Sevens Report’s Tom Essaye quoted in MarketWatch on October 31, 2018
Tom Essaye, president of the Sevens Report, wrote in a note to clients that recent gains show that the “shock of last week’s earnings disappointment is behind us,” and that investors are realizing the market is undersold.
Was Yesterday an “All Clear?”
Dusting Off An Old Leading Indicator for Recessions. Today focus will remain on earnings. GM ($1.26) is the highlight but if the broad number of results are “ok” that should continue to help sentiment, Futures are extending Tuesday’s rally thanks to decent overnight earnings and despite universally disappointing economic data and more.
Valuation Update: Good, Bad, and Ugly
Valuation Update: Good/Bad/Ugly Scenario Analysis, futures are slightly higher this morning and Asian stocks traded relatively well overnight, for the S&P to gain material upside momentum, we will need to see a strong run to and through 2700 and then for that area to hold, otherwise an early gain followed by a pullback (like yesterday) will be more likely and the path of least resistance still lower for the very near term and more.
Updated Market Outlook (Fundamental & Technical)
Futures are enjoying a modest oversold bounce following Friday’s drop, the weekend was generally quiet although sentiment towards Italy is a bit better after S&P did not downgrade the country’s credit rating, there are no notable earnings reports today so focus will be on the Core PCE Price Index (E: 0.1% m/m, 1.9% y/y) which is contained in the Personal Income and Outlays Report. This market does not need suddenly “hot” inflation numbers that will make the Fed more hawkish. and more.
Bounce or Bottom? Updated Market Technicals
Bounce or Bottom? Futures and global markets are sharply lower and have given back most of Thursday’s gains, AMZN and GOOGL both posted disappointing earnings, markets look like they are going to open sharply lower and more.
Sevens Report’s Tom Essaye quoted in MarketWatch on October 25, 2018
Sevens Report’s Tom Essaye quoted in MarketWatch on October 25, 2018. He wrote in a note to clients that so far, third-quarter earnings have been disappointment and that “peak earnings is a potential reality” that investors are now struggling with.
Did Powell Really Get More Hawkish on Tuesday?
/in Investing, Reports/by Tom EssayeWhat’s in Today’s Report: Did Powell Really Get More Hawkish on Tuesday? And EIA Update and Oil Market Analysis.