October 13, 2019

Looking Forward to the Week Ahead! PHASE ONE, EARNINGS, BREXIT……

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

 

about the author:

Scott Bauer

A respected market commentator seen on Bloomberg, Fox Business, CNBC and other major financial networks, Scott Bauer has 25 plus years of professional equity and index options experience at the Chicago Board Options Exchange (CBOE) and Chicago Mercantile Exchange (CME) and as a Vice-President/trader for Goldman Sachs. Scott graduated with Honors from the University of Illinois Business School and has taught classes both at his alma mater and at the CBOE.

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