrial
Sandler O'Neill East Coast Financial Services
Stephens Fall Investment

Analyst Meeting: AWI, BMRN, IMO, NCR, DWDP

Economic

US: Consumer Credit (Sep)
Europe: Euro-zone: ECB Non-Monetary Policy Meeting, Retail Sales (Sep) Germany: Industrial Production (Sep), Construction PMI (Oct), UK: Halifax Price Index (Oct), RICS house Price Balance (Oct)
Asia (Tues PM / Wed AM): China: FX reserves (Oct) Japan: Average Cash Earnings (Sep), Coincident Index (Sep), Leading Econ Index (Sep),

Thursday 08-Nov

Corporate

Pre-open: CAH, COMM, CRK, CROX, DISCA, DNR, ENDP, HAIN, HII, LAUR, MGA, PRGO, PRTY, QBR.B.CN, SGMS, STRA, T.CN, TGI, TGNA, TTI, WIN,
Post-close: AMBR, AMC, AREX, ATVI, BCEI, BOJA, BRS, CTL, DBX, DIS, EPAY, ERI, FSCT, HDP, HTZ, LGF.A, LOPE, MIME, NOG, SWKS, TRUP, XRAY, YELP

Robert W. Baird Industrial
Stephens Fall Investment
Royal Bank of Canada Small Cap

Analyst Meeting: DWDP, Y, DXC, ULTA, PG, SYK

Economic

US: FOMC Meeting
Europe: Euro-zone: ECB economic Bulletin, Germany: Trade Balance (Sep), Current Account (Sep)
Asia (Wed PM / Thurs AM): China: Trade Balance (Oct), Japan: Current Account (Sep), Machinery orders (Sep)

Friday 09-Nov

Corporate

Pre-open: PRPB
Post-close: GNC

Oppenheimer Biotechnology Summit

Analyst Meeting: DCO JNPR
PDUFA: MRK "Keytruda"

Economic

US: PPI (Oct), Michigan Consumer expectations / Current Conditions (Nov), Wholesale Inventories (Sep) Fed Speaker Quarles
Europe: Euro-zone: Germany: UK: Trade Balance (Sep), GDP (Prelim-Q3), Manufacturing Production (Sep), Industrial Production (Sep), Construction Output (Sep), Business Investment Q3
Asia (Thurs PM / Fri AM): China: Inflation rate (Oct), PPI (Oct)

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