Today's 5 Best Large Caps

Today I used Barchart to sort the S&P 500 Large Cap Index for frequency of new highs in the last month.  I then skipped the stocks that did not have positive gains in the last week and month and used the Flipchart feature to review the stocks.

Today's list includes Xylem Inc (XYL), LyondellBasell Industries (LYB), Forest Laboratories (FRX), PPL Corp (PPL), and Hershey Foods (HSY):

Xylem Inc (XYL)

Barchart technical indicators:

• 96% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 16 new highs and up 16.78% in the last month
• Relative Strength Index 66.10%
• Barchart computes a technical support level at 38.05
• Recently traded at 39.29 with a 50 day moving average of 35.88

LyondellBassel Industries (LYB)

Barchart technical indicators:

• 96% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 17 new highs and up 14.86% in the last month
• Relative Strength Index 72.83%
• Barchart computes a technical support level at 84.82
• Recently traded at 87.14 with a 50 day moving average of 80.23

Forest Laboratories (FRX)

Barchart technical indicators:

• 96% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 16 new highs and up 54.49% in the last month
• Relative Strength Index 90.17%
• Barchart computes a technical support level at 97.58
• Recently traded at 100.34 with a 50 day moving average of 68.74

PPL Corp (PPL)

Barchart technical indicators:

• 80% Barchart technical buy signals'
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 16 new highs and up 7.73% in the last month
• Relative Strength Index 75.73%
• Barchart computes a technical support level at 31.55
• Recently traded at 32.19 with a 50 day moving average of 30.30

Hershey Foods (HSY)

Barchart technical indicators:

• 72% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 15 new highs and up 8.46% in the last month
• Relative Strength Index 65.80%
• Barchart computes a technical support level at 105.53
• Recently traded at 106.37 with a 50 day moving average of 99.51

BARCHART MORNING CALL 1/21

BARCHART MORNING CALL

Tuesday, January 21st, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH14 +0.26%) this morning are up +0.27% and European stocks are up +0.45%. Asian stocks closed mostly higher: Japan +0.99%, Hong Kong +0.45%, China +0.99%, Taiwan -0.25%, Australia +0.69%, Singapore +0.16%, South Korea +0.60%, India +0.22%. Global stocks found support on a plunge in Chinese money-market rates after the PBOC added funds and expanded access to a lending facility after the 7-day repurchase rate had surged 153 bp to a 1-month high of 6.32% on Monday. Another positive for European stocks is reduced sovereign-debt concerns after the yield on Portugal's 10-year government bond fell below 5.00% for the first time since Aug 2010. Gains in European stocks were muted, though, after German Jan investor confidence unexpectedly dropped for the first time in 6 months. Commodity prices are mixed. Feb crude oil (CLG14 +0.37%) is up +0.33%. Feb gasoline (RBG14 +1.69%) is up +1.56%. Feb gold (GCG14 -0.62%) is down -0.45%. March copper (HGH14 -0.60%) is down -0.45%. Agriculture prices are mixed. The dollar index (DXY00 +0.12%) is up +0.13% at a 2-1/4 month high as EUR/USD (^EURUSD) fell -0.22% when German investor confidence unexpectedly fell. USD/JPY (^USDJPY) is up +0.48% after Japanese Economy Minister Amari warned that his country still faced the risk of falling back into deflation, which undercut the yen on speculation the BOJ may press ahead with additional stimulus. March T-note prices (ZNH14 -0.21%) are down -10.5 ticks.
In an attempt to alleviate a liquidity squeeze, the PBOC added more than 255 billion yuan ($42 billion) into the financial system and will allow small and medium-sized Chinese banks to access its Standing Lending Facility for loans of up to 2-weeks on a trial basis before China's Lunar New Year holiday begins on Jan 31.
German Jan ZEW survey expectations unexpectedly slipped -0.3 to 61.7, weaker than expectations of +2.0 to 64.0. Jan ZEW survey current situation rose +8.8 to 41.2, stronger than expectations of +2.6 to 35.0 and the best level in 20-months.
UK Jan CBI trends total orders slipped -14 to -2, weaker than expectations of -2 to 10. Jan CBI trends selling prices rose +9 to a 1-year high of 20, a bigger increase than expectations of +1 to 12. Jan CBI business optimism unexpectedly fell -3 to 21, weaker than expectations of +1 to 25.
German Dec PPI rose +0.1% m/m and fell -0.5% y/y, stronger than expectations of unch m/m and -0.6% y/y.
China Q4 GDP rose +7.7% y/y, a faster pace than expectations of +7.6% y/y.
China Dec industrial production climbed +9.7% y/y, slower than expectations of +9.8% y/y, while China Dec retail sales rose +13.6% y/y, right on expectations.
Japan Nov industrial production was revised downward to -0.1% m/m and +4.8% y/y from the originally reported +0.1% m/m and +5.0% y/y.

U.S. STOCK PREVIEW

Attention this week will mainly focus on earnings reports given the dearth of U.S. economic reports. There are only a few important economic reports this week, all of which will be released on Thursday. Thursday’s reports include the Nov FHFA housing price index (expected +0.3% m/m), Dec existing home sales (expected +1.0%), and Dec leading indicators (expected +0.2%). The Treasury on Thursday will sell $15 billion of 10-year TIPS. The markets will be looking ahead to next week’s FOMC meeting on Tue/Wed where the consensus is that the FOMC will taper QE3 by another $10 billion to $65 billion per month.
There are 13 of the S&P 500 companies that report earnings today with notable reports including IBM (consensus $6.00), Texas Instruments (0.46), Halliburton (0.89), Baker Hughes (0.61), Johnson & Johnson (1.20), Verizon (0.65), Rockwell Collins (0.94), Travelers (2.15). Equity conferences during the remainder of this week include: World Future Energy Summit on Tue-Wed, 13th Annual Pharma Contact Centers Conference on Wed-Thu, World Economic Forum Annual Meeting 2014 on Wed-Thu, and SMi Social Media in the Pharmaceutical Industry on Thu.

OVERNIGHT U.S. STOCK MOVERS

Verizon Communications (VZ -0.37%) reported Q4 EPS of 66 cents, higher than consensus of 65 cents.
Delta Air Lines (DAL -1.61%) reported Q4 EPS of 65 cents, stronger than consensus of 63 cents.
Rockwell Collins (COL +0.69%) reported Q1 EPS of 91 cents, below consensus of 94 cents.
Halliburton (HAL -0.47%) reported Q4 EPS of 93 cents, better than consensus of 89 cents.
Travelers (TRV -0.88%) reported Q4 EPS of $2.68, well ahead of consensus of $2.16.
Regions Financial (RF +0.86%) reported Q4 EPS of 21 cents, stronger than consensus of 20 cents.
Baker Hughes (BHI +0.76%) reported Q4 EPS of 62 cents, better than consensus of 61 cents.
YRC Worldwide (YRCW +2.26%) rose more than 8% in after-hours trading after the Teamsters Union announced a tentative agreement with thwe company.
D. E. Shaw & Co reported a 5.1% passive stake in Tesoro (TSO -0.34%) .
Litespeed reported an 8.1% passive stake in RadioShack (RSH unch) .
Schlumberger (SLB +1.81%) was upgraded to 'Outperform' from 'Neutral' at Credit Suisse.
JoS. A. Bank (JOSB +0.66%) board rejected the tender offer from Men's Wearhouse (MW -1.25%) to acquire all outstanding common shares of Jos A. Bank at a price of $57.50 per share in cash, saying the offer is inadequate from a financial point of view and not in the best interest of Jos. A. Bank's stockholders.
Southpaw Asset reported 6.8% passive stake in Comtech (CMTL -1.58%) .
Luxor Capital reported a 6.1% passive stake in AMC Entertainment (AMC -0.30%) .

MARKET COMMENTS

Mar E-mini S&Ps (ESH14 +0.26%) this morning are up +5.00 points (+0.27%). The S&P 500 on Friday closed lower after mixed U.S. economic data kept prices fairly contained. U.S. Dec housing starts fell -9.8% to 999,000 from an upward revised 1.017 million in Nov, slightly less than expectations of -9.7% to 985,000, although Dec building permits fell -3.0% to 986,000, a bigger decline than expectations of -0.3% to 1.014 million. Also, U.S. Jan University of Michigan consumer confidence unexpectedly fell -2.1 to 80.4, weaker than expectations of a +1.0 point increase to 83.5. Closes: S&P 500 -0.39%, Dow Jones +0.25%, Nasdaq 100 -0.55%.
Mar 10-year T-notes (ZNH14 -0.21%) this morning are down -10.5 ticks. Mar 10-year T-note futures prices on Friday closed higher after U.S. Dec building permits, a proxy for future home building, fell more than expected, and after the U.S. Jan University of Michigan consumer confidence unexpectedly declined. Closes: TYH4 +5.0, FVH4 +2.25.
The dollar index (DXY00 +0.12%) this morning is up +0.105 (+0.13%) at a 2-1/4 month high. EUR/USD (^EURUSD) is down -0.0030 (-0.22%). USD/JPY (^USDJPY) is up +0.50 (+0.48%). The dollar index on Friday posted a 2-1/4 month high and closed higher after stronger-than-expected U.S. Dec housing starts bolstered the prospects for the Fed to continue to taper QE3. EUR/USD tumbled to a 1-3/4 month low after the 3-month Euribor rate rose to 0.302%, above the ECB's 2-week refinancing rate of 0.25%, which fueled speculation the ECB may take additional easing measures after ECB President Draghi said earlier this month that the ECB would act to counter an "unwarranted tightening of short-term money markets." Closes: Dollar index +0.315 (+0.39%), EUR/USD -0.0081 (-0.60%), USD/JPY -0.052 (-0.05%).
Feb WTI crude oil (CLG14 +0.37%) this morning is up +31 cents (+0.33%) and Feb gasoline (RBG14 +1.69%) is up +0.0408 (+1.56%). Feb crude oil and gasoline prices on Friday closed higher with Feb crude at a 2-week high on signs of strength in the U.S. economy after Dec housing starts fell less than expected and after Dec industrial production gained for a fifth month. Prices fell back from their best levels after the dollar index rallied up to a 2-1/4 month high. Closes: CLG4 +0.13 (+0.14%), RBG4 +0.0253 (+0.97%).

GLOBAL EVENT CALENDAR01/21/2014

US	0930 ET	IMF releases revisions to its world economic outlook.
	1100 ET	USDA weekly grain export inspections.
GER	0500 ET	German Jan ZEW survey expectations of economic growth expected +2.0 to 64.0, Dec 62.0. Jan ZEW survey current situation expected +2.6 to 35.0, Dec 32.4.
UK	0600 ET	UK Jan CBI trends total orders expected -2 to 10, Dec 12. Jan CBI trends prices expected +1 to 12, Dec 11. Jan CBI business optimism expected +1 to 25, Dec 24.
JPN	2330 ET	Japan Nov all-industry activity index expected +0.3% m/m, Oct -0.2% m/m.

U.S. STOCK CALENDAR01/21/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Halliburton Co	HAL US	Bef-mkt	Q4 2013 Earnings Release	Q4 2013	0.885
Johnson & Johnson	JNJ US	Bef-mkt	Q4 2013 Earnings Release	Q4 2013	1.203
Baker Hughes Inc	BHI US	6:00	Q4 2013 Earnings Release	Q4 2013	0.61
Regions Financial Corp	RF US	7:00	Q4 2013 Earnings Release	Q4 2013	0.2
Forest Laboratories Inc	FRX US	7:00	Q3 2014 Earnings Release	Q3 2014	0.031
Verizon Communications Inc	VZ US	7:30	Q4 2013 Earnings Release	Q4 2013	0.651
Rockwell Collins Inc	COL US	7:30	Q1 2014 Earnings Release	Q1 2014	0.943
Delta Air Lines Inc	DAL US	7:30	Q4 2013 Earnings Release	Q4 2013	0.626
Baker Hughes Inc	BHI US	8:00	Q4 2013 Earnings Call	Q4 2013
Verizon Communications Inc	VZ US	8:30	Q4 2013 Earnings Call	Q4 2013
Johnson & Johnson	JNJ US	8:30	Q4 2013 Earnings Call	Q4 2013
Rockwell Collins Inc	COL US	9:00	Q1 2014 Earnings Call	Q1 2014
Travelers Cos Inc/The	TRV US	9:00	Q4 2013 Earnings Call	Q4 2013
Halliburton Co	HAL US	9:00	Q4 2013 Earnings Call	Q4 2013
Delta Air Lines Inc	DAL US	10:00	Q4 2013 Earnings Call	Q4 2013
Forest Laboratories Inc	FRX US	10:00	Q3 2014 Earnings Call	Q3 2014
Regions Financial Corp	RF US	11:00	Q4 2013 Earnings Call	Q4 2013
CA Inc	CA US	16:30	Q3 2014 Earnings Release	Q3 2014	0.711
Texas Instruments Inc	TXN US	16:30	Q4 2013 Earnings Release	Q4 2013	0.464
International Business Machines Corp	IBM US	16:30	Q4 2013 Earnings Call	Q4 2013
CA Inc	CA US	17:00	Q3 2014 Earnings Call	Q3 2014
Xilinx Inc	XLNX US	17:00	Q3 2014 Earnings Call	Q3 2014
Texas Instruments Inc	TXN US	17:30	Q4 2013 Earnings Call	Q4 2013
International Business Machines Corp	IBM US	Aft-mkt	Q4 2013 Earnings Release	Q4 2013	5.999
Travelers Cos Inc/The	TRV US		Q4 2013 Earnings Release	Q4 2013	2.152
Xilinx Inc	XLNX US		Q3 2014 Earnings Release	Q3 2014	0.542

BARCHART MORNING CALL -7/23

BARCHART MORNING CALL

Tuesday, July 23rd, 2013View Older Reports

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OVERNIGHT MARKETS AND NEWS

Sep E-mini S&Ps (ESU13 +0.19%) are trading mildly higher by +0.22% with support from a +0.51% rally in European stocks and increased optimism that China's government provide stimulus if the Chinese economy starts slipping. Asian stocks closed higher across the board: Japan Nikkei index +0.82%, Hong Kong +2.33, China CSI 300 index +2.89%, Taiwan +1.35%, Australia +0.30%, Singapore +0.60%, South Korea +1.42%, India +0.71%, Turkey +0.96%. Commodity prices are down by -0.29% this morning due to the slightly higher trade in the dollar index. Sep WTI crude (CLU13 -0.60%) is down -0.78%, Sep gasoline (RBU13 -0.51%) is down -0.56%, Sep natural gas (NGU13 +0.05%) is up +0.49%, Aug gold (GCQ13 -0.60%) is down -0.63%, Sep copper (HGU13 -0.33%) is down -0.28%, and agriculture prices are mixed. The dollar index (DXY00 +0.15%) is up +0.13%, EUR/USD (^EURUSD) is down -0.09%, and USD/JPY (^USDJPY) is up +0.31%. Sep 10-year T-note prices (ZNU13 -0.23%) are down 7.5 ticks.
Chinese Premier Li Keqiang said that 7% is the "bottom line" GDP growth rate that the Chinese government will tolerate, according to a report by Beijing News. Chinese Q2 GDP was recently reported at +7.5% and the consensus is for growth near that level through the remainder of this year and into next year. However, the markets have been afraid that the government may not take action even if GDP growth starts to fade below 7.0% since the government is currently focused on trying to curb strong home prices and the shadow banking system. Finance Minister Lou Jiwei caused a stir on July 11 when he said that GDP growth as low as 6.5% might be tolerable in the future although he later adjusted his remarks to say that China can achieve this year's target growth rate of 7.5%.
President Obama on Wednesday will deliver a speech on the economy and jobs at Knox College in Galesburg, IL. Mr. Obama in a series of speeches starting tomorrow will attempt to shift Washington's focus back to jobs and trying to put pressure on Republicans to compromise on a debt ceiling hike later this year. Washington must also approve a budget for the new fiscal year that starts on Oct 1 and address $109 billion in new automatic, across-the-board spending cuts that start October 1. Mr. Obama last night said that his remarks on Wednesday will contain some proposals that are new.
French July business confidence rose to a 15-month high of 95 from 93 in June, which was slightly stronger than market expectations for a 1 point increase to 94. French Q2 GDP rose by +0.2% q/q after falling in Q4 and Q1.

U.S. STOCK PREVIEW

Today’s May FHFA house price index is expected to show an increase of +0.8% m/m, adding to the +0.7% m/m increase seen in April. Today’s July Richmond Fed manufacturing index is expected to show a +1 point increase to 9, adding to the sharp +10 point increase to 8 seen in June. The Treasury today will kick off this week's $99 billion T-note package by selling $35 billion in 2-year T-notes. There are 35 of the S&P 500 companies that report earnings today with notable reports including UPS (consensus $1.13), AT&T (0.68), Apple (7.30), and Discover (1.15). Conferences this week include: Bio/Pharma Forcasting and Modeling on Tuesday, Fortune Brainstorm TECH 2013 on Tuesday, China Venture Capital & Private Equity Forum on Wed/Thu.

Sep E-mini S&Ps (ESU13 +0.19%) this morning are up +3.75 points (+0.22%) on the +0.51% rally in the Euro Stoxx 50 index and on increased hopes that Chinese officials will take action if necessary to support their economy. The S&P 500 index on Monday closed mildly higher on positive political news in Japan and Portugal and on expectations for continued decent earnings, although stocks were undercut by the weaker-than-expected U.S. June existing home sales report of -1.2% to 5.08 million units (versus expectations for an increase to 5.26 million units). Closes: S&P 500 +0.20%, Dow Jones +0.01%, Nasdaq 100 +0.34%.

OVERNIGHT U.S. STOCK MOVERS

• There are 11 of the S&P 500 companies that have reported earnings this morning. Above-consensus reports include Air Products (APD +0.92%) ($1.36 vs $1.385), Du Pont (DD +0.05%) (1.28 vs 1.27), Travelers (TRV +0.91%) (2.13 vs 1.59), United Technologies (UTX -0.36%) (1.70 vs 1.58), Sigma-Aldrich (SIAL -0.57%) (1.05 vs 1.035), Forest Labs (FRX -0.02%) (0.28 vs 0.08), and Lockheed Martin (LMT +0.09%) (2.64 vs 2.20). Below-consensus reports include Altria (MO -0.73%) (0.62 vs 0.629), Regions Financial (RF +1.86%) (0.20 vs 0.21), Waters Corp (WAT +0.64%) (1.08 vs 1.21), and Pentair (PNR -0.51%) (0.85 vs 0.90).
• Texas Instruments (TXN +0.43%) rallied 2.6% in after-hours trading after reporting Q2 EPS with items of 58 cents, well above the consensus of 41 cents.
• CapitalSource (CSE +1.44%) rallied 12% in after-hours trading after the announcement that PacWest (PACW +0.50%) will buy the company for $2.3 billion. PacWest shares rallied slightly by 0.3% following the announcement.
• Netflix (NFLX -0.99%) fell 4% in after-hours trading on disappointing earnings news.

MARKET COMMENTS

Sep 10-year T-notes (ZNU13 -0.23%) this morning are down 7.5 ticks on increased optimism about the global economy after China's premier promised action if the Chinese economy starts sliding. Sep 10-year T-note prices on Monday closed little changed as the market found support from the weaker-than-expected U.S. existing home sales report (-1.2%) but was undercut by reduced safe-haven demand with the slightly higher close in the S&P 500 index and with reduced Eurozone debt crisis concerns with the sharp drop in Portugal’s bond yield. Closes: TYU3 +0.5, FVU3 -1.
The dollar index (DXY00 +0.15%) this morning is up +0.11 points (+0.13%) on some short-covering after yesterday's losses. EUR/USD (^EURUSD) is down -$0.0012 (-0.09%) and USD/JPY (^USDJPY) is up +0.31 yen (+0.31%). The dollar index closed moderately lower on reduced safe-haven demand and on technical weakness with the decisive new 1-month low. EUR/USD saw support from the sharp -41 bp drop in Portugal’s 10-year bond yield and reduced Eurozone debt crisis concerns about Portugal’s president affirmed the current government and ruled out early elections. USD/JPY fell sharply by -0.97% as the yen was supported by Prime Minister Abe’s decisive victory in the upper house of parliament, which was a vote of confidence by the Japanese public for Mr. Abe’s aggressive stimulus program. Closes: Dollar index -0.39 (-0.47%), EUR/USD +0.0043 (+0.33%), USD/JPY -0.98 (-0.97%).
Sep WTI crude oil (CLU13 -0.60%) this morning is down -0.83 (-0.78%) and Sep gasoline (RBU13 -0.51%) is down -0.0168 (-0.56%). Sep crude oil and gasoline prices on Monday closed with fairly sharp losses mainly due to long liquidation pressure after the sharp 3-week rally. Gasoline prices were also pressure by expectations for a continued increase in gasoline inventories as recent refinery outages are fixed. Closes: CLU3 -0.93 (-0.86%), RBU3 -0.0399 (-1.30%).

GLOBAL EVENT CALENDAR07/23/2013

US	0900 ET	May FHFA house price purchase only index expected +0.8% m/m, Apr +0.7% m/m.
	1000 ET	July Richmond Fed manufacturing index expected +1 to 9, Jun +10 to 8.
	1300 ET	Treasury auctions $35 billion 2-year T-notes.
	1630 ET	API weekly U.S. oil statistics.
EUR	1000 ET	Eurozone July consumer confidence expected +0.5 to -18.3, Jun -18.8.
JPN	1950 ET	Japan Jun merchandise trade balance expected -150.0 billion yen, May -996.4 billion yen. Jun exports expected +10.0% y/y, May +10.1% y/y. Jun imports expected +13.6% y/y, May +10.1% y/y.
CHI	2145 ET	China July HSBC flash manufacturing PMI expected +0.3 to 48.5, Jun -1.0 to 48.2.

U.S. STOCK CALENDAR07/23/2013

Company Name	Symbol	Time	Event Description	Period	EPS Est (US$)
Pentair Ltd	PNR US	Bef-mkt	Q2 2013 Earnings Release	Q2 2013	0.9
Air Products & Chemicals Inc	APD US	Bef-mkt	Q3 2013 Earnings Release	Q3 2013	1.358
Valero Energy Corp	VLO US	Bef-mkt	Q2 2013 Earnings Release	Q2 2013	1.026
Lockheed Martin Corp	LMT US	Bef-mkt	Q2 2013 Earnings Release	Q2 2013	2.203
Regions Financial Corp	RF US	Bef-mkt	Q2 2013 Earnings Release	Q2 2013	0.211
Ryder System Inc	R US	Bef-mkt	Q2 2013 Earnings Release	Q2 2013	1.229
Travelers Cos Inc/The	TRV US	Bef-mkt	Q2 2013 Earnings Release	Q2 2013	1.596
EI du Pont de Nemours & Co	DD US	Bef-mkt	Q2 2013 Earnings Release	Q2 2013	1.272
United Technologies Corp	UTX US	Bef-mkt	Q2 2013 Earnings Release	Q2 2013	1.576
Waters Corp	WAT US	Bef-mkt	Q2 2013 Earnings Release	Q2 2013	1.214
Freeport-McMoRan Copper & Gold Inc	FCX US	Bef-mkt	Q2 2013 Earnings Release	Q2 2013	0.45
Peabody Energy Corp	BTU US	Bef-mkt	Q2 2013 Earnings Release	Q2 2013	-0.05
PACCAR Inc	PCAR US	Bef-mkt	Q2 2013 Earnings Release	Q2 2013	0.745
Sigma-Aldrich Corp	SIAL US	Bef-mkt	Q2 2013 Earnings Release	Q2 2013	1.035
Forest Laboratories Inc	FRX US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.079
Altria Group Inc	MO US	7:00	Q2 2013 Earnings Release	Q2 2013	0.629
United Parcel Service Inc	UPS US	7:45	Q2 2013 Earnings Release	Q2 2013	1.13
Illinois Tool Works Inc	ITW US	8:00	Q2 2013 Earnings Release	Q2 2013	1.095
Avery Dennison Corp	AVY US	8:30	Q2 2013 Earnings Release	Q2 2013	0.703
Waters Corp	WAT US	8:30	Q2 2013 Earnings Call	Q2 2013
United Parcel Service Inc	UPS US	8:30	Q2 2013 Earnings Call	Q2 2013
Pentair Ltd	PNR US	9:00	Q2 2013 Earnings Call	Q2 2013
Altria Group Inc	MO US	9:00	Q2 2013 Earnings Call	Q2 2013
Travelers Cos Inc/The	TRV US	9:00	Q2 2013 Earnings Call	Q2 2013
EI du Pont de Nemours & Co	DD US	9:00	Q2 2013 Earnings Call	Q2 2013
United Technologies Corp	UTX US	9:00	Q2 2013 Earnings Call	Q2 2013
Air Products & Chemicals Inc	APD US	10:00	Q3 2013 Earnings Call	Q3 2013
Freeport-McMoRan Copper & Gold Inc	FCX US	10:00	Q2 2013 Earnings Call	Q2 2013
Illinois Tool Works Inc	ITW US	10:00	Q2 2013 Earnings Call	Q2 2013
Legg Mason Inc	LM US	10:00	Annual General Meeting	Y 2013
Forest Laboratories Inc	FRX US	10:00	Q1 2014 Earnings Call	Q1 2014
Valero Energy Corp	VLO US	11:00	Q2 2013 Earnings Call	Q2 2013
Lockheed Martin Corp	LMT US	11:00	Q2 2013 Earnings Call	Q2 2013
Regions Financial Corp	RF US	11:00	Q2 2013 Earnings Call	Q2 2013
Ryder System Inc	R US	11:00	Q2 2013 Earnings Call	Q2 2013
Peabody Energy Corp	BTU US	11:00	Q2 2013 Earnings Call	Q2 2013
Sigma-Aldrich Corp	SIAL US	11:00	Q2 2013 Earnings Call	Q2 2013
Avery Dennison Corp	AVY US	12:00	Q2 2013 Earnings Call	Q2 2013
PACCAR Inc	PCAR US	12:00	Q2 2013 Earnings Call	Q2 2013
Robert Half International Inc	RHI US	16:00	Q2 2013 Earnings Release	Q2 2013	0.433
Total System Services Inc	TSS US	16:00	Q2 2013 Earnings Release	Q2 2013	0.331
Altera Corp	ALTR US	16:15	Q2 2013 Earnings Release	Q2 2013	0.308
Norfolk Southern Corp	NSC US	16:30	Q2 2013 Earnings Call	Q2 2013
AT&T Inc	T US	16:30	Q2 2013 Earnings Call	Q2 2013
Altera Corp	ALTR US	16:45	Q2 2013 Earnings Call	Q2 2013
Broadcom Corp	BRCM US	16:45	Q2 2013 Earnings Call	Q2 2013
CR Bard Inc	BCR US	17:00	Q2 2013 Earnings Call	Q2 2013
Robert Half International Inc	RHI US	17:00	Q2 2013 Earnings Call	Q2 2013
Total System Services Inc	TSS US	17:00	Q2 2013 Earnings Call	Q2 2013
Electronic Arts Inc	EA US	17:00	Q1 2014 Earnings Call	C2 2014
Apple Inc	AAPL US	17:00	Q3 2013 Earnings Call	Q3 2013
Juniper Networks Inc	JNPR US	17:00	Q2 2013 Earnings Call	Q2 2013
International Game Technology	IGT US	17:00	Q3 2013 Earnings Call	Q3 2013
Discover Financial Services	DFS US	17:00	Q2 2013 Earnings Call	Q2 2013
Broadcom Corp	BRCM US	Aft-mkt	Q2 2013 Earnings Release	Q2 2013	0.694
Norfolk Southern Corp	NSC US	Aft-mkt	Q2 2013 Earnings Release	Q2 2013	1.494
CR Bard Inc	BCR US	Aft-mkt	Q2 2013 Earnings Release	Q2 2013	1.38
AT&T Inc	T US	Aft-mkt	Q2 2013 Earnings Release	Q2 2013	0.683
ACE Ltd	ACE US	Aft-mkt	Q2 2013 Earnings Release	Q2 2013	1.941
Nabors Industries Ltd	NBR US	Aft-mkt	Q2 2013 Earnings Release	Q2 2013	0.088
FMC Technologies Inc	FTI US	Aft-mkt	Q2 2013 Earnings Release	Q2 2013	0.471
Electronic Arts Inc	EA US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	-0.595
Apple Inc	AAPL US	Aft-mkt	Q3 2013 Earnings Release	Q3 2013	7.305
Juniper Networks Inc	JNPR US	Aft-mkt	Q2 2013 Earnings Release	Q2 2013	0.251
International Game Technology	IGT US	Aft-mkt	Q3 2013 Earnings Release	Q3 2013	0.309
Discover Financial Services	DFS US	Aft-mkt	Q2 2013 Earnings Release	Q2 2013	1.153
Linear Technology Corp	LLTC US	Aft-mkt	Q4 2013 Earnings Release	Q4 2013	0.419
Public Service Enterprise Group Inc	PEG US		Investor Meeting - Day 2	Y 2013
AbbVie Inc	ABBV US		FDA Adcomm, Humira, axial spondyloarthritis

Barchart Morning Call 1/15

Barchart Morning Call

BC - Tue Jan 15, 7:00AM CST

Overnight Developments

• March E-mini S&Ps this morning are trading mildly lower on debt ceiling concerns and a -0.48% sell-off in European stocks on a weak German GDP report. Asian stocks today closed mixed. Japan closed +0.72%, Hong Kong closed -0.14%, and China closed +0.70%. Commodity prices are mildly higher by +0.13%. Feb crude oil is down -0.10%, Feb gasoline is down -0.29%, Feb gold is up +0.55%, March copper is down -0.39%, grain prices are up about +0.6% on average, and livestock and softs are mostly lower. The dollar index is up +0.15%, EUR/USD is down -0.43%, and USD/JPY is sharply lower by -1.15%. March 10-year T-note prices are up 8.5 ticks.
• Japanese preliminary Dec machine tool orders weakened to -27.5% y/y from -21.3% in Nov.
• German Q4 GDP fell -0.5% q/q (-2.0% q/q annualized), according to a preliminary estimate from the German Federal Statistics Office. Overall German GDP growth in 2012 slid to +0.7% from +3.0% in 2011. Notably, German produced a budget surplus of 0.1% of GDP in 2012, an improvement from a 0.8% deficit in 2011.
• The UK Dec CPI rose +0.5% m/m and +2.7% y/y, which was in line with market expectations. The Dec core CPI eased to +2.4% y/y from +2.6% in Nov and was weaker than market expectations of +2.6%. UK inflation remains above the BOE's limit of 2% and continues to discourage the BOE from further easing at this point.
• The Eurozone Nov adjusted trade balance rose to 11.0 bln euros from a revised 7.4 bln euros in Oct and was larger than market expectations of 8.0 bln euros. The report was supportive for EUR/USD.
• USD/JPY fell after Japan's economy minister Akira Amari said that Japan faces risks from an excessive decline in the yen. The yen has plunged by 13% in the past four months against a trade-weighted basket of currencies.
• Spain today successfully sold 5.75 billion euros of bills, more than the target of 5.5 billion euros.
  Market Comments
  • March E-mini S&Ps this morning are down -4.25 points on the -0.48% sell-off in European stocks and on increased worries about the debt ceiling battle. The S&P 500 index on Monday closed mildly lower as concern rose about the debt ceiling battle after President Obama at a surprise press conference continued to indicate that he does not plan to negotiate with House Republicans over a debt ceiling hike, highlighting the impending battle that could easily result in at least a government shut-down. The Nasdaq index fell -0.46% on a sharp 3.6% sell-off in Apple on a report that Apple is curbing iPhone production due to weak demand. Closes: S&P 500 -0.09%, Dow Jones +0.14%, Nasdaq -0.46%.
  • March 10-year T-notes this morning are up 8.5 ticks on the lower trade in stocks and debt ceiling worries. March 10-year T-note prices on Monday closed mildly higher on some increased safe-haven demand with the impending debt ceiling battle.
  • The dollar index this morning is up +0.12 points (+0.15%) on increased safe-haven demand. EUR/USD is down -0.0057 (-0.43%). USD/JPY is sharply lower by -1.03 (-1.15%) as the Japanese government seems to be getting nervous about the extent of the yen's plunge in recent weeks. The dollar index on Monday closed slightly lower on continued technical weakness with the new 2-week low. EUR/USD closed higher despite a weaker-than-expected Eurozone industrial production report. Closes: Dollar index -0.08 (-0.09%), EUR/USD +0.0039 (+0.29%),USD/JPY +0.30 (+0.34%).
  • Feb WTI crude oil prices this morning are down -0.09 (-0.10%) and Feb gasoline is down -0.0079 (-0.29%). Feb crude oil and gasoline prices on Monday closed higher on the slightly lower close in the dollar index and on carry-over support from the reopening of the Seaway pipeline last Friday with an expanded capacity of 400,000 bpd (vs 150,000 bpd), which will help dampen inventories at the Cushing hub where WTI crude oil futures are priced. Crude oil and gasoline prices were able to rally even though increases are expected for tomorrow's DOE inventory report for crude oil, gasoline and distillates. Closes: CLG3 +0.58 (+0.62%), RBG3 +0.0146 (+0.53%).
  • For the complete subscription version of this daily report (plus a 13-page big-picture weekly report), along with the earliest possible delivery in the morning, please visit http://www.barchart.com/register/crbfms_usmc.php
    Today's U.S. Earnings ReportsEarnings reports (ranked by market cap): FRX-Forest Labs (consensus -$0.08), LLTC-Linear Tech (0.44), LEN-Lennar (0.44), CBSH-Commerce Bankshares (0.72), FULT-Fulton Financial (0.20), IRWD-Ironwood Pharmaceuticals (-0.48), PNFP-Pinnacle Financial (0.33), IBKR-Interactive Broker (0.21).
    Global Financial Calendar

    Tuesday 1/15/13
    United States
    0800 ET	Boston Fed President Eric Rosengren speaks on the economic outlook at the Greater Providence Chamber.
    0830 ET	Jan Empire manufacturing index expected +8.1 to 0.0, Dec -2.9 to -8.1.
    0830 ET	Dec retail sales expected +0.2% m/m, Nov +0.3% m/m. Dec retail sales ex-autos expected +0.2% m/m, Nov unch m/m. Dec retail sales ex-auto and gas, Nov +0.7% m/m.
    0830 ET	Dec PPI expected -0.1% m/m and +1.4% y/y, Nov -0.8% m/m and +1.5% y/y. Dec core PPI expected +0.2% m/m and +2.1% y/y, Nov +0.1% m/m and +2.2% y/y.
    1000 ET	Nov business inventories expected +0.3% m/m, Oct +0.4% m/m.
    1230 ET	Philadelphia Fed President Charles Plosser speaks on the U.S. economic outlook at Simon School of Business in Rochester, NY.
    n/a	World Bank released Global Economic Prospects report.
    1630 ET	API weekly U.S. oil statistics.
    Germany
    0200 ET	German final-Dec CPI expected unrevised at +0.9% m/m and +2.1% y/y. Final-Dec EU-harmonized, Nov +1.0% m/m and +2.1% y/y.
    United Kingdom
    0430 ET	UK Dec PPI input nsa expected unchanged m/m and +0.4% y/y, Nov +0.1% m/m and -0.3% y/y. Dec PPI output nsa expected unchanged m/m and +2.4% y/y, Nov -0.2% m/m and +2.2% y/y. Dec PPI output core nsa expected unchanged m/m and +1.5% y/y, Nov unch m/m and +1.4% y/y.
    0430 ET	UK Dec CPI expected +0.5% m/m and +2.7% y/y, Nov +0.2% m/m and +2.7% y/y. Dec core CPI expected +2.6% y/y, Nov +2.6% y/y.
    0430 ET	UK Dec RPI expected +0.4% m/m and +3.0% y/y, Nov unch m/m and +3.0% y/y. Dec RPI ex-mortgage interest payments expected +3.0% y/y, Nov +2.9% y/y.
    Euro-Zone
    0500 ET	Eurozone Nov trade balance sa expected 8.0 bln euros, Oct 7.9 bln euros. Nov trade balance expected 10 bln euros, Oct 10.2 bln euros.
    Japan
    1850 ET	Japan Dec domestic CGPI expected +0.2% m/m and -0.7% y/y, Nov unch m/m and -0.9% y/y.
    1850 ET	Japan Nov machine orders expected +0.3% m/m and -7.3% y/y, Oct +2.6% m/m and +1.2% y/y.

    
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Barchart Morning Call 10/16

Barchart Morning Call

BC - 2 hrs 29 mins ago

Overnight Developments

• Dec E-mini S&Ps are mildly higher by +0.24% on support from the +0.98% rally in European stocks and the improvement in the Zew economic sentiment indexes for Germany and the Eurozone. Asian stocks today closed higher nearly across the board with Japan up +1.44% and China up +0.14%. Commodity prices are up +0.58% this morning with Nov crude oil up +0.11%, Dec gold up +0.23%, Dec copper up +0.50%, and agricultural prices trading mostly higher. The dollar index is down -0.32% while EUR/USD is up +0.49%. Dec 10-year T-notes are down 5 ticks.
• The Financial Times is reporting today that Spain is already prepared to make a formal rescue request from the ECB/ESM but that the request is being delayed by an attempt to resolve issues related to the impact on other countries such as Italy.
• 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. That report on investor and analyst sentiment indicates improved confidence tied to the ECB's bond-buying program and the subsequent drop in Spanish and Italian bond yields. The Oct current situation index, however, of 10.0 fell from September's 12.6 and was weaker than market expectations of 11.8.
• The Eurozone Oct Zew economic sentiment index improved to -1.4 from -3.8 in September.
• The Eurozone Sep CPI report of +0.7% m/m and +2.6% y/y was in line with market expectations. The Sep year-on-year figure of +2.6% y/y was down slightly from +2.7% in August.
• The Eurozone Aug trade surplus (sa) widened to 9.9 billion euros from a revised 7.2 billion euros in July and was wider than market expectations of 8.2 billion euros. The report was supportive for EUR/USD.
• Spain today successfully sold 4.86 billion euros of 12-month and 18-month securities, exceeding its intended 4.5 billion euro target. The bid cover ratios were 2.71 for the 12-month notes and 3.04 for the 18-month notes.
• EU27 Sep new car registrations fell -10.8% y/y from -8.9% y/y in August.
• The UK Sep CPI report of +0.4% m/m and +2.2% y/y was in line with market expectations and was down from Aug's +0.5% m/m and +2.5% y/y. The Sep core CPI was unchanged from Aug at +2.1% y/y and was in line with market expectations. The improved CPI report is a positive for the UK economy since it gives more flexibility on monetary policy to the Bank of England.
• Tokyo Sep condo sales fell to -9.3% y/y from +17.3% y/y in Aug.
  Market Comments
  • Dec E-mini S&Ps this morning are mildly higher by +3.50 points (+0.24%). Supportive factors include the 0.98% rally in the Euro Stoxx 50 index, the improvement in the Zew confidence indexes for Germany and the Eurozone, and the rally in virtually all of the Asian stock markets today. The S&P 500 index on Monday closed with fairly sharp gains: S&P 500 +0.81%, Dow Jones +0.72%, Nasdaq 100 +0.73%. Bullish factors included the stronger-than-expected U.S. retail sales report, a 5.5% rally in Citigroup that followed its earnings report, and favorable Chinese exports and CPI reports. U.S. Sep retail sales rose +1.1% m/m, stronger than expectations of +0.8% and Aug retail sales were revised higher to +1.2% from +0.9%. Sep retail sales ex autos and gasoline showed a strong increase of +0.9% after the revised +0.3% increase in Aug. China's Sep exports were reported on Saturday at +9.9% y/y, stronger than market expectations of +5.5% and Aug's report of +2.7%.
  • Dec 10-year T-notes this morning are down 5 ticks on reduced safe-haven demand with the rally in global stocks. Dec 10-year T-note prices on Monday closed little changed: TYZ2 unch, FVZ2 +0.5. T-notes were undercut by the strong U.S. retail sales report and reduced safe-haven demand with the rally in stocks.
  • The dollar index this morning is down -0.26 points (-0.32%) on reduced safe-haven demand with the rally in stocks.. EUR/USD is up +0.0064 (+0.49%) on the successful Spanish note sales today and the FT report that Spain is already prepared to request a credit line from the ECB/ESM bailout program. USD/JPY is up +0.24 (+0.31%). The dollar index on Monday closed slightly higher: Dollar index +0.08 (+0.09%), EUR/USD -0.0002 (-0.02%), USD/JPY +0.21 (+0.27%). The dollar received support from the stronger-than-expected U.S. retail sales report of +1.2% and uncertainty about EUR/USD going into the EU Summit on Thursday and Friday.
  • Nov WTI crude oil prices this morning are up +0.10 (+0.11%) and Nov gasoline is up +0.0063 (+0.22%). Nov crude oil and gasoline prices closed lower on Monday: CLX2 -0.01 (-0.01%), RBX2 -0.0425 (-1.47%). Bearish factors included expectations for a 1.5 million barrel rise in U.S. crude oil inventories in Wednesday's DOE report and technical selling in gasoline prices, which hit a 1-1/2 week low. The market consensus for Wednesday's 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.
  • For the complete subscription version of this daily report (plus a 13-page big-picture weekly report), along with the earliest possible delivery in the morning, please visit http://www.barchart.com/register/crbfms_usmc.php
    Today's U.S. Earnings Reports Earnings reports (ranked by market cap): IBM-IBM (Consensus:$3.61), JNJ-Johnson & Johnson (1.21), KO-Coca-Cola (0.51), INTC-Intel (0.52), GS-Goldman Sachs (2.28), UNH-UnitedHealth (1.35), PNC-PNC Financial (1.66), CSX-CSX Corp (0.43), ISRG-Intuitive Surgical (3.49), STT-State Street (0.96), GWW-WW Grainger (2.89), OMC-Omnicom Group (0.72), MAT-Mattel (0.99), FRX-Forest Labs (0.04), LLTC-Linear Tech (0.51), FTNT-Fortinet (0.14), CBSH- Commerce Bankshares (0.77), APOL-Apollo Group (0.49), URI-United Rentals (1.13), CREE-Cree Inc (0.26), DPZ-Domino's Pizza (0.41), WWW-Wolverine World (0.73),
    Global Financial Calendar
    

    Tuesday 10/16/12
    United States
    0745 ET	ICSC (Int'l Council of Shopping Centers) weekly retailer sales.
    0830 ET	Sep CPI expected +0.5% and +1.9% y/y, Aug +0.6% m/m and +1.7% y/y. Sep core CPI expected +0.2% and +2.0% y/y, Aug +0.1% m/m and +1.9% y/y.
    0855 ET	Redbook weekly retailer sales.
    0915 ET	Sep industrial production expected +0.2% m/m, Aug -1.2% m/m. Sep manufacturing production expected +0.3% m/m, Aug -0.7% m/m. Sep capacity utilization expected +0.1 to 78.3%, Aug 78.2%.
    1000 ET	Oct NAHB housing market index expected +1 to 41, Sep +3 to 40.
    1130 ET	Weekly 4-week T-bill auction.
    1200 ET	Federal Reserve Governor Sarah Bloom Raskin speaks on financial regulation at Suffolk University in Boston.
    1200 ET	Atlanta Fed President Dennis Lockhart introduces Argentine ambassador before the World Affairs Council of Atlanta at the Commerce Club.
    1630 ET	API weekly U.S. oil statistics.
    2100 ET	Obama-Romney debate at Hofstra University in Hempstead, NY. Town hall style meeting including foreign and domestic policy.
    Japan
    0000 ET	Tokyo Sep condo sales, Aug +17.3% y/y.
    Euro-Zone
    0200 ET	EU27 Sep new car registrations, Aug -8.9% y/y.
    0500 ET	Eurozone Sep CPI expected +0.7% m/m and +2.7% y/y, Aug +0.4% m/m and +2.7% y/y. Sep core CPI expected +1.6% y/y, Aug +1.5% y/y.
    0500 ET	Eurozone Aug trade balance (sa) expected 8.2 bln euros, July 7.9 bln euros.
    0500 ET	Eurozone Oct Zew economic sentiment index, Sep -3.8.
    Germany
    0500 ET	German Oct Zew survey current situation index expected 11.8, Sep 12.6. Oct Zew economic sentiment index expected -14.9, Sep -18.2.
    United Kingdom
    0430 ET	UK Aug ONS house price expected +1.9% y/y, July +2.0% y/y.
    0430 ET	UK Sep PPI input (nsa) expected +0.2% m/m and -0.6% y/y, Aug +2.0% m/m and +1.4% y/y.
    0430 ET	Sep PPI output (nsa) expected +0.3% m/m and +2.2% y/y, Aug +0.5% m/m and +2.2% y/y. Sep PPI output core (nsa) expected +0.1% m/m and +1.0% y/y, Aug +0.1% m/m and +1.2% y/y.
    0430 ET	UK Sep CPI expected +0.4% m/m and +2.2% y/y, Aug +0.5% m/m and +2.5% y/y. Sep core CPI expected +2.1% y/y, Aug +2.1% y/y.
    0430 ET	UK Sep RPI expected +0.5% m/m and +2.6% y/y, Aug +0.4% m/m and +2.9% y/y. Sep RPI ex-mortgage interest payments expected +2.6% y/y, Aug +2.9% y/y.

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Barchart Moring Call 7/16

Barchart Morning Call

BC - 1 hr 21 mins ago

Overnight Developments

• Sep E-mini S&Ps are trading mildly higher by +0.35% and European stocks are up +0.42% as the markets are hoping for any hints of further stimulus measures by Fed Chairman Bernanke in his testimony today. The European stock market was able to shake off today's generally negative Eurozone and German ZEW sentiment reports. Commodity prices are mixed with crude oil up +0.15%, gold up +0.09%, copper up +0.14%, and agricultural prices trading mostly lower. The dollar index is little changed while EUR/USD is slightly higher by +0.10%. Sep 10-year T-notes are down 3 ticks.
• Asian stocks today closed higher across the board: Japan +0.35%, Hong Kong +1.75%, China +0.60%, Taiwan +0.52%, Australia +0.87%, Singapore +0.54%, South Korea +0.33%, India +0.01%, Turkey +0.01%.
• Goldman Sachs this morning reported Q2 earnings at $1.78 per share, substantially higher than the consensus of $1.18.
• China will boost its railway infrastructure investment by 9% to 448.3 billion yuan ($70.3 billion) this year, up from the previous plan of 411.3 billion. Spending was only 148.7 billion yuan in the first half of 2012, meaning investment needs to roughly double in the second half to meet the full-year target. The Chinese government reported today that foreign direct investment in June fell -6.9% y/y, which was a disappointing sign that foreign businesses have reduced their investment in Chinese assets. The markets are hoping that the Chinese government after Wednesday's State Council meeting may announce additional stimulus measures.
• Spain today successfully auctioned 2.6 billion euros of 1-year bills at an average yield of 3.918%, which was substantially lower than 5.074% at the last auction in June. The bid cover ratio of 2.23 was higher than the June auction of 2.16.
• The German July ZEW current situation index fell sharply to 21.1 from 33.2 in June and was weaker than market expectations of 30.0. The July index of investor and analyst expectations fell to -19.6 from -16.9 in June but was a bit stronger than market expectations for a dip to -20.0. The index measures expectations for economic conditions in six months. For the Eurozone as a whole, the ZEW July index of investor and analyst expectations fell to -22.3 from -20.1 in June.
• The UK June CPI eased to +2.4% y/y from +2.8% in May and was weaker than market expectations while the June core CPI eased to +2.1% from +2.2%. The lower CPI figures give the Bank of England more cover as it restarted its quantitative easing program at its meeting at the beginning of July.
  Market Comments
  • Sep E-mini S&Ps this morning are trading +4.75 (+0.35%) as the market hopes that Fed Chairman Bernanke at his testimony today before the Senate Banking Committee will hint at further stimulus measures. The market is also looking ahead to a raft of earnings reports today. Stocks on Monday closed mildly lower: S&P 500 -0.23%, Dow Jones -0.39%, Nasdaq 100 -0.31%. Bearish factors included (1) the weaker-than-expected U.S. June retail sales report of -0.5%, (2) the IMF's cut in its global economic forecast to +3.9% from its April forecast of +4.1%, (3) the delay until September in a preliminary ruling by the German Federal Constitutional Court on the ESM bailout facility, and (3) China Premier Wen Jiabao's comment on Sunday said that "It should be clearly understood that the momentum for a stable rebound in the economy has not yet been established." Supportive factors included (1) the July NY Empire manufacturing index of +5.10 points to 7.39, which was stronger than market expectations for a rise to 4.00, and (2) Citigroup's +0.6% rally on a better-than-expected Q2 earnings report.
  • Sep 10-year T-notes this morning are down 3 ticks on the mildly higher trade in U.S. and European stocks. Sep 10-year T-note prices on Monday closed mildly higher: TYU2 +8.5, FVU2 +6. T-note prices rallied on increased safe-haven demand with the sell-off in stocks and the delay in the ESM bailout fund.
  • The dollar index this morning is little changed at -0.01 at 83.088. EUR/USD is up +0.0012 (+0.10%) and USD/JPY is up +0.18 (+0.23%). The dollar index on Monday closed moderately lower: Dollar index -0.21 (-0.26%), EUR/USD +0.0024 (+0.20%), USD/JPY -0.31 (-0.39%). The dollar index fell on Monday on long liquidation pressure after the 2-week rally, shaking off the bullish factors of the sell-off in stocks and the delay in the ESM. The German Federal Constitutional Court announced that it will not issue even a preliminary ruling on the constitutionality of the ESM and the fiscal pact until September. That will leave the Eurozone limping along with only its temporary EFSF bailout facility until at least September.
  • Aug WTI crude oil prices this morning are up +0.13 (+0.15%) on the higher trade in U.S. and European stocks, hopes for stimulus hints from Fed Chairman Bernanke today, and expectations for a decline in oil inventories in Wednesday's weekly DOE report. Aug gasoline this morning is up up +0.0201 (+0.70%). Crude oil and gasoline prices on Monday rallied fairly sharply: CLQ2 +1.33 (+1.153%), RBQ2 +0.0386 (+1.37%). Aug gasoline prices on Monday posted a new 2-month high and led crude oil prices higher. Bullish factors included (1) technical buying, (2) news that a U.S. Navy vessel near the Strait of Hormuz fired on a fishing vessel that approached at high speed and refused to stop, (3) tightening sanctions on Iran, and (4) expectations for a sustained draw-down in U.S. crude oil inventories with U.S. refineries operating in high gear. The market consensus for Wednesday's DOE report is for a 750,000 barrel decline in crude oil inventories, a 1.1 million barrel increase in gasoline inventories, a 1 million barrel increase in distillate inventories, and a 0.4 point increase in the refinery utilization rate to a new 5-year high of 93.1% of capacity from 92.7% in last week's report.
  • For the complete subscription version of this daily report (plus a 13-page big-picture weekly report), along with the earliest possible delivery in the morning, please visit http://www.barchart.com/register/crbfms_usmc.php
    Today's U.S. Earnings Reports Earnings reports (ranked by market cap): JNJ-Johnson & Johnson (Consensus $1.29), KO-Coca-Cola (1.19), INTC-Intel (0.54), GS-Goldman Sachs (1.18), CSX-CSX Corp (0.47), MOS-Mosaic (1.15), STT-State Street (0.97), YHOO-Yahoo (0.23), SCHW-Schwab (0.18), OMC-Omnicom (1.01), HST-Host Hotels (0.13), MAT-Mattel (0.21), MTB-M&T Bank (1.69), FIS-Fidelity National (0.60), WYNN-Wynn Resorts (1.51), FRX-Forest Labs (0.26), AMTD-TD Ameritrade (0.26), KSU-Kansas City Southern (0.83), CMA-Comerica (0.62), ALB-Albemarle (1.22), EDU-New Oriental (0.14), CZZ-Cosan (0.13), URI-United Rentals (0.50), Equity Lifestyle (0.21).
    Global Financial Calendar
    

    Tuesday 7/17/12
    United States
    0745 ET	ICSC (Int'l Council of Shopping Centers) weekly retailer sales.
    0830 ET	June CPI expected unchanged m/m and +1.6% y/y, May -0.3% m/m and +1.7% y/y. June core CPI expected +0.2% m/m and +2.2% y/y, May +0.2% m/m and +2.3% y/y.
    0855 ET	Redbook weekly retailer sales.
    0915 ET	June industrial production expected +0.3% m/m, May -0.1% m/m. June manufacturing production, May -0.4% m/m. June capacity utilization expected +0.2 to 79.2%, May -0.2 to 79.0%.
    1000 ET	Fed Chairman Bernanke delivers semi-annual monetary policy report to Senate Banking Committee.
    1000 ET	July NAHB housing market index expected +1 to 30, June +1 to 29.
    1315 ET	Fed's Pianalto speaks on U.S. economy in Erie, PA.
    1130 ET	Weekly 4-week T-bill auction.
    1630 ET	API weekly U.S. oil statistics.
    Canada
    0900 ET	Bank of Canada announces outcome of policy meeting with policy rate expected unchanged at 1.0%.
    Euro-Zone
    0200 ET	EU27 June new car registrations, May -8.7%.
    0500 ET	ZEW July economic sentiment index, June -20.1.
    Germany
    0500 ET	German July ZEW current situation index expected 30.0, June 33.2. July ZEW economic sentiment index expected -20, June -16.9.
    United Kingdom
    0430 ET	UK May ONS house price index, April +1.4% y/y.
    0430 ET	UK June CPI expected -0.1% m/m and +2.8% y/y, May -0.1% m/m and +2.8% y/y. June core CPI expected +2.5% y/y, May +2.2% y/y.
    0430 ET	June RPI expected unch m/m and +3.0% y/y, May unch m/m and +3.1% y/y. June RPI ex mortgage interest payments expected +3.1% y/y, May +3.1% y/y.
    CHI
    2130 ET	China June property prices.

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