5 Large Caps for Momentum Investors

Today I wanted to find 5 stocks that would be of interest for Momentum Investors, so I used Barchart to sort the S&P 500 Index stocks first for the most frequent number of new highs in the last month, then again for technical buy signals of 80% or better.  Today's Watch List includes:

Intuitive Surgical (ISRG), Amphenol (APH), Red Hat (RHT), Cooper (COO) and Johnson & Johnson (JNJ)

Intuitive Surgical (ISRG)

Barchart technical indicators:

• 96% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 18 new highs and up 6.42% in the last month
• Relative Strength Index 79.80%
• Technical support level at 79.80%
• Recently trade at 735.61 with a 50 day moving average of 676.04

Amphenol (APH)

Barchart technical indicators:

• 88% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 16 new highs and up 3.78% in the last month
• Relative Strength Index 58.69%
• Technical support level at 69.65
• Recently traded at 69.45 with a 50 day moving average of 68.17

Red Hat (RHT)

Barchart technical indicators:

• 80% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 16 new highs and up 10.77% in the last month
• Relative Strength Index 73.01%
• Technical support level at 83.91
• Recently traded at 83.72 with a 50 day moving average of 76.54

Cooper (COO)

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 8.68% in the last month
• Relative Strength Index 78.09%
• Technical support level at 197.06
• Recently traded at 199.54 with a 50 day moving average of 183.19

Johnson & Johnson (JNJ)

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 7.93% in the last month
• Relative Strength Index 80.43%
• Technical support level at 121.51
• Recently traded at 122.35 with a 50 day moving average of 115.57

MORNING CALL 4/20

MORNING CALL

Wednesday, April 20th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 +0.18%) are unchanged as a nearly 2% decline in Intel in pre-market trading undercuts technology stocks. Also, energy producers are lower and weighing on the overall market as crude oil (CLM16 -1.48%) falls -1.77% in early trade after Kuwait oil workers ended their 3-day strike. Sings of increased M&A activity limited declines in equities after a consortium led by Apex Technology and PAG Asia Capital acquired Lexmark International for $3.6 billion. European stocks are up +0.23%, led by a rally in mining stocks, as both BHP Billiton Ltd. and Rio Tinto Group climbed 3% as the price of iron ore rose after BHP cut its iron ore production forecast for its Australian operations. Asian stocks settled mixed: Japan +0.19%, Hong Kong -0.93%, China -2.31%, Taiwan 01.38%, Australia +0.52%, Singapore -0.06%, South Korea -0.25%, India +0.11%. Chinese stocks tumbled on speculation of reduced stimulus from China's central bank after PBOC research bureau chief economist Ma Jun said that future policy operations will pay attention to heading off macroeconomic risks. Japan’s Nikkei Stock Index rallied to a 3-week high after Japanese trade data showed Japan exports and imports fell less than expected last month.

The dollar index (DXY00 +0.05%) is up +0.10%. EUR/USD (^EURUSD) is up +0.11%. USD/JPY (^USDJPY) is up +0.02%.

Jun T-note prices (ZNM16 -0.01%) are up +1 tick.

PBOC research bureau chief economist Ma Jun said that future policy operations, while observing the need to continue to support growth, will also pay attention to heading off macroeconomic risks, especially an over-expansion of corporate leverage. This suggests that the PBOC is satisfied with the results of its current easing measures and may not add to them as that risks creating bubbles in financial markets.

German Mar PPI was unch m/m and fell -3.1% y/y, weaker than expectations of +0.2% m/m and -2.9% y/y, with the -3.1% y/y fall the largest year-on-year decline in 6 years.

Japan’s Mar trade balance was in surplus by 755.0 billion yen, narrower than expectations of a 834.6-billion-yen surplus. Mar exports fell -6.8% y/y, less than expectations of -7.0% y/y and Mar imports fell -14.9% y/y, a smaller decline than expectations of -16.6% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous +10.0% with purchase sub-index +8.4% and refi sub-index +11.3%), and (2) Mar existing home sales (expected +3.9% to 5.28 million, Feb -7.1% to 5.08 million).

There are 25 of the S&P 500 companies that report earnings today with notable reports including: American Express (consensus $1.33), Abbott Labs (0.39), Coca-Cola (0.44), Kinder Morgan (0.19), Citrix (0.92), Newmont Mining (0.18), Yum Brands (0.83).

U.S. IPO's scheduled to price today: American Rental Associates (ARA).

Equity conferences during the remainder of this week include: American Academy Of Neurology Meeting on Mon-Wed, American Association for Cancer Research Meeting on Mon-Wed, Rx Sample Management and logistics Summit on Tue-Wed.

OVERNIGHT U.S. STOCK MOVERS

Intel (INTC -0.16%) lost nearly 2% in pre-market trading after it said Q2 net revenue will be about $13.5 billion, below consensus of $14.2 billion, and said it will cut 12,000 jobs, or 11% of its workforce.

Halliburton (HAL +2.69%) declined 1% in pre-market trading as the price of crude oil is down -1.77% in early trade.

Lexmark International (LXK +0.99%) jumped over 10% in pre-market-trading after it was acquired by a consortium led by Apex Technology and PAG Asia Capital for $3.6 billion.

Boeing (BA +0.54%) slipped 2% in pre-market trading after Bank of America downgraded it to 'Underperform' from 'Neutral.'

Yahoo! (YHOO -0.52%) climbed over 1% in after-hours trading after it reported Q1 adjusted Ebitda of $147 million, above consensus of $115.9 million.

Intuitive Surgical (ISRG -0.52%) gained nearly 2% in after-hours trading after it reported Q1 adjusted EPS of $4.42, better than consensus of $4.33.

Global Payments (GPN -0.42%) rose over 1% in after-hours trading when it was announced that it will replace GameStop GME in the S&P 500 at the end of trading on Friday, April 22.

Discover Financial Services (DFS +1.15%) climbed 4% in after-hours trading after it reported Q1 EPS of $1.35, better than consensus of $1.29.

VMware (VMW -0.44%) jumped over 10% in after-hours trading after it reported Q1 adjusted EPS of 86 cents, higher than consensus of 84 cents, and said it authorized a $1.2 billion stock buyback program.

Woodward (WWD +0.04%) slid over 2% in after-hours trading after it reported Q2 adjusted EPS of 65 cents, below consensus of 66 cents.

Interactive Brokers Group (IBKR -0.55%) rose nearly 4% in after-hours trading after it reported Q1 comprehensive EPS of 60 cents, well above consensus of 47 cents.

Manhattan Associates (MANH +0.51%) gained over 7% in after-hours trading after it raised guidance on fiscal 2016 adjusted EPS to $1.73-$1.76 from a February 2 estimate of $1.69-$1.72, above consensus of $1.71.

CalAmp (CAMP +1.69%) fell over 7% in after-hours trading after it said it sees fiscal 2017 adjusted EPS from continuing operations of $1.15-$1.35, below consensus of $1.43.

MARKET COMMENTS

June E-mini S&Ps (ESM16 +0.18%) this morning are unchanged. Tuesday's closes: S&P 500 +0.31%, Dow Jones +0.27%, Nasdaq -0.62%. The S&P 500 on Tuesday rose to a 4-1/2 month high and closed higher on strength in energy-producer stocks as crude oil rallied 3%, on a rally in commodity producers after silver surged +4.4% to a 10-1/2 month high, and on a decent start to Q1 corporate earnings season. Stock prices were undercut by the-8.8% decline in U.S. Mar housing starts to a 5-month low of 1.089 million, weaker than expectations of -1.1% to 1.166 million.

June 10-year T-note prices (ZNM16 -0.01%) this morning are up +1 tick. Tuesday's closes: TYM6 -4.50, FVM6 -4.00. Jun T-notes on Tuesday closed lower on reduced safe-haven demand for T-notes with the rally in he S&P 500 to a 4-1/2 month high, on the rise in the 10-year T-note breakeven inflation expectations rate to a 2-week high, and on hawkish comments from Boston Fed President Rosengren who said "we will be raising rates faster than what's reflected in the financial markets."

The dollar index (DXY00 +0.05%) this morning is up +0.096 (+0.10%). EUR/USD (^EURUSD) is up +0.0012 (+0.11%). USD/JPY (^USDJPY) is up +0.02 (+0.02%). Tuesday's closes: Dollar Index -0.514 (-0.54%), EUR/USD +0.0045 (+0.40%), USD/JPY +0.39 (+0.36%). The dollar index on Tuesday closed lower on the weaker-than-expected U.S. Mar housing starts report and on strength in EUR/USD after the German Apr ZEW expectations index rose more than expected to a 4-month high.

June WTI crude oil (CLM16 -1.48%) is down -75 cents (-1.77%). June gasoline (RBM16 -0.66%) is down -0.0107 (-0.71%). Tuesday's closes: CLM6 +1.28 (+3.11%), RBM6 +0.0428 (+2.94%). Jun crude oil and gasoline on Tuesday settled higher on a weaker dollar, the third day of the Kuwaiti oil workers strike that has slashed Kuwait oil production by 50%, and the rally in the S&P 500 to a 4-1/2 month high.

GLOBAL EVENT CALENDAR04/20/2016

US	0700 ET	Weekly MBA mortgage applications, previous +10.0% with purchase sub-index +8.4% and refi sub-index +11.3%.
	1000 ET	Mar existing home sales expected +3.9% to 5.28 million, Feb -7.1% to 5.08 million.
	1030 ET	EIA Weekly Petroleum Status Report.
JPN	0200 ET	Revised Japan Mar machine tool orders.
GER	0200 ET	German Mar PPI expected +0.2% m/m and -2.9% y/y, Feb -0.5% m/m and -3.0% y/y.
UK	0430 ET	UK Mar jobless claims change expected -10,000, Feb -18,000. Mar claimant count rate expected unch at 2.1%.
	0430 ET	UK Feb avg weekly earnings expected +2.3% 3-mon avg y/y, Jan +2.1% 3-mon avg y/y. Feb avg weekly earnings ex-bonus expected +2.1% 3-mon avg y/y, Jan +2.2% 3-mon avg y/y.
	0430 ET	UK ILO unemployment rate expected +5.1% 3-months through Feb, previous 5.1% 3-months through Jan.

U.S. STOCK CALENDAR04/20/2016

Company	Ticker	Time	Event Description	Period	Estimate
Abbott Laboratories	ABT US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	0.393
Coca-Cola Co/The	KO US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	0.444
Textron Inc	TXT US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	0.516
Huntington Bancshares Inc/OH	HBAN US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	0.201
US Bancorp	USB US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	0.758
Amphenol Corp	APH US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	0.565
TE Connectivity Ltd	TEL US	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	0.891
Nielsen Holdings PLC	NLSN US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	0.501
EMC Corp/MA	EMC US	7:00	Q1 2016 Earnings Release	Q1 2016	0.334
St Jude Medical Inc	STJ US	7:15	Q1 2016 Earnings Release	Q1 2016	0.885
EQT Corp	EQT US	8:00	Annual General Meeting	Y 2016
Illinois Tool Works Inc	ITW US	8:00	Q1 2016 Earnings Release	Q1 2016	1.259
Textron Inc	TXT US	8:00	Q1 2016 Earnings Call	Q1 2016
St Jude Medical Inc	STJ US	8:00	Q1 2016 Earnings Call	Q1 2016
Navient Corp	NAVI US	8:00	Q1 2016 Earnings Call	Q1 2016
Nielsen Holdings PLC	NLSN US	8:00	Q1 2016 Earnings Call	Q1 2016
EMC Corp/MA	EMC US	8:30	Q1 2016 Earnings Call	Q1 2016
TE Connectivity Ltd	TEL US	8:30	Q2 2016 Earnings Call	Q2 2016
Abbott Laboratories	ABT US	9:00	Q1 2016 Earnings Call	Q1 2016
Coca-Cola Co/The	KO US	9:00	Q1 2016 Earnings Call	Q1 2016
Huntington Bancshares Inc/OH	HBAN US	9:00	Q1 2016 Earnings Call	Q1 2016
US Bancorp	USB US	9:00	Q1 2016 Earnings Call	Q1 2016
Stanley Black & Decker Inc	SWK US	9:30	Annual General Meeting
Illinois Tool Works Inc	ITW US	10:00	Q1 2016 Earnings Call	Q1 2016
SanDisk Corp	SNDK US	10:00	Webinar - GleSYS success story
Newmont Mining Corp	NEM US	11:00	Annual General Meeting	Y 2016
Linear Technology Corp	LLTC US	11:30	Q3 2016 Earnings Call	Q3 2016
Amphenol Corp	APH US	13:00	Q1 2016 Earnings Call	Q1 2016
Stryker Corp	SYK US	16:00	Q1 2016 Earnings Release	Q1 2016	1.202
F5 Networks Inc	FFIV US	16:00	Q2 2016 Earnings Release	Q2 2016	1.627
Kinder Morgan Inc/DE	KMI US	16:00	Q1 2016 Earnings Release	Q1 2016	0.187
Tractor Supply Co	TSCO US	16:01	Q1 2016 Earnings Release	Q1 2016	0.464
Mattel Inc	MAT US	16:05	Q1 2016 Earnings Release	Q1 2016	-0.074
Citrix Systems Inc	CTXS US	16:05	Q1 2016 Earnings Release	Q1 2016	0.924
Stryker Corp	SYK US	16:30	Q1 2016 Earnings Call	Q1 2016
F5 Networks Inc	FFIV US	16:30	Q2 2016 Earnings Call	Q2 2016
Kinder Morgan Inc/DE	KMI US	16:30	Q1 2016 Earnings Call	Q1 2016
QUALCOMM Inc	QCOM US	16:45	Q2 2016 Earnings Call	Q2 2016
Citrix Systems Inc	CTXS US	16:45	Q1 2016 Earnings Call	Q1 2016
American Express Co	AXP US	17:00	Q1 2016 Earnings Call	Q1 2016
Danaher Corp	DHR US	17:00	ITC Final Decision Due in Instradent vs. Danaher Corp. Patent Case
Mattel Inc	MAT US	17:00	Q1 2016 Earnings Call	Q1 2016
Lam Research Corp	LRCX US	17:00	Q3 2016 Earnings Call	Q3 2016
Tractor Supply Co	TSCO US	17:00	Q1 2016 Earnings Call	Q1 2016
American Express Co	AXP US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	1.331
Newmont Mining Corp	NEM US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	0.182
Lam Research Corp	LRCX US	Aft-mkt	Q3 2016 Earnings Release	Q3 2016	1.087
QUALCOMM Inc	QCOM US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.962
SL Green Realty Corp	SLG US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	1.657
Yum! Brands Inc	YUM US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	0.83
United Rentals Inc	URI US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	1.201
United Continental Holdings Inc	UAL US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	1.18
CR Bard Inc	BCR US		Annual General Meeting
Sherwin-Williams Co/The	SHW US		Annual General Meeting

BARCHART MORNING CALL 1/21

BARCHART MORNING CALL

Wednesday, January 21st, 2015View Older Reports

Everything you need to know about the markets in one free daily newsletter.

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH15 -0.38%) this morning are down -0.17% and European stocks are down -0.21% on reduced expectations that the ECB will announce a large-scale bond-buying program when it meets tomorrow after ECB Governing Council member Nowotny said "one should not get overexcited" about one policy meeting. Asian stocks closed mostly higher: Japan -0.49%, Hong Kong +1.68%, China +4.50%, Taiwan +0.74%, Australia +1.61%, Singapore +0.61%, South Korea +0.55%, India +0.36%. Commodity prices are mixed. Mar crude oil (CLH15 +0.52%) is up +0.45%. Mar gasoline (RBH15 +0.84%) is up +0.85%. Feb gold (GCG15 +0.43%) is up +0.22% at a 5-1/4 month high on speculation slowing global growth will prompt central banks to boost stimulus. Mar copper (HGH15 -2.35%) is down -1.83%. Agriculture prices are higher. The dollar index (DXY00 -0.36%) is down -0.34%. EUR/USD (^EURUSD) is up +0.23% on hawkish comments from ECB Governing Council member Nowotny. USD/JPY (^USDJPY) is down -1.06% after the BOJ failed to boost stimulus and retained its plan to increase the monetary base at an annual pace of 80 trillion yen. The BOJ, however, did cut its inflation forecast for the fiscal year starting in April to 1.0% from 1.7% previously. Mar T-note prices (ZNH15 +0.05%) are down -1 tick.
The minutes of the Jan 7-8 BOE policy meeting showed that the two BOE policy makers who pushed for an interest rate increase dropped their call for rate hikes this month on the risk of "inflation persisting below the target for longer than previously expected."
UK Dec jobless claims fell -29,700, a larger decline than expectations of -25,000 and the biggest drop in 4 months. The Dec claimant count rate fell -0.1 to 2.6%, right on expectations and the lowest in 6-1/2 years.
UK Nov avg weekly earnings rose +1.7% 3-mo avg, right on expectations. Nov avg weekly earnings ex-bonus rose +1.8% 3-mo avg, less than expectations of +1.9% 3-mo avg.
The UK Nov ILO unemployment rate fell -0.2 to 5.8% for the 3-months through Nov, a bigger decline than expectations of -0.1 to 5.9% and the lowest in 6-1/4 years.
The Japan Nov all-industry activity index unexpectedly rose for a third month as it gained +0.1% m/m, better than expectations of unch, while Oct was revised upward to +0.1% m/m from the originally reported -0.1% m/m.

U.S. STOCK PREVIEW

Today’s Dec housing starts report is expected to show a +1.2% increase to 1.040 million, reversing most of November’s -1.7% decline to 1.028 million.   There are 15 the S&P 500 companies that report earnings today with notable reports including:  American Express (consensus $1.38), Northern Trust (0.81), US Bancorp (0.77), eBay (0.89), Discover Financial (1.30).   Equity conferences during the remainder of this week include:  World Future Energy Summit 2015 Abu Dhabi Tue-Wed, CIBC Whistler Institutional Investor Conference on Wed.

OVERNIGHT U.S. STOCK MOVERS

Wal-Mart (WMT -0.09%) was downgraded to 'Equal Weight' from 'Overweight' at Morgan Stanley.
Whole Foods Market (WFM -0.29%) was upgraded to 'Buy' from 'Neutral' at Sterne Agee.
Lowe's (LOW -2.16%) was upgraded to 'Overweight' from 'Equal Weight' at Morgan Stanley.
Colgate-Palmolive (CL -0.30%) and McDermott (MDR -5.49%) were both downgraded to 'Neutral' from 'Buy' at UBS.
Exxon Mobil (XOM -0.03%) was upgraded to 'Outperform' from 'Market Perform' at Wells Fargo.
Fifth Third Bancorp (FITB -1.20%) reported Q4 EPS of 42 cents, right on consensus.
US Bancorp (USB -0.75%) reported Q4 EPS of 78 cents, higher than consensus of 77 cents.
UnitedHealth Group (UNH -0.14%) reported Q4 EPS of $1.55, better than consensus of $1.50
ING Group reported an 18.9% passive stake in Voya Financial (VOYA -0.87%) .
Advanced Micro Devices (AMD -6.28%) reported Q4 adjusted EPS of 0 cents, weaker than consensus of 1 cent.
Woodward (WWD +0.57%) reported Q1 EPS of 66 cents, well above consensus of 46 cents.
Celestica (CLS -0.88%) reported Q4 adjusted EPS of 23 cents, less than consensus of 24 cents.
International Business Machines (IBM -0.12%) fell over 2% in after-hours trading after it reported Q4 EPS of $5.81, higher than consensus of $5.41, but then lowered guidance on fiscal 2015 EPS to $15.75-$16.50, below consensus of $16.53.
Netflix (NFLX +3.40%) jumped over 15% in after-hours trading after it reported Q4 EPS of 72 cents, well above consensus of 45 cents.
Cree (CREE +4.66%) climbed nearly 4% in after-hours trading after it reported Q2 EPS of 33 cents, much better than consensus of 22 cents.

MARKET COMMENTS

Mar E-mini S&Ps (ESH15 -0.38%) this morning are down -3.50 points (-0.17%). The S&P 500 index on Tuesday closed slightly higher: S&P 500 +0.15%, Dow Jones +0.02%, Nasdaq +0.70%. Bullish factors included (1) reduced Chinese growth concerns after the Chinese Q4 GDP report of +7.3% y/y was slightly stronger than expectations of +7.2% y/y, and (2) a rally in technology stocks. Bearish factors included (1) global economic concerns after the IMF cut its 2015 global GDP forecast to +3.5% from an Oct estimate of +3.8%, and (2) weakness in homebuilder stocks after the U.S. Jan NAHB housing market index fell -1 from Dec to 57, weaker than expectations of +1 to 58.
Mar 10-year T-notes (ZNH15 +0.05%) this morning are down -1 tick. Mar 10-year T-note futures prices on Tuesday closed little changed. Closes: TYH5 unch, FVH5 -1.50. Bullish factors included (1) global growth concerns after the IMF cut its 2015 global GDP forecast, and (2) carry-over support from rallies in European government bonds on expectations for the ECB to announce sovereign debt purchases on Thursday. T-notes fell back from their best levels after stocks recovered from early losses and closed higher.
The dollar index (DXY00 -0.36%) this morning is down -0.319 (-0.34%). EUR/USD (^EURUSD) is up +0.0026 (+0.23%). USD/JPY (^USDJPY) is down -1.26 (-1.06%). The dollar index on Tuesday closed higher: Dollar index +0.526 (+0.57%), EUR/USD -0.00221 (-0.19%), USD/JPY +1.2629 (+1.07%). Bullish factors included (1) weakness in EUR/USD on the prospects for the ECB to announce QE when it meets Thursday, and (2) strength in USD/JPY after China Q4 GDP expanded more than forecast, which reduced safe-haven demand for the yen.
Mar WTI crude oil (CLH15 +0.52%) this morning is up +21 cents (+0.45%) and Mar gasoline (RBH15 +0.84%) is up +0.0114 (+0.85%). Mar crude oil and Mar gasoline on Tuesday closed sharply lower: CLH5 -2.66 (-5.41%), RBH5 -0.0460 (-3.31%). Negative factors included (1) a stronger dollar, (2) the IMF’s cut in its 2015 global GDP estimate, which signals reduced energy demand, and (3) global oversupply concerns after Iraqi Oil Minister Adel Abdul Mahdi said Iraq is pumping a record 4 million barrels of crude a day.

GLOBAL EVENT CALENDAR01/21/2015

US	0700 ET	Weekly MBA mortgage applications, previous +49.1% with purchase sub-index +23.6% and refi sub-index +66.4%.
	0830 ET	Dec housing starts expected +1.2% to 1.040 million, Nov -1.7% to 1.028 million. Dec building permits expected +0.8% to 1.060 million, Nov -3.7% to 1.052 million.
JPN	0000 ET	Revised Japan Nov leading index CI, previous 103.8. Revised Nov coincident index, previous 108.9.
	0100 ET	Revised Japan Dec machine tool orders, previous +33.8% y/y.
	n/a	BOJ announces interest rate decision.
UK	0430 ET	UK Dec jobless claims change expected -25,000, Nov -26,900. Dec claimant count rate expected -0.1 to 2.6%, Nov 2.7%.
	0430 ET	UK Nov avg weekly earnings expected +1.7% 3-mo avg, Oct +1.4% 3-mo avg. Nov avg weekly earnings ex-bonus expected +1.9% 3-mo avg, Oct +1.6% 3-mo avg y/y.
	0430 ET	UK Nov ILO unemployment rate expected -0.1 to 5.9% 3-months through Nov, prior 6.0% 3-months through Oct.
	0430 ET	Minutes of the Jan 7-8 BOE policy meeting.

U.S. STOCK CALENDAR01/21/2015

Company	Ticker	Time	Event Description	Period	Estimate
Northern Trust Corp	NTRS US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	0.807
UnitedHealth Group Inc	UNH US	6:00	Q4 2014 Earnings Release	Q4 2014	1.5
Fifth Third Bancorp	FITB US	6:30	Q4 2014 Earnings Release	Q4 2014	0.421
US Bancorp/MN	USB US	7:15	Q4 2014 Earnings Release	Q4 2014	0.769
Amphenol Corp	APH US	8:00	Q4 2014 Earnings Release	Q4 2014	0.591
UnitedHealth Group Inc	UNH US	8:45	Q4 2014 Earnings Call	Q4 2014
Fifth Third Bancorp	FITB US	9:00	Q4 2014 Earnings Call	Q4 2014
US Bancorp/MN	USB US	9:30	Q4 2014 Earnings Call	Q4 2014
CareFusion Corp	CFN US	11:30	Extraordinary Shareholders Meeting
Northern Trust Corp	NTRS US	12:00	Q4 2014 Earnings Call	Q4 2014
Microsoft Corp	MSFT US	12:00	Media Briefing: Windows 10
Amphenol Corp	APH US	13:00	Q4 2014 Earnings Call	Q4 2014
F5 Networks Inc	FFIV US	16:00	Q1 2015 Earnings Release	Q1 2015	1.487
Kinder Morgan Inc/DE	KMI US	16:05	Q4 2014 Earnings Release	Q4 2014	0.33
F5 Networks Inc	FFIV US	16:30	Q1 2015 Earnings Call	Q1 2015
Kinder Morgan Inc/DE	KMI US	16:30	Q4 2014 Earnings Call	Q4 2014
American Express Co	AXP US	17:00	Q4 2014 Earnings Call	Q4 2014
eBay Inc	EBAY US	17:00	Q4 2014 Earnings Call	Q4 2014
Xilinx Inc	XLNX US	17:00	Q3 2015 Earnings Call	Q3 2015
SanDisk Corp	SNDK US	17:00	Q4 2014 Earnings Call	Q4 2014
Discover Financial Services	DFS US	17:00	Q4 2014 Earnings Call	Q4 2014
American Express Co	AXP US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	1.381
eBay Inc	EBAY US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.889
Navient Corp	NAVI US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.535
Crown Castle International Corp	CCI US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	1.065
Xilinx Inc	XLNX US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	0.608
United Rentals Inc	URI US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	2.095
SanDisk Corp	SNDK US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	1.238
Discover Financial Services	DFS US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	1.299

Barchart Morning Call 10/17

Barchart Morning Call

BC - 2 hrs 9 mins ago

Overnight Developments

• Dec E-mini S&Ps are trading slightly higher by +0.14% as European stocks are up +0.65% on relief that Moody's late yesterday left Spain's credit rating unchanged at investment grade. Asian stocks today closed mostly higher with Japan up +1.21%, Hong Kong up +0.99%, and China up +0.11%. Commodity prices today are mildly higher by +0.22% with Nov crude oil up +0.21%, Dec gold up +0.33%, Dec copper up +0.14%, and agriculture prices mostly higher. The dollar index is down -0.46% and EUR/USD is up +0.52% on Moody's action on Spain. Dec 10-year T-note prices are down 9.5 ticks.
• The yield on Spanish 10-year bond plunged by 26 bp to 5.55% after Moody's late yesterday left Spain's rating unchanged at the investment grade of Baa3 due to expectations that Spain would benefit from the ECB/ESM bailout program. There were some market fears that Moody's might cut Spain's credit rating to junk status and cause a wholesale dumping of Spanish bonds by investors. Italian 10-year bond yields dropped by 10 bp to 4.83%.
• The UK employment data was a bit better than expected, which was supportive for GBP/USD. The UK Aug ILO unemployment rate (3-month average) fell by 0.2 points to 7.9% from 8.1% in July. Aug employment rose by +212,000, which was down from +236,000 but stronger than expectations of +200,000. Sep jobless claims fell by 4,000 versus expectations of unchanged. The Sep claimant count rate was unchanged from Aug at 4.8%.
• The minutes from the Bank of England's Oct 3-4 meeting indicated that BOE monetary policy committee members are split on whether further quantitative easing is necessary. The MPC at that meeting left the base rate unchanged at 0.50% and left its bond-purchase target unchanged at 375 billion pounds. The news reduced the odds that the MPC will extend its QE program at their next meeting in November. That news was supportive for GPB/USD (up 0.38%) but bearish for Dec 10-year gilt prices (-0.70 points).
• The Eurozone Aug construction output report of +0.7% m/m and -5.5% y/y improved from July's revised +0.1% m/m and -6.2% y/y.
• The German government forecasted German GDP growth at +0.8% in 2012 while cutting the 2013 forecast to +1.0% from +1.6%.
• Chinese Premier Wen Jiabao today said that China's Q3 economic situation is "relatively good." He said that China's economic growth is stabilizing. However, he also said that China should stick with its property curb policies and that the property market is still "unstable." China tonight is expected to report that Q3 GDP eased to +7.4% from +7.6% in Q2.
  Market Comments
  • Dec E-mini S&Ps this morning are up 2.00 points (+0.14%) on the 0.65% rally in Euro Stoxx 50 index on the lack of a Moody's downgrade of Spain's credit rating. The market also received some support from Chinese Premier Wen's comment that China's Q3 economic situation is "relatively good," which may indicate a favorable Chinese Q3 GDP report tonight . The S&P 500 index on Tuesday closed with fairly sharp gains: S&P 500 +1.03%, Dow Jones +0.95%, Nasdaq 100 +1.41%. Bullish factors included (1) various reports that Spain is getting close to requesting a precautionary line of credit from the ECB/ESM bailout program, (2) the 1 point increase in the NAHB housing market index to a new 6-1/3 year high of 41, (3) the stronger-than-expected Sep industrial production report of +0.4% (versus expectations of +0.2%), although Aug was revised lower to -1.4% from -1.2%, (4) news that Moody's will not downgrade Spain's credit rating after its review, and (5) an improvement in the German and Eurozone Zew indexes that measure investor and analyst confidence.
  • Dec 10-year T-notes this morning are . Dec 10-year T-note prices on Tuesday closed with fairly sharp losses: TYZ2 -14, FVZ2 -5. Bearish factors included the positive U.S. economic data and reduced safe-haven demand with the positive news on Spain.
  • The dollar index this morning is trading with a fairly sharp loss of -0.37 points (-0.46%) thanks to the 0.0068 point (+0.52%) rally in EUR/USD on the lack of a Moody's downgrade of Spain. USD/JPY is down -0.24 (-0.30%). The dollar index on Tuesday closed moderately lower: Dollar index -0.29 (-0.36%), EUR/USD +0.0054 (+0.41%), USD/JPY -0.03 (-0.04%). The dollar index was undercut by reduced safe-haven demand with the rally in stocks and some optimism about Spain. EUR/USD was boosted by reports that Spain is close to requesting a precautionary line of credit from the ECB/ESM bailout program and indications that German officials are coming to accept that move. EUR/USD was also boosted by a rise in the ZEW confidence indexes. The German Oct Zew economic sentiment index rose to -11.5 from -18.2 in September and was stronger than market expectations of -14.9. The Eurozone Oct Zew economic sentiment index improved to -1.4 from -3.8 in September.
  • Nov WTI crude oil prices this morning are mildly higher by +0.19 (+0.21%) and Nov gasoline is up +0.0085 (+0.30%) on this morning's weakness in the dollar index and the rally in global stocks. Nov crude oil and gasoline prices closed mixed on Tuesday: CLX2 +0.24 (+0.26%), RBX2 -0.0050 (-0.18%). Crude oil received a boost from the rally in stocks and the improved sentiment on Europe. The market consensus for today's weekly DOE report is for a 1.5 million barrel increase in crude oil inventories due to high U.S. oil production and an increase in crude oil imports, a 250,000 barrel increase in gasoline inventories, a 1.25 million barrel decline in distillate inventories, and a 0.3 point increase to 87.0% in the refinery utilization rate.
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    Today's U.S. Earnings Reports Earnings reports (ranked by market cap): ABT-Abbott Labs (Consensus:$1.28), PEP-Pepsico (1.16), BAC-Bank of America (0.16), AXP-American Express (1.09), USB-US Bancorp (0.73), EBAY-Ebay (0.55), KMI-Kinder Morgan (0.28), BLK-Blackrock (3.32%), HAL-Haliburton (0.58), BK-Bank NY Mellon (0.54), SYK-Stryker (0.98), STJ-St Jude Medical (0.81), MTB-M&T Bank Corp (1.86), SWK-Stanley Black (1.45), NTRS-Northern Trust (0.74), DOV-Dover Corp (1.29), DGX-Quest Diagnostic (1.18), CHKP-Check Point Software (0.78), APH-Ampheno (0.89), NE-Noble (0.48), XLNX-Xilinx (0.41).
    Global Financial Calendar
    

    Wednesday 10/17/12
    United States
    0700 ET	Weekly MBA mortgage applications, previous -1.2% with purchase sub-index +2.4% and refi sub-index -2.0%.
    0830 ET	Sep housing starts expected +2.7% to 770,000, Aug +2.3% m/m to 750,000. Sep building permits expected +1.1% to 810,000, Aug -1.0% to 801,000.
    1030 ET	DOE Weekly Petroleum Status Report.
    Japan
    0200 ET	Japan final-Sep machine tool orders, prelim -3.0% y/y.
    United Kingdom
    0430 ET	Bank of England meeting minutes.
    0430 ET	UK Sep claimant count rate expected 4.8%, Aug 4.8%. Sep jobless claims change expected unch, Aug -15,000.
    0430 ET	Aug ILO unemployment rate (3mo) expected 8.1%, Aug 8.1%. Aug employment change expected +200,000, July +236,000 3mo/3mo.
    0430 ET	UK Aug average weekly earnings expected +1.6% 3mo y/y, July +1.5%. Aug average weekly earnings ex-bonus expected +2.0% 3mo y/y, July +1.9%.
    Euro-Zone
    0500 ET	Eurozone Aug construction output, July -0.3% m/m and -4.7% y/y.
    Germany
    0600 ET	German government releases new macroeconomic forecasts.
    China
    2130 ET	China Sep property price.
    2200 ET	China Q3 GDP expected +7.4% y/y, Q2 +7.6% y/y (+1.8% q/q).
    2200 ET	China Sep industrial production expected +9.0% y/y, Aug +8.9% y/y.
    2200 ET	China Sep fixed asset investment ex rural (ytd y/y) expected +20.2%, Aug +20.2%.
    2200 ET	China Sep retail sales expected +13.2% y/y, Aug +13.2% y/y.

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