Financial Engines - Chart of the Day

Financial Engines (FNGN) is the Barchart Chart of the Day.. The financial advisory company has a Trend Spotter buy signal, a Weighted Alpha of 70.10+ and gained 68.58% in the last year.

The Chart of the Day is Financial Engines (FNGN).. Today I used a little different method to find my stock to chart.  I used Barchart's Top Stocks to Own list (Ranks stocks by the highest current Signals Rating, which is a combination of signal strength and signal direction) then sorted for the most frequent highs in the last month then again for technical trading signals of 80% or better.  Next I use the Flipchart feature to find the stock chart I liked.  Since the Trend Spotter signaled a buy in 1/24 the stock gained 18.16%.

Financial Engines, Inc. is an independent investment advisor that provides personalized retirement plans for saving, investing, and retirement income. Financial Engines offers both online advice and professional management to meet the needs of different investors. Its services include Professional Management, a discretionary managed account service designed for plan participants who want personalized and professional portfolio management services, investment advice, and retirement help from an independent investment advisor; Online Advice, a nondiscretionary Internet-based service that offers personalized advice to plan participants who wish to take an active role in personally managing their retirement portfolios; and Retirement Evaluation, a retirement readiness assessment provided to plan participants upon plan rollout. Financial Engines, Inc. is headquartered in Palo Alto, California.

The status of Barchart's Opinion trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.

Barchart technical indicators:

• 100% technical buy signals
• Trend Spotter buy signals
• Above its 20, 50 and 100 day moving averages
• 14 new highs and up 17.25% in the last month
• Relative Strength index 84.56%
• Technical support level at 44.92
• Recently traded at 45.65 with a 50 day moving average of 38.96

Fundamental factors:

• Market Cap $2.89 billion
• P/E 59.54
• Dividend yield .62%
• Revenue expected to grow 14.40% this year and another 12.60% next year
• Earnings estimated to increase 18.60% this year, an additional 17.20% next year and continue to compound at an annual rate of 25.00% for the next 5 years
• Wall Street analysts issued 4 strong buy and 1 hold recommendation on the stock

MORNING CALL 3/3

Barchart Morning Call

Barchart.com - Fri Mar 3, 6:41AM CST

OVERNIGHT MARKETS AND NEWS

Mar E-mini S&Ps (ESH17 -0.14%) this morning are down -0.16% ahead of speeches today from Fed Chair Yellen and Vice Chair Fischer that may add to the recent hawkish Fed commentary that increases the chances of a Fed rate hike later this month. European stocks are up +0.46% at a 1-1/4 year high on reduced political risks in France after polls showed French Presidential candidate Macron jumped ahead of anti-euro candidate Le Pen for the first time. The Odoxa survey of first-round voting intentions showed Macron's support rose +2 points to 27% and Le Pen's support fell -1.5 points to 25.5%. The easing of French political risks reduced safe-haven demand for German bunds which fell to a 2-week low and for gold as Apr COMEX gold (GCJ17 -0.49%) dropped -0.42% to a 2-week low. Asian stocks settled lower: Japan -0.49%, Hong Kong -0.74%, China -0.36%, Taiwan -0.45%, Australia -0.81%, Singapore -0.45%, South Korea -1.06%, India -0.03%. Fed rate hike fears undercut Asian stocks with China's Shanghai Composite falling to a 1-1/2 week low. Chinese stocks will look to headlines from the annual Chinese People's Political Consultative Conference, an advisory body of political elites and business executives, that begins today in Beijing.

The dollar index (DXY00 -0.25%) is down -0.21%. EUR/USD (^EURUSD) is up +0.33%. USD/JPY (^USDJPY) is up +0.08%.

Jun 10-year T-note prices (ZNM17 -0.10%) are down -2 ticks.

The Japan Feb consumer confidence index unexpectedly fell -0.1 to 43.1, weaker than expectations of +0.3 to 43.5.

Japan Jan national CPI rose +0.4% y/y, right on expectations. Jan national CPI ex-fresh food rose +0.1% y/y, stronger than expectations of unch y/y. Jan national CPI ex food & energy rose +0.2% y/y, right on expectations.

Eurozone Jan retail sales of -0.1% m/m and +1.2% y/y was weaker than expectations of +0.3% m/m and +1.5% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) revised Feb Markit services PMI (expected +0.1 to 54.0, prelim-Feb -1.7 to 53.9), (2) Feb ISM non-manufacturing PMI (expected unch at 56.5, Jan -0.1 to 56.5), (3) Chicago Fed President Charles Evans (voter) and Richmond Fed President Jeffrey Lacker (non-voter) speak on a panel at the Chicago Booth School’s Monetary policy forum in New York, (4) Fed Governor Jerome Powell speaks on innovation, technology and the payment system at a roundtable hosted by Yale Law School on blockchain: the future of finance and capital markets, (5) Fed Vice Chair Stanley Fischer delivers a speech at the Chicago Booth School’s Monetary policy forum in New York, (6) Fed Chair Janet Yellen speaks on the economic outlook at an Executive Club of Chicago event.

Notable Russell 1000 earnings reports today include: AdvanSix.

U.S. IPO's scheduled to price today: none.

Equity conferences: Simmons Energy Conference on Thu-Fri.

OVERNIGHT U.S. STOCK MOVERS

GoPro (GPRO -1.59%) slipped nearly 2% in pre-market trading after Citigroup initiated a 'Sell' on the stock with a target price of $8 citing a 'deteriorating neighborhood.'

Costco Wholesale (COST +0.07%) dropped over 4% in after-hours trading after it reported Q2 EPS of $1.17, below consensus of $1.36,

Autodesk (ADSK -1.81%) lost nearly 2% in after-hours trading after it said it sees full-year revenue of $2.00 billion to $2.05 billion, weaker than consensus of $2.20 billion.

Guidewire Software (GWRE -0.14%) rose almost 3% in after-hours trading after it said it sees full-year revenue of $491 million-$499 million, higher than consensus of $489.4 million.

American Outdoor Brands (AOBC -0.36%) slid over 4% in after-hours trading after it said it sees full-year net sales of $874 million to $894 million, below consensus of $921.6 million.

Wingstop (WING -1.30%) dropped 8% in after-hours trading after it reported Q4 system-wide domestic comparable sales rose +1.0%, weaker than consensus of +3.5%.

Habit Restaurants (HABT +0.36%) climbed 6% in after-hours trading after it reported Q4 adjusted EPS of 7 cents, above consensus of 3 cents.

Nutanix (NTNX +1.27%) plunged nearly 15% in after-hours trading after it said expects a Q3 adjusted loss of -45 cents to -48 cents a share, wider than consensus of -35 cents.

Marvel Technology (MRVL -0.50%) rose 2% in after-hours trading after it reported Q4 adjusted EPS of 22 cents, higher than consensus of 19 cents, and then said it sees Q1 adjusted EPS continuing operations of 19 cents to 23 cents, better than consensus of 17 cents,

HMS Holdings (HMSY -1.09%) tumbled over 8% in after-hours trading after it delayed its 10-K filing when the company's auditor identified what it believes is a material weakness over financial reporting related to its internal controls.

VTTI Energy Partners LP (VTTI -0.27%) rose over 3% in after-hours trading after it received a buyout offer from VTTI B.V. for $18.75 a unit.

Builders FirstSource (BLDR +4.20%) lost 2% in after-hours trading after it announced a secondary offering of 10 million shares of common stock.

Immersion (IMMR -4.13%) dropped over 15% in after-hours trading after it reported a Q4 adjusted loss of -27 cents a share, wider than consensus of -17 cents, and then said it sees 2017 revenue of $38 million-$42 million, below consensus of $54.1 million.

Bill Barrett (BBG +0.18%) slumped 11% in after-hours trading after it reported a Q4 adjusted loss of -18 cents a share, wider than consensus of -12 cents.

MARKET COMMENTS

Mar E-mini S&Ps (ESH17 -0.14%) this morning are down -3,75 points (-0.16%). Thursday's closes: S&P 500 -0.59%, Dow Jones -0.53%, Nasdaq -0.51%. The S&P 500 on Thursday closed lower on long liquidation in stocks after hawkish comments from Fed Governor Powell increased the chances of a Fed interest rate increase at this month's FOMC meeting when he said the case for a rate increase at this month's FOMC meeting has "come together." There was also weakness in energy producing stocks after crude oil prices fell -2.27% to a 3-week low. On the positive side, U.S. weekly jobless claims unexpectedly fell -19,000 to 223,000, better than expectations of +1,000 to 245,000 and the fewest in 44 years.

Jun 10-year T-notes (ZNM17 -0.10%) this morning are down -2 ticks. Thursday's closes: TYM7 -7.00, FVM7 -6.00. Jun 10-year T-notes on Thursday dropped to a 2-week low and closed lower on hawkish comments from Fed Governor Powell who said the case for a rate increase in March has "come together, and I don't think it's on the table for discussion."

The dollar index (DXY00 -0.25%) this morning is down -0.21 (-0.21%). EUR/USD (^EURUSD) is up +0.0035 (+0.33%). USD/JPY (^USDJPY) is up +0.09 (+0.08%). Thursday's closes: Dollar index +0.42 (+0.41%), EUR/USD -0.0040 (-0.38%), USD/JPY +0.68 (+0.60%). The dollar index on Thursday climbed to a 1-1/2 month high and settled higher on the unexpected drop in U.S. weekly jobless claims to a 44-year low and the increase in the 10-year T-note yield to a 2-week high, which improves the dollar's interest rate differentials.

Apr WTI crude oil prices (CLJ17 +0.23%) this morning are up +13 cents (+0.25%) and Apr gasoline (RBJ17 +0.76%) is +0.0127 (+0.77%). Thursday's closes: Apr crude -1.22 (-2.27%), Apr gasoline -0.0347 (-2.07%). Apr crude oil and gasoline on Thursday closed lower with Apr crude at a 3-week low. Crude oil prices were undercut by the rally in the dollar index to a 1-1/2 month high and by negative carry-over from Wednesday's EIA data that showed a +0.3% increase in U.S. crude production in the week of Feb 24 to 9.032 million bpd, an 11-month high.

GLOBAL EVENT CALENDAR03/03/2017

		Friday, Mar 3
US	0945 ET	Revised Feb Markit services PMI expected +0.1 to 54.0, prelim-Feb -1.7 to 53.9. Revised Feb Markit composite PMI, prelim-Feb -1.5 to 54.3.
	1000 ET	Feb ISM non-manufacturing PMI expected unch at 56.5, Jan -0.1 to 56.5.
	1015 ET	Chicago Fed President Charles Evans (voter) and Richmond Fed President Jeffrey Lacker (non-voter) speak on a panel at the Chicago Booth Schools Monetary policy forum in New York.
	1215 ET	Fed Governor Jerome Powell speaks on innovation, technology and the payment system at a roundtable hosted by Yale Law School on blockchain: the future of finance and capital markets.
	1230 ET	Fed Vice Chair Stanley Fischer delivers a speech at the Chicago Booth Schools Monetary policy forum in New York.
	1300 ET	Fed Chair Janet Yellen speaks on the economic outlook at an Executive Club of Chicago event.
		Mon, Mar 6
US	1000 ET	Jan factory orders expected +1.0%, Dec +1.3% and +2.1% ex transportations.
	1100 ET	USDA weekly grain export inspections.
	1500 ET	Minneapolis Fed President Neel Kashkari (voter) speaks at the NABE conference in Washington, D.C.

U.S. STOCK CALENDAR03/03/2017

Company	Ticker	Time	Event Description	Period	Estimate
Progressive Corp/The	PGR US	9:00	Investor Relations Conference Call
Staples Inc	SPLS US		Q4 2017 Earnings Release	Q4 2017	0.255

Edison Inernational - Chart of the Day

Edison International (EIX) is the Barchart Chart of the Day.  The international electric utility company has a Trend Spotter buy signal, a Weighted Alpha of 20.96+, gained 20.10% in the last year and paid a 2.72% dividend.

The Chart of the Day is Edison International (EIX).  I found the international utility stock by using Barchart to sort today's All Time High list first for the most frequent number of new highs in the last month, then again for technical buy signals of 80% or better.  Since the Trend Spotter signaled a buy on 12/20 the stock gained 11.65%.

Edison International is an international electric power generator, distributor and structured finance provider. Edison International is one of the industry leaders in privatized, deregulated and incentive-regulated markets and power generation. It is the parent company of Edison Mission Energy, Southern California Edison, Edison Capita, Edison Enterprises and Edison O&M Services. 

The status of Barchart's Opinion trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.

Barchart technical indicators:

• 96% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 15 new highs and up 10.77% in the last month
• Relative Strength Index 81.35%
• Technical support level at 78.56
• Recently traded at 80.34 with a 50 day moving average of 73.63

Fundamental factors:

• Market Cap $25.8 billion
• P/E 20.19
• Dividend yield 2.72%
• Revenue expected to grow 3.70% this year and another 2.90% next year
• Earnings estimated to increase 3.80% this year, an additional 4.90% next year and continue to compound at an annual rate of 5.70% for the next 5 years
• Wall Street analysts issued 4 strong buy and 4 hold recommendations on the stock

Please exercise caution - Irrational Exuberance????

I'm not in panic but I am getting concerned.  The Market in my opinion is getting frothy.  Most of the gains in your portfolios come from increases in the individual stocks' Price Earnings Ratios not from increase in Revenue and Earnings.  Both individual and institutional investors are betting that increases in Revenue and Earnings are just over the horizon.

I try not to bet, I try to be rational and maybe, just maybe we are entering another period of Irrational Exuberance like the one Greenspan warned us about in the past.  History sometimes repeats itself -- but not always.

Right now I am monitoring the Conference Board's US Index of Leading Economic Indicators and The Value Line Arithmetic Index. Both are still on the rise but I am monitoring for weakness.

In my own portfolio I am still riding with the market but if I start to get saddle sore I'll get off the horse immediately.

Look at each stock in your portfolio.  Only 3 things matter:  Price, Revenue and Earnings.  Predetermine now what decrease in each would make you sell and stick with your head not your heart.

Please heed my warning and don't wait until it's too late.  Have a plan now and stick to it.  Don't wait until your portfolio drops 50% like many of you did last time.

Berkshire Hathaway - Chart of the Day

Berkshire Hathaway (BRK.B) is the Barchart Chart of the Day.  The diversified holding company has a Trend Spotter buy signal, a Weighted Alpha of 32.72+ and gained 29.52% in the last year.

The Chart of the Day belongs to Berkshire Hathaway (BRK.B).  I found the diversified holding stock by using Barchart to sort today's All Time High list first for the most frequent number of new highs in the last month, then again for technical buy signals of 80% or better.  Since the Trend Spotter signaled a buy in 2/13 the stock gained 6.91%.

Berkshire Hathaway Inc. is a holding company owning subsidiaries engaged in a number of diverse business activities. The most important of these is the property and casualty insurance business conducted nationwide on a direct basis and worldwide on a reinsurance basis through a number of subsidiaries collectively referred to as the Berkshire Hathaway Insurance Group.

The status of Barchart's Opinion trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.

Barchart technical indicators:

• 100% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 16 new highs and up 8.40% in the last month
• Relative Strength Index 86.77%
• Technical support level at 170.55
• Recently traded at 177.21 with a 50 day moving average of 164.73

Fundamental factors:

• Market Cap $422.7 billion
• P/E 23.90
• Revenue expected to grow 3.20% this year and 4.90% next year
• Earnings estimated to increase 11.40% this year, 10.30% next year and continue to compound at an annual rate of 8.80% for the next 5 years
• Wall Street analysts issued 3 strong buy recommendations on the stock

MORNING CALL 3/1

Barchart Morning Call

Barchart.com - 1 hour ago

OVERNIGHT MARKETS AND NEWS

Mar E-mini S&Ps (ESH17 +0.51%) this morning are up +0.44% at a new all-time nearest-futures high and European stocks are up +1.57% at a 14-1/2 month high on signs of global economic strength. President Trump's address to Congress last night turned out to be a non-event as it lacked specifics on his tax cut plans or details on infrastructure spending. Global stocks rallied after Chinese manufacturing activity unexpectedly expanded last month and Eurozone manufacturing activity remained at a 3-year high. Mining stocks and raw-material producers also moved higher as May copper (HGK17 +1.11%) climbed +1.34% to a 1-week high on expectations of stronger global demand for commodities. Asian stocks settled mostly higher: Japan +1.44%, Hong Kong +0.15%, China +0.16%, Taiwan -0.78%, Australia -0.13%, Singapore +0.84%, South Korea closed for holiday, India +0.84%. Asian stocks found support on signs of strength in Chinese manufacturing activity, while Japanese exporter stocks also garnered support from a slide in the yen as USD/JPY rose +0.88% to a 1-1/2 week high, which boosts the earnings prospects of exporters.

The dollar index (DXY00 +0.74%) is up +0.66% at a 1-1/2 month high as hawkish Fed commentary late yesterday boosted the odds of a Mar Fed rate hike. EUR/USD (^EURUSD) is down -0.41%. USD/JPY (^USDJPY) is up +0.88% at a 1-1/2 week high.

Jun 10-year T-note prices (ZNM17 -0.61%) are down -21.5 ticks.

St. Louis Fed President Bullard (non-voter) said he's "agnostic" about when to raise the fed funds rate and that being pre-emptive "would be overkill" as he "doesn't think the fiscal uncertainty will be resolved before summer."

The China Feb manufacturing PMI unexpectedly rose +0.3 to 51.6, stronger than expectations of -0.1 to 51.2.

The Eurozone Feb Markit manufacturing PMI was revised downward to 55.4 from the originally reported 55.5, still the fastest pace of expansion since the data series began in 2014.

Japan Q4 capital spending rose +3.8% y/y, stronger than expectations of +0.8% y/y. Q4 capital spending ex-software rose 3.3% y/y, stronger than expectations of +1.1% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -2.0% with purchase sub-index -2.8% and refi sub-index -1.0%), (2) Jan personal spending (expected +0.3%, Dec +0.5%) and Jan personal income (expected +0.3%, Dec +0.3%), (3) Jan PCE deflator (expected +0.5% m/m and +2.0% y/y, Dec +0.2% m/m and +1.6% y/y) and Jan core PCE deflator (expected +0.3% m/m and +1.7% y/y, Dec +0.1% m/m and +1.7% y/y), (4) revised Feb Markit manufacturing PMI (expected +0.2 to 54.5, prelim-Feb -0.7 to 54.3), (5) Feb ISM manufacturing index (expected +0.2 to 56.2, Jan +1.5 to 56.0), (6) Jan construction spending (expected +0.6% m/m, Dec -0.2% m/m), (7) Dallas Fed President Robert Kaplan (voter) speaks at Paul Quinn College in Dallas, TX, (8) Fed Beige Book, (9) Fed Governor Lael Brainard speaks on the economic outlook and monetary policy at Harvard University’s John F. Kennedy School of Government, (10), Feb total vehicle sales (expected 17.70 million, Jan 17.48 million), (11) EIA Weekly Petroleum Status Report.

Notable S&P 500 earnings reports today include: Best Buy (consensus $1.67), Lowe's (0.79), Dollar Tree (1.32), Monster Beverage (0.30), Broadcom (3.48), Mylan (1.42).

U.S. IPO's scheduled to price today: Snap (SNAP).

Equity conferences: CITI Asset Management, Broker Dealer & Market Structure Conference on Wed, Gabelli & Company Pump, Valve & Water Systems Symposium on Wed, Wells Fargo Real Estate Securities Conference on Wed, ABA National Conference on Wed, EnerCom The Oil & Gas Conference on Wed, J.P. Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum on Thu, Bank of America Merrill Lynch Global Agriculture and Chemicals Conference on Wed-Thu, BTIG Healthcare Conference on Thu, Capital Link Master Limited Partnership Investing Forum on Thu, Simmons Energy Conference on Thu-Fri.

OVERNIGHT U.S. STOCK MOVERS

Micron (MU -1.35%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs with a price target of $29.

Allstate (ALL +1.01%) was downgraded to 'Market Perform' from 'Outperform' at Keefe, Bruyette & Woods with a 12-month target price of $81.

William Lyon Homes (WLH -2.28%) rose 3% in after-hours trading after it was announced that it will replace Arctic Cat in the S&P SmallCap 600 at the opening of trade on Monday, March 6.

Intel (INTC -0.85%) was downgraded to 'Underperform' from 'Market Perform' at Bernstein with a 12-month target price of $30

salesforce.com (CRM -0.23%) slid over 1% in after-hours trading after it said it sees full-year revenue of $10.15 billion-$10.20 billion, below consensus of $10.20 billion.

Tesaro (TSRO +0.51%) lost 1% in after-hours trading after it reported a Q4 loss of -$2.60 a share, wider than consensus of -$1.95.

Palo Alto Networks (PANW -1.33%) slumped nearly 20% in after-hours trading after it said it sees Q3 revenue of $406 million-$416 million, below consensus of $454.6 million.

Weight Watchers International (WTW +9.93%) jumped over 8% in after-hours trading after it reported Q4 EPS of 20 cents, better than consensus of 19 cents, and said it sees full-year EPS of $1.30-$1.40, above consensus of $1.17.

Darling Ingredients (DAR +1.64%) rallied over 6% in after-hours trading after it reported Q4 EPS of 25 cents, above consensus of 19 cents.

Veeva Systems (VEEV -1.02%) fell nearly 2% in after-hours trading after it forecast fiscal 2018 EPS of 78 cents-80 cents, below consensus of 80 cents.

TASER International (TASR -1.57%) gained over 1% in after-hours trading after it reported Q4 EPS of 12 cents, better than consensus of 10 cents.

CyberOptics (CYBE -1.01%) sank over 10% in after-hours trading after it reported Q4 revenue of $13.50 million, less than consensus of $14.21 million.

Builders FirstSource (BLDR +0.94%) climbed nearly 6% in after-hours trading after it reported Q4 net sales of $1.55 billion, higher than consensus of $1.50 billion.

Chuy's Holdings (CHUY +0.88%) fell over 3% in after-hours trading after it reported Q4 EPS of 14 cents, below consensus of 17 cents, and said it sees full-year EPS of $1.11 to $1.15, weaker than consensus of $1.19.

Big 5 Sporting Goods (BGFV -2.89%) jumped over 13% in after-hours trading after it said it sees Q1 EPS of 12 cents-18 cents, well above consensus of 6 cents.

Dynavax (DVAX +2.27%) surged over 20% in after-hours trading after it announced the FDA will review Dynavax's responses to the Complete Response Letter issued by the FDA in Nov 2016 for the Biologics License Application for HEPLISAV-B, Dynavax's vaccine for immunization against hepatitis B infection in adults 18 years and older.

MARKET COMMENTS

Mar E-mini S&Ps (ESH17 +0.51%) this morning are up +10.50 points (+0.44%) at a fresh record nearest-futures high. Tuesday's closes: S&P 500 -0.26%, Dow Jones -0.12%, Nasdaq -0.32%. The S&P 500 on Tuesday closed lower on the unrevised U.S. Q4 GDP of +1.9% (weaker than expectations of +2.1%) and some long liquidation ahead of President Trump's address to Congress on Tuesday night. Stocks were supported by the unexpected +3.2 increase in U.S. Feb consumer confidence (Conference Board) to 114.8 (stronger than expectations of -0.8 to 111.0 and a 15-1/2 year high) and the +7.1-point increase in the Feb Chicago PMI to 57.4 (stronger than expectations of +3.2 to 53.5 and the fastest pace of expansion in 2 years).

Jun 10-year T-notes (ZNM17 -0.61%) this morning are down -21.5 ticks. Tuesday's closes: TYM7 -0.50, FVM7 -2.75. Jun 10-year T-notes on Tuesday closed slightly lower on comments from New York Fed President Dudley (voter) who said the case for tightening had become "a lot more compelling" in recent months and on the +3.2 increase in U.S. Feb consumer confidence to 114.8, a 15-1/2 year high. Losses were limited after U.S. Q4 GDP was left unrevised at +1.9%, weaker than expectations of +2.1%.

The dollar index (DXY00 +0.74%) this morning is up +0.67 (+0.66%) at a 1-1/2 month high. EUR/USD (^EURUSD) is down -0.0043 (-0.41%). USD/JPY (^USDJPY) is up +0.99 (+0.88%) at a 1-1/2 week high. Tuesday's closes: Dollar index -0.01 (-0.01%), EUR/USD -0.0011 (-0.10%), USD/JPY +0.58 (+0.52%). The dollar index on Tuesday closed lower on the weaker-than-expected U.S. Q4 GDP report and long liquidation in the dollar ahead of President Trump's speech to Congress on Tuesday night. Losses were limited after New York Fed President Dudley said the case for tightening had become "a lot more compelling" in recent months.

Apr WTI crude oil prices (CLJ17 +0.26%) this morning are up +13 cents (+0.24%) and Apr gasoline (RBJ17 -1.14%) is -0.0205 (-1.19%). Tuesday's closes: Apr crude -0.04 (-0.07%), Apr gasoline -0.0123 (-0.71%). Apr crude oil and gasoline on Tuesday closed lower on the prediction from JBC Energy GmgH that OPEC Feb crude production rose by +55,000 bpd to 32.245 million bpd and by expectations that Wednesday's weekly EIA data will show U.S. crude inventories rose by +3.0 million bbl.

GLOBAL EVENT CALENDAR03/01/2017

		Wednesday, Mar 1
US	0700 ET	Weekly MBA mortgage applications, previous -2.0% with purchase sub-index -2.8% and refi sub-index -1.0%.
	0830 ET	Jan personal spending expected +0.3%, Dec +0.5%. Jan personal income expected +0.3%, Dec +0.3%. Jan PCE deflator expected +0.5% m/m and +2.0% y/y, Dec +0.2% m/m and +1.6% y/y. Jan core PCE deflator expected +0.3% m/m and +1.7% y/y, Dec +0.1% m/m and +1.7% y/y.
	0945 ET	Revised Feb Markit manufacturing PMI expected +0.2 to 54.5, prelim-Feb -0.7 to 54.3.
	1000 ET	Feb ISM manufacturing index expected unch at 56.0, Jan +1.5 to 56.0. Feb ISM new orders, Jan +0.1 to 60.4. Feb ISM employment, Jan +3.3 to 56.1. Feb ISM prices paid expected -1.0 to 68.0, Jan +3.5 to 69.0.
	1000 ET	Jan construction spending expected +0.6% m/m, Dec -0.2% m/m.
	1030 ET	EIA Weekly Petroleum Status Report.
	1300 ET	Dallas Fed President Robert Kaplan (voter) speaks at Paul Quinn College in Dallas, TX.
	1400 ET	Fed Beige Book.
	1800 ET	Fed Governor Lael Brainard speaks on the economic outlook and monetary policy at Harvard Universitys John F. Kennedy School of Government.
	n/a	Feb total vehicle sales expected 17.70 million, Jan 17.48 million. Feb domestic vehicle sales expected 13.65 million, Jan 13.60 million.
		Thursday, Mar 2
US	0730 ET	Feb Challenger job cuts, Jan -38.8% y/y.
	0830 ET	Weekly initial unemployment claims expected +1,000 to 245,000, previous +6,000 to 244,000. Weekly continuing claims expected unch at 2.060 million, previous -17,000 to 2.060 million.
	0830 ET	USDA weekly Export Sales.
	1100 ET	Treasury announces amount of 3-year T-notes (previous $24 billion), 10-year T-notes (previous $23 billion) and 30-year T-bonds (previous $15 billion) to be auctioned Mar 7-9.
	1900 ET	Cleveland Fed President Loretta Mester (non-voter) speaks on leadership at the Athena Center for Leadership Studies at Barnard College in New York.

U.S. STOCK CALENDAR03/01/2017

Company	Ticker	Time	Event Description	Period	Estimate
Mallinckrodt PLC	MNK US	4:30	Annual General Meeting	Y 2017
Lowe's Cos Inc	LOW US	Bf-mkt	Q4 2017 Earnings Release	Q4 2017	0.785
Dollar Tree Inc	DLTR US	Bf-mkt	Q4 2017 Earnings Release	Q4 2017	1.321
Best Buy Co Inc	BBY US	7:00	Q4 2017 Earnings Release	Q4 2017	1.667
Best Buy Co Inc	BBY US	8:00	Q4 2017 Earnings Call	Q4 2017
Honeywell International Inc	HON US	9:00	Investor Conference	Y 2017
Hershey Co/The	HSY US	9:00	Analyst Day	Y 2017
Lowe's Cos Inc	LOW US	9:00	Q4 2017 Earnings Call	Q4 2017
Universal Health Services Inc	UHS US	9:00	Q4 2016 Earnings Call	Q4 2016
Dollar Tree Inc	DLTR US	9:00	Q4 2017 Earnings Call	Q4 2017
TransDigm Group Inc	TDG US	9:00	Annual General Meeting	Y 2017
Ford Motor Co	F US	9:15	February 2017 Sales and Revenue Release	2017
Exxon Mobil Corp	XOM US	9:30	Analyst Meeting	Y 2017
Ford Motor Co	F US	10:00	February 2017 Sales and Revenue Call	2017
Mylan NV	MYL US	13:00	Investor Day	Y 2017
Monster Beverage Corp	MNST US	17:00	Q4 2016 Earnings Call	Q4 2016
Broadcom Ltd	AVGO US	17:00	Q1 2017 Earnings Call	Q1 2017
Monster Beverage Corp	MNST US	Aft-mkt	Q4 2016 Earnings Release	Q4 2016	0.302
Broadcom Ltd	AVGO US	Aft-mkt	Q1 2017 Earnings Release	Q1 2017	3.474
Equifax Inc	EFX US		Investor Meeting	Y 2017
Helmerich & Payne Inc	HP US		Annual General Meeting
McDonald's Corp	MCD US		Investor Meeting	Y 2017
Mylan NV	MYL US		Q4 2016 Earnings Release	Q4 2016	1.422