Tom Essaye, Sevens Report Research Founder, joins Yahoo Finance’s Brian Sozzi and Jared Blikre to discuss the latest market action. Click here to watch the full interview.
“Coronavirus cases are spiking and reopenings are being delayed, which at a minimum will impact earnings. The resurgence in coronavirus cases is raising concerns that the rebound may be short-lived as voluntary or potentially more…” said Tom Essaye, founder of The Sevens Report. Click here to read the full article.
“I think the market has priced in that April is probably the worst of the economic data,” explained Sevens Report Research founder Tom Essaye. “While it looks like the worst is behind us — which is great — we need to start to see…” Click here to read the full article.
“The oil market is sending a bold warning that economic growth may not recover nearly as quickly as some equity investors would hope…” wrote Tom Essaye, president of the Sevens Report, in a Tuesday note to clients. Click here to read the full article.
“The modern economy is powered by semiconductors,” said Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter. “Semiconductors are extremely important and that’s one of the things I put, from a short-term standpoint…” Click here to read the full article.
What’s in Today’s Report:
- What Falling RV Sales Mean for the Economy (Not Necessarily What You Think)
- Oil/Energy Market Update
Futures are flat following a busy night of earnings as investors look ahead to the ECB decision later this morning.
Economic data again disappointed as the German IFO Business Expectations missed estimates (92.2 vs. (E) 94.0).
There was an earnings deluge overnight and results, on balance, were slightly negative although the Q2 earnings season remains better than feared.
Today the most important event is the ECB Decision and we get the announcement at 7:45 a.m. and the press conference at 8:30 a.m. The key for this meeting is how definitive the ECB will be on more rate cuts and QE.
If they cut rates and announce the start of a new QE plan, that’ll be a dovish surprise (good for stocks), if they effectively promise a rate cut and more QE at the September meeting, that will meet expectations (not a big market reaction) and if they merely state both moves are possibilities if growth slows further, that will be a hawkish disappointment (stocks likely will fall).
Outside of the ECB we get two notable economic reports via Durable Goods Orders (E: 0.7%) and Jobless Claims (E: 210K).
“There are a lot more risks underlying this market than the tape would imply. If global economic data does not stabilize, or…” wrote Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter. Click here to read the full article on Bloomberg.
Tom Essaye was quoted in CNBC on June 11, 2019. “You had a market that became very pessimistic and then all of a sudden we had the Fed’s dovish rhetoric and no Mexican tariffs, and that’s basically causing a squeeze…” Click here to read the full article.
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