Market Technical Update (Three Support Levels for the S&P 500 and a Line in the Sand for the VIX), but today focus will remain on earnings (which were “ok” overnight and this morning as AXP, PYPL and HON beat) and Italy.
An Overlooked (But Important) Earnings Report, futures are modestly lower thanks to disappointing economic data, today will be a busy day as we get an important economic report, Philadelphia Fed Business Outlook Survey (E: 20.0) and two Fed speakers (Bullard (9:00 a.m. ET), Quarles (12:15 p.m. ET)) who could add to the growing “hawkish” narrative, and more.
Sevens Report’s Tom Essaye quoted on CNBC on October 17, 2018.
US stock futures are down roughly 10 points this morning as yesterday’s big rally and notable post-market gains thanks to strong NFLX earnings are digested and investors look ahead to the Fed Minutes today.
What’s Wrong With Bank Stocks? Futures are bouncing modestly this morning, traders and investors are showing more interest than normal in the US Treasury’s foreign exchange report and more.
Tom Essaye, president of the Sevens Report on The Wall Street Journal. His view on stocks rebounding after two-day rout.
Putting the Pullback In Context (We’ve Seen Something Similar Twice This Year): Today focus will turn towards economic data, futures are moderately lower, nothing outright negative occurred over the weekend to cause the resumption of selling and more.
Winter Is Coming and Natural Gas Supplies Are Already Short – Tyler Richey, co-editor of commodity research provider of Sevens Report on Barrons and his take on this.
“Supplies in storage “have fallen out of the five-year maximum-minimum range as stockpiles did not build as fast as most analysts had expected this summer,” says Tyler Richey co-editor of Sevens Report.
Today we get bank earnings and JPM already released results and beat estimates, while we wait for WFC (E: $1.17) at 8:00 a.m. Economically we get Consumer Sentiment (E: 99.5) and there are two Fed speakers, Evans (9:30 a.m. ET) and Bostic (12:30 p.m. ET) but none of that should move markets.