Hi everyone –
We finished the week strong as President Trump announced a “PHASE ONE” agreement with China. However the last hour of the trading day on Friday seemed more like a “Buy the rumor, sell the news event” as the Dow closed almost 200 points lower and the S&P’s closed 20 points lower than their highs. Check out what I said to Liz Claman on Fox Business just minutes before President Trump’s announcement:
Let’s see how the market follows up as we start the 3rd quarter earnings season in earnest this week. Check out the names on this list:
10/15
UAL – United Continental
UNH – United Healthcare
BLK – BlackRock, Inc
C – Citigroup
WFC – Wells Fargo
JNJ – Johnson & Johnson
JPM – JPMorgan Chase
10/16
URI – United Rentals
IBM – IBM International
AA – Alcoa Corp
CSX – CSX Corp
ABT – Abbott Labs
BAC – Bank of America
10/17
ETFC – E*Trade
UNP – Union Pacific
PM – Phillip Morris
KEY – KeyCorp
HON – Honeywell International
MS – Morgan Stanley
10/18
AXP – American Express
SLB – Schlumberger
KO – Coca-Cola
and a whole lot more…..
We also have the ongoing Brexit drama. For the first time in months there was a slight glimmer of hope that perhaps a resolution could be made avoiding a “HARD BREXIT” before the October 31st deadline. Intense talks all weekend in Brussels may lead to another extension as Britain and the EU attempt to avoid a messy divorce.
Notable economic events this week are:
Tonight:
China Trade Balance
Monday:
Royal Bank of Australia Meeting Minutes
Tuesday:
German Economic Sentiment
Wednesday:
UK CPI
Eurozone CPI
US Core Retail Sales
Canadian Core CPI
US Crude Oil Inventories
Thursday:
UK Retail Sales
US Building Permits
US Philly Fed Manufacturing Index
China GDP
China Industrial Production
Enjoy the rest of your Football Sunday, the Astros/Yankees game tonight and Columbus Day tomorrow. As a reminder, even though banks are closed tomorrow, the markets ARE OPEN!
Scott, Charlie, Mike and the rest of your Prosper Team
Follow me on Twitter @CboeSIB
