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What’s Next for Markets

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What’s in Today’s Report:

  • Why We Still Think Stocks Are in a Trading Range (And We’re Near the Top)
  • Two Indicators That Would Make Us More Bullish on Stocks (In the Currency & Bond Section)
  • Weekly Market Preview
  • Weekly Economic Cheat Sheet

Futures are flat following a very quiet weekend of no incremental news (the weekend news flow was similar to the scoring in the first half of the super bowl).

The only notable economic report was Chinese Service PMI which met expectations at 53.6 vs. (E) 53.9.  But, the composite PMI still dropped to 50.9 vs. the previous 52.2 so there are still legitimate reasons to worry about Chinese, and global, economic growth.

Today there are no notable economic reports and the only notable earnings report comes after the close (GOOGL ($11.08)) so I’d expect a generally quiet trading day as investors digest the recent rally/news.

2019 Market Outlook

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What’s in Today’s Report:

  • 2019 Market Outlook
  • Weekly Market Preview
  • Weekly Economic Cheat Sheet (There are a lot of big reports this week)

Futures are higher on the final trading day of 2018 as a positive tweet on U.S./China trade is offsetting more weak Chinese economic data.

President Trump tweeted over the weekend that U.S./China trade talks were making “big progress,” raising expectations for a deal in early 2019.

Chinese economic data missed estimates as the December Manufacturing PMI dropped to 49.4 vs. (E) 50.0, signaling outright contraction. It was the lowest reading since 2016.

There are no notable economic reports or Fed speakers today so I’d expect end of year positioning to dominate trading.