The 5 Best NASDAQ 100 stocks for Momentum Investors

Today I used Barchart to sort the NASDAQ 100 Index stocks first for the highest short term buy signals, then I used the Flipchart feature to review the charts for consistency.  Today's additions to the Watchlist include:

SBA Communications (SBAC), Paychex (PAYX), Netease (NTES), Intuitive Surgical (ISRG) and Intuit (INTU)

SBA Communications (SBAC)

Barchart technical indicators:

• 100% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 9 new highs and up 8.69% in the last month
• Relative Strength Index 62.51%
• Technical support level at 103.31
• Recently traded at 107.44 with a 50 day moving average of 101.47

Paychex (PAYX)

Barchart technical indicators:

• 100% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 8 new highs and up 3.33% in the last month
• Relative Strength Index 61.18%
• Technical support level at 55.49
• Recently traded at 56.14 with a 50 day moving average of 53.55

Netease (NTES)

Barchart technical indicators:

• 100% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 2 new highs and up 3.24% in the last month
• Relative Strength Index 67.13%
• Technical support level at 167.83
• Recently traded at 657.72 with a 50 day moving average of 636.00

Intuitive Surgical (ISRG)

Barchart technical indicators:

• 88% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 6 new highs and up 3.21% in the last month
• Relative Strength Index 59.03%
• Technical support level at 633.01
• Recently traded at 657.72 with a 50 day moving average of 636.00

Intuit (INTU)

Barcart technical indicators:

• 96% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 4 new highs and up 1.30% for the last month
• Relative Strength Index 58.40%
• Technical support level at 105.66
• Recently traded at 109.29 with a 50 day moving average of 104.68

5 NASDAQ 100 Stocks for Momentum Investors

This morning I used Barchart to sort the NASDAQ 100 Index stocks first for the highest number of new highs in the last month, then again for technical buy signals f 80% or more, Next I used the Flipchart feature to review the charts for consistency.  The stocks added to the Watch List today include:

Netease (NTES)

Barchart technical indicators:

• 80% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 14 new highs and up 32.03% in the last month
• Relative Strength Index 76.08%
• Technical support level at 171.08 
• Recently traded at 175.79 with a 50 day moving average of 146.41

Nvidia (NVDA)

Barchart technical indicators:

• 96% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving aerages
• 10 new highs and up 23.02% in the last month
• Relative Strength Index 84.14%
• Technical support level at 45.39
• Recently traded at 45.90 with a 50 day moving average of 37.52

T-Mobile (TMUS)

Barchart technical indicators:

• 96% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 9 new highs and up 7.15% in the last month
• Relative Strength Index 72.93%
• Technical support level at 41.93
• Recently traded at 42.54 with a 50 day moving average of 39.64

Intuit (INTU)

Barchart technical indicators:

• 100% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 8 new highs and up 4.23% in the last month
• Relative Strength Index 106.46
• Technical support level at 64.15
• Recently traded at 107.89 with a 5 day moving vaerage of 103.00

Adobe Systems (ADBE)

Barchart technical indicators:

• 96% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 7 new highs and up 4.71% in the last month
• Relative Strength Index 67.69%
• Technical support level at 98.49
• Recently traded at 100.14 with a 50 day moving average of 95.13

MORNING CALL 11/12

MORNING CALL

Thursday, November 12th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ15 +0.05%) are up +0.02% ahead of speeches today by Fed Chair Yellen and several other FOMC members who are all expected to discuss monetary policy and may provide a clue as to the certainty of an interest rate hike next month. European stocks are down -0.55%, led by a 20% plunge in Rolls-Royce Holdings Plc after the company warned ifs 2016 profit may take a nearly $1 billion hit from lower demand for aircraft engines. Stocks also fell after ECB President Draghi warned that downside economic risks from global growth are "clearly visible." Asian stocks settled mixed: Japan +0.03%, Hong Kong +2.40%, China -0.48%, Taiwan +0.16%, Australia +0.06%, Singapore -0.76%, South Korea -0.29%, India closed for holiday. Japan's Nikkei Stock Index eked out a new 2-1/2 month high as USD/JPY remains near a 2-1/2 month high and the weak yen boosted Japanese exporters as their earnings prospects improve. China's Shanghai Composite closed lower after a gauge of new credit in China rose by the least in 15 months last month.

The dollar index (DXY00 +0.14%) is up +0.16%. EUR/USD (^EURUSD) is down -0.29% on comments from ECB President Draghi that signal the ECB may expand stimulus. USD/JPY (^USDJPY) is up +0.13%.

Dec T-note prices (ZNZ15 +0.06%) are up +3 ticks.

ECB President Draghi signaled that he may step up stimulus measure when he said that "signs of a sustained turnaround in core inflation have somewhat weakened" and that "downside risks stemming from global growth and trade are clearly visible."

China Oct new yuan loans rose by 513.6 billion yuan, less than expectations of 800 billion yuan and the smallest gain in 15 months. Oct aggregate financing, the broadest measure of new credit, rose by 476.7 billion yuan, less than half expectations of 1.050 trillion yuan and also the smallest increase in 15 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly initial unemployment claims (expected -6,000 to 270,000, previous +6,000 to 276,000) and continuing claims (expected -8,000 to 2.155 million, previous +17,000 to 2.163 million), (2) St. Louis Fed President James Bullard's speech on monetary policy at a conference hosted by the Caito Institute, (3) Fed Chair Janet Yellen's opening remarks at a Fed policy conference on “Monetary Policy Implementation and Transmission in the Post-Crisis Period,” (4) Sep JOLTS job openings (expected +30,000 to 5.400 million, Aug -298,000 to 5.370 million), (5) Chicago Fed President Charles Evans' speech on monetary policy and the economic outlook at the National Communities Council Fall Leadership Forum, (6) New York Fed President William Dudley's speech on the economic outlook and what it means for monetary policy at an Economic Club of New York luncheon, (7) the Treasury's auction of $16 billion of 30-year T-bonds, (8) Oct monthly budget statement (expected -$130.00 billion, Sep +$91.06 billion), and (9) Fed Vice Chair Stanley Fisher's speech on incorporating financial stability into monetary policy at a conference hosted by the Fed Board.

There are 8 of the S&P 500 companies that report earnings today: Cisco (consensus $0.56), Viacom (1.55), Applied Materials (0.29), Helmerich & Payne (0.05), Advance Auto Parts (2.09), Kohl's (0.69), Nordstrom (0.72), Fossil Group (1.19).

U.S. IPO's scheduled to price today: Extended Stay Amercia (STAY), Mesoblast (MBLTY), Instructure Inc (INST), LoanDepot (LDI), American CareSource (GNOW).

Equity conferences during the remainder of this week include: none.

OVERNIGHT U.S. STOCK MOVERS

Kohl's (KSS -5.35%) reported Q3 EPS of 75 cents, higher than consensus of 69 cents.

Advanced Auto Parts (AAP +0.29%) reported Q3 EPDS of $1.95, below consensus of $2.09.

Viacom (VIAB +1.96%) reported Q4 EPS of $1.54, less than consensus of $1.55.

Helmerich & Payne (HP -5.31%) reported Q4 EPS of 4 cents, below consensus of 5 cents.

Flower Foods (FLO -1.19%) dropped over 3% in after-hours trading after it reported Q3 EPS of 23 cents, right on consensus, but then lowered guidance on fiscal 2015 EPS to 96 cents-98 cents from an Aug estimate of 96 cents-$1.01, below consensus of $1.00.

NetEase (NTES +2.01%) climbed 2% in after-hours trading after it reported Q3 net revenue of $1.05 billion, higher than consensus of $883.8 million.

NCR Corp. (NCR +0.26%) rose over 4% in after-hours trading after Dow Jones reported that Blackstone is near a deal to pay $800 million for a 15% stake in the company.

Popeyes Louisiana Kitchen (PLKI -1.56%) jumped over 5% in after-hours trading after it reported Q3 adjusted EPS of 47 cents, better than consensus of 45 cents.

Shell Midstream Partners LP (SHLX -1.73%) slid over 4% in after-hours trading after it announced that it plans a 8 million-unit offering to fund its Pecten deal.

JetBlue Airways (JBLU +0.08%) reported that preliminary passenger revenue per available mile (PRASM) for the month of October fell -2% y/y.

IAC/InterActiveCorp offered to buy Angie's List (ANGI +1.02%) for $8.75 a share, a 10% premium to Wednesday's closing price of $7.92.

Freshpet (FRPT -4.99%) slumped over 15% in after-hours trading after it reported a Q3 EPS loss of -5 cents, wider than consensus of a -3 cent loss, and then lowered its 2015 sales estimate to $115.5 million-$117 million from a previous estimate of $117 million-$119.5 million, below consensus of $118.4 million.

Mast Therapeutics (MSTX unch) vepoloxame drug to treat sickle cell disease may be on the market in the U.S. by 2017 and 2018 in Europe according to Maxim.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ15 +0.05%) this morning are up +0.50 of a point (+0.02%). Wednesday's closes: S&P 500 -0.32%, Dow Jones -0.32%, Nasdaq-0.10%. The S&P on Wednesday closed lower on weakness in retailers led by a 14% plunge in Macy's after it cut its profit forecast for this year. In addition, energy and commodity producers showed weakness after crude oil dropped to a 2-week low and copper sank to a 6-1/3 year low. Stocks found underlying support from reduced concern about China's economy after China Oct retail sales rose +11.0% y/y, stronger than expectations of +10.9% y/y and the fastest pace of increase since Dec 2014. Stocks also found support from increased M&A activity after Anheuser-Busch InBev NV submitted a formal offer to buy SABMiller Plc for $107 billion.

Dec 10-year T-notes (ZNZ15 +0.06%) this morning are up +3 ticks. Wednesday's closes: TYZ5 -7.50, FVZ5 -4.25. Dec T-notes on Wednesday closed lower on hawkish comments from San Francisco Fed President Williams who said there's a "very strong case" for the Fed to raise interest rates if the economy continues to improve. T-notes also saw supply pressures before the Treasury auctions $16 billion of 30-year T-bonds on Thursday.

The dollar index (DXY00 +0.14%) this morning is up +0.157 (+0.16%). EUR/USD (^EURUSD) is down -0.0031 (-0.29%). USD/JPY (^USDJPY) is up +0.16 (+0.13%). Wednesday's closes: Dollar Index -0.280 (-0.28%), EUR/USD +0.0019 (+0.18%), USD/JPY -0.29 (-0.24%). The dollar index on Wednesday closed lower on strength in EUR/USD after ECB Executive Board member Coeure said the ECB is not committed to further easing at its December meeting and will decide based on economic data. In addition, ECB Governing Council member Hansson dampened speculation that the ECB might cut the deposit rate when it meets in December when he said there's no need for the ECB to cut policy rates at the moment.

Dec crude oil (CLZ15 -0.54%) this morning is down -7 cents (-0.16%) and Dec gasoline (RBZ15 -0.35%) is up +0.0017 (+0.13%). Wednesday's closes: CLZ5 -1.28 (-2.90%), RBZ5 -0.0296 (-2.17%). Dec crude oil and gasoline prices on Wednesday closed lower with Dec cruse at a 2-week low and Dec gasoline at a 1-1/2 week low. Crude oil prices were undercut by Tuesday's late API data showing that U.S. crude supplies rose 6.3 million bbl last week. Crude oil prices were also hurt by comments from two unnamed OPEC delegates who said the cartel may consider raising its production target by +1.0 million bpd at the Dec 4 OPEC meeting to accommodate production from new OPEC member Indonesia.

GLOBAL EVENT CALENDAR11/12/2015

US	0830 ET	Weekly initial unemployment claims expected -6,000 to 270,000, previous +6,000 to 276,000. Weekly continuing claims expected-8,000 to 2.155 million, previous +17,000 to 2.163 million.
	0915 ET	St. Louis Fed President James Bullard speaks on monetary policy at a conference hosted by the Caito Institute.
	0930 ET	Fed Chair Janet Yellen delivers opening remarks at a Fed policy conference on Monetary Policy Implementation and Transmission in the Post-Crisis Period.
	1000 ET	Sep JOLTS job openings expected +30,000 to 5.400 million, Aug -298,000 to 5.370 million.
	1015 ET	Chicago Fed President Charles Evans speaks on monetary policy and the economic outlook at the National Communities Council Fall Leadership Forum.
	1100 ET	EIA Weekly Petroleum Status Report.
	1100 ET	Treasury announces amount of 10-year TIPS to be auctioned on Nov 19.
	1210 ET	New York Fed President William Dudley speaks on the economic outlook and what it means for monetary policy at an Economic Club of New York luncheon.
	1300 ET	Treasury auctions $16 billion 30-year T-bonds.
	1400 ET	Oct monthly budget statement expected -$131.50 billion, Sep +$91.06 billion.
	1800 ET	Fed Vice Chair Stanley Fisher delivers a speech on incorporating financial stability into monetary policy at a conference hosted by the Fed Board.
GER	0200 ET	Revised German Oct CPI (EU harmonized), previous unch m/m and +0.2% y/y.
EUR	0500 ET	Eurozone Sep industrial production expected -0.1% m/m and +1.3% y/y, Aug -0.5% m/m and +0.9% y/y.
JPN	2330 ET	Revised Japan Sep industrial production, previous +1.0% m/m and -0.9% y/y. Sep capacity utilization, Aug 0.9% m/m.
	2330 ET	Japan Sep tertiary industry index expected +0.1% m/m, Aug +0.1% m/m.

U.S. STOCK CALENDAR11/12/2015

Company	Ticker	Time	Event Description	Period	Estimate
Helmerich & Payne Inc	HP US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	0.051
Advance Auto Parts Inc	AAP US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	2.086
Viacom Inc	VIAB US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	1.546
Kohl's Corp	KSS US	7:00	Q3 2016 Earnings Release	Q3 2016	0.689
WW Grainger Inc	GWW US	8:00	October 2015 Sales and Revenue Release	2015
F5 Networks Inc	FFIV US	8:00	Analyst and Investor Meeting	Y 2015
Kohl's Corp	KSS US	8:30	Q3 2016 Earnings Call	Q3 2016
Viacom Inc	VIAB US	8:30	Q4 2015 Earnings Call	Q4 2015
Estee Lauder Cos Inc/The	EL US	10:00	Annual General Meeting	Y 2015
Advance Auto Parts Inc	AAP US	10:00	Q3 2015 Earnings Call	Q3 2015
Helmerich & Payne Inc	HP US	11:00	Q4 2015 Earnings Call	Q4 2015
WW Grainger Inc	GWW US	11:30	Analyst Meeting	Y 2015
Twenty-First Century Fox Inc	FOXA US	13:00	Annual General Meeting	Y 2015
WW Grainger Inc	GWW US	14:00	October 2015 Sales and Revenue Call	2015
Cisco Systems Inc	CSCO US	16:30	Q1 2016 Earnings Call	Q1 2016
Applied Materials Inc	AMAT US	16:30	Q4 2015 Earnings Call	Q4 2015
Fossil Group Inc	FOSL US	16:30	Q3 2015 Earnings Call	Q3 2015
Nordstrom Inc	JWN US	16:45	Q3 2016 Earnings Call	Q3 2016
Cisco Systems Inc	CSCO US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	0.564
Nordstrom Inc	JWN US	Aft-mkt	Q3 2016 Earnings Release	Q3 2016	0.723
Applied Materials Inc	AMAT US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.288
Fossil Group Inc	FOSL US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	1.187
United Parcel Service Inc	UPS US		Roadshow - Day9	Y 2015

Barchart's Morning Call 8/15

Barchart Morning Call

BC - Wed Aug 15, 7:00AM CDT

Overnight Developments

• Sep E-mini S&Ps this morning are down -0.20% and the Euro Stoxx 50 is down -0.30% on speculation the U.S. economy is growing enough for the Fed to avoid further stimulus measures. Commodity prices are mostly lower with Sep crude down -0.28% and Sep copper down -0.43%, while the grain markets are higher with Dec corn up +0.57% and Nov soybeans up +1.02%%. The dollar index this morning is stronger with EUR/USD down -0.28% and USD/JPY up +0.25% at a 4-week high. Sep T-notes extended Tuesday's declines as they weakened further by another -4 ticks to a 2-month low on reduced expectations for QE3.
• Asian stocks today closed lower led by a slide in steelmakers and mining companies after a director at Vale SA, the world's biggest ore producer, said China's "golden years" of economic expansion are over: Japan -0.05%, Hong Kong -1.18%, China -1.08%, Taiwan -0.15%, Australia -0.26%, Singapore -0.93%, South Korea and India closed for holiday.
• U.K. July jobless claims unexpectedly fell -5,900, better than expectations of a +6,000 increase as the Olympic Games created jobs. The July ILO unemployment rate also unexpectedly fell -0.1 to 8.0%, the lowest in a year.
• The minutes of the Aug 1-2 BOE policy meeting showed policy makers voted unanimously, 9-0, to keep their bond-purchase target unchanged and that they will assess the need for "other measures" in light of the impact of their new credit-boosting program.
• European Economic and Monetary Affairs Commissioner Rehn said Spain's government is considering a request for a sovereign bailout and that "the Spanish government has an open mind on the issue, but no decision has yet been made."
• The director of investor relations for Vale SA, the world's biggest ore producer, said China's "golden years are gone and we are not going to see the spectacular growth rates of 10% to 12% per year."
  Market Comments
  • Sep E-mini S&Ps this morning are down -2.75 points (-0.20%) and the Euro Stoxx 50 is off by -0.30% on reduced expectations for additional Fed stimulus measures. The stock market on Tuesday rallied to 3-1/4 month highs on better-than-expected U.S. July retail sales and stronger-than-expected German Q2 GDP but stocks erased their gains and closed mixed: S&P 500 -0.01%, Dow Jones +0.02%, Nasdaq 100 -0.03%. Other bullish factors included the minutes of last month's BOJ policy meeting which showed policy makers weren't ruling out any options to boost growth along with a fall in Greek, Spanish and Italian bond yields after Greece sold more than its maximum target of 3-month debt at auction. Stocks came off of their best levels in the afternoon after policy planning documents obtained by Bloomberg News showed the U.K. is pressing for the ECB to share power with national regulators as it takes over Euro-Zone bank supervision, which may compromise the ECB's reputation and perceived independence.
  • Sep 10-year T-notes this morning are down -4 ticks at a 2-month low. T-note prices on Tuesday closed lower as 10-year T-notes fell to a 1-1/2 month low after stronger-than-expected U.S. July retail sales bolstered stocks and reduced the safe-haven demand for Treasuries: TYU2 -15.5, FVU2 -6.5. Another factor that reduced safe-haven demand for T-notes was Greece's action to sell more than its maximum target of 3-month bills at auction, which eased European debt concerns.
  • The dollar index this morning is higher. EUR/USD is down -0.28% and USD/JPY is up +0.25% at a 4-week high. The dollar index on Tuesday closed higher as strong July U.S. retail sales reduced speculation the Fed will need to increase stimulus measures while the yen slid to a 3-1/2 week low against the dollar after minutes of the BOJ's July meeting signaled policy makers are considering ways to expand stimulus: Dollar index +0.048 (+0.06%), EUR/USD -0.02%, USD/JPY +0.01%. Dollar gains were limited on reduced safe-haven demand after stocks rallied to 3-1/4 month highs.
  • Sep WTI crude oil prices this morning are down 26 cents a barrel (-0.28%) and Sep gasoline is up +0.0087 of a cent per gallon (+0.29%). Crude oil and gasoline prices on Tuesday settled higher as stronger-than-expected U.S. retail sales and Q2 German GDP data bolstered the outlook for economic growth and energy demand: CLU2 +0.48 (+0.52%), RBU2 +0.0107 (+0.36%). Wednesday's weekly DOE inventory report is expected to show crude stockpiles fell -1.75 million bbl, gasoline supplies declined -2.0 million bbl, distillate inventories dropped -400,000 bbl and the refinery utilization rate slid -0.3 to 92.3% of capacity.
  • 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): CSCO-Cisco Systems (Consensus $0.46), TJT-Target (1.02), DE-Deere & Co. (2.32), AMAT-Applied Materials (0.22), VIP-VimpelCom Ltd. (0.23), LTD-Limited Brands (0.48), A-Agilent Technologies (0.83), NTAP-NetApp (0.38), SPLS-Staples (0.22), PETM-PetSmart (0.66), NTES-NetEase (1.11), SINA-SINA Corp. (-0.02), ANF-Abercrombie & Fitch (0.17), CACI-CACI International (1.50), AFCE-AFC Enterprises (0.26).
    Global Financial Calendar
    

    Wednesday 8/15/12
    United States
    0700 ET	Weekly MBA mortgage applications, previous -1.8% with purchase sub-index -1.4% and refi sub-index -1.9%.
    0830 ET	July CPI expected +0.2% m/m and +1.6% y/y, June unch m/m and +1.7% y/y. July core CPI expected +0.2% m/m and +2.2% y/y, June +0.2% m/m and +2.2% y/y.
    0830 ET	Aug Empire manufacturing index expected -0.4 to 7.0, July +5.10 to 7.4.
    0900 ET	Jun net long-term TIC flows expected +$40.0 billion, May +$55.0 billion.
    0915 ET	July industrial production expected +0.5% m/m, June +0.4% m/m. July manufacturing production , June +0.7% m/m. July capacity utilization expected +0.3 to 79.2%, June +0.2 to 78.9%.
    1000 ET	Aug NAHB housing index expected unchanged at 35, July +6 to 35.
    1030 ET	DOE Weekly Petroleum Status Report.
    2000 ET	Minneapolis Fed President Narayana Kocherlakota speaks on the Fed's overview and the role of the board of directors.
    United Kingdom
    0430 ET	Bank of England meeting minutes from the Aug 1-2 policy meeting.
    0430 ET	UK July claimant count rate expected 4.9%, June 4.9%. July jobless claims change expected +6,000, June +6,100. July ILO unemployment rate expected 8.1%, June 8.1%. June employment change expected 165,000 3-mo/3-mo, May 181,000 3-mo/3-mo.
    0430 ET	UK June average weekly earnings expected +1.7% 3mo y/y, May +1.5% 3mo y/y. June weekly earning ex-bonus expected +1.9% 3mo y/y, May +1.8% 3mo y/y.

    Barchart.com provides Financial Quotes, Charts and Technical Analysis for Stock and Commodity Traders.

Barchart Morning Call 5/16

Barchart Morning Call

Wed, 16 May 2012 07:00:00 -0500

Overnight Developments

The E-mini S&P this morning is little changed despite the fact that European stocks are down another 0.62% on the Greek political impasse. Commodity prices are mostly lower again this morning with July crude oil down 1.7%, gold down 1.4%, copper down 1.7% and most agricultural commodities trading lower. The dollar index is mildly higher by +0.26% and EUR/USD is trading slightly lower by -0.13%. Greek political leaders will meet later today to name an interim government that will call new elections, likely for either June 10 or 17. The anti-bailout party Syriza is likely to gain a few percentage points of votes in a new election and the traditional Pasok and New Democracy parties are likely to lose 1-3 percentage points of votes. Syriza right now has 20.5% support in the polls versus 19.4% for Pasok and 11.8% for Pasok. However, the political situation will not be much different after the election than it is now, meaning that there is no obvious path forward for Greece at present unless Radical Left Syriza leader Tsipras eases up and agrees to join a government. The only good news was that Greece yesterday paid in full its 435 billion euro floating-rate note debt, thus preventing a default cascade from the trigger of cross-collateral default provisions in other Greek notes not covered by Greek law. The debt payment at least bought Greece some time to figure out how to get through the next couple of months of political turmoil. Greece has only enough cash to survive through early July without another bailout tranche payment from the Eurozone. The main point that came out of last night's Merkel-Hollande meeting was that the new Greek vote in June will be a referendum on whether Greece wants to stay in the euro. German Chancellor Merkel and French President H Hollande both made concessionary remarks of concern for Greece, but basically said that Greece will have to live up to the main tenets of the bailout agreement. Ms. Merkel said requests for measures to bolster growth will be "considered" and that the EU may "approach Greece with proposals." She added, "Greece can stay in the euro area," and "Greek citizens will be voting on exactly that." Mr. Hollande said, "The Greeks need to know we'll come with growth measures that will allow them to stay in the euro zone." The Bank of England today lowered its growth and inflation forecasts and said that UK officials are tuning up their contingency plans for weaker growth being caused by the European debt crisis. The BOE in its quarterly Inflation Report forecast that UK inflation will remain above 2% longer than last forecast but will drop to +1.6% in two years, below the 2% inflation target. The BOE last week voted to halt its quantitative easing program and said that the inflation risks are "broadly, evenly balanced." The BOE forecast that GDP will be at +2.6% in two years. Today's UK March ILO unemployment rate fell to 8.2% from 8.3% in Feb and was more favorable than expectations for an increase to 8.4%. In addition, April jobless claims fell by 13,700 versus expectations for a 5,000 rise. For the Eurozone, the April CPI was reported at +2.6% y/y and the core CPI at +1.6% y/y. The March Eurozone seasonally-adjusted trade balance rose to 4.3 billion euros was larger than the market consensus of 3.8 billion euros and up from Feb's revised 4.0 billion euros. Asian stocks fell nearly across the board today: Japan -1.12%, Hong Kong -3.19%, China -1.63%, Taiwan -2.18%, Australia -2.36%, Singapore -1.58%, South Korea -3.33%, India -1.83%, Turkey +0.11%. Chinese stocks today fell 1.2% and were down for the fourth consecutive day on continued concern about weaker Chinese economic growth and weaker export prospects to Europe, which is China's biggest export market with an 18% share of Chinese exports. The market consensus shifted downward for Chinese Q2 GDP after last Thursday night's weaker than expected Chinese industrial production report of +9.3% y/y. Japan's JGBs today rallied and 10-year yields fell to 0.82% to match the lowest level since 2003 on safe-haven demand. The Bank of Japan in today's purchase program was unable to get enough offers to fill its bid since JGBs are in high demand as a safe-haven asset. Japan March machine orders fell -2.8% m/m, which was better than the market consensus of -3.5%.

Overnight U.S. Stock News

June E-mini S&Ps this morning are trading -0.25 points, which could be considered a sign of strength considering that the Euro Stoxx 50 this morning is down by another 0.62%. Due to strong demand, Facebook raised the size of its IPO by 25% to 421.2 million shares with existing holders boosting their sales to 241.2 million shares from 157.4 million. There are earnings reports today from Target, Deere and Limited Brands. US stocks on Tuesday closed moderately lower: S&P 500 -0.57%, Dow Jones -0.98%, Nasdaq 100 -0.37%. The U.S. stock market on Tuesday fell on the collapse of Greek talks to form a new government, which substantially increased the chances that Greece may eventually be forced to exit the Eurozone. However, the stock market received support from better-than-expected U.S. economic news as the May U.S. NAHB housing market index rose by 4 points to a new 5-year high of 29 and the May Empire manufacturing index rose to 17.09 from 6.56. In addition, the Eurozone Q1 GDP report of unchanged was stronger than market expectations of -0.2% q/q and the German Q1 GDP report of +0.5% q/q (+2.0% annualized) was stronger than market expectations of +0.1% q/q. The U.S. retail sales report of +0.1% m/m overall and ex-autos, however, was slightly weaker than market expectations of +0.2%.

Today's Market Focus

June 10-year T-notes this morning are trading -1 tick as the market awaits this morning's housing starts and industrial production reports and the FOMC minutes. T-note prices on Tuesday closed slightly lower: TYM2 -1.5, FVM2 -2.75. There was still safe-haven demand from the Greek situation, but T-note prices closed lower on long liquidation pressure, and stronger-than-expected U.S. and European economic data. The 10-year T-note yield yesterday closed little changed at 1.77%, which was just 10 bp above the record low of 1.67% posted last September. The question is whether the rally in T-note prices can continue now that the markets have to wait a month for Greek elections and further developments on whether Greece will eventually exit the Eurozone. The dollar index this morning is trading mildly higher by +0.21 points on continued support from safe-haven demand with the Greek political impasses. EUR/USD is down 0.17 cents and USD/JPY up 0.26 yen. The dollar index on Tuesday closed moderately higher: Dollar Index +0.62, EUR/USD -0.0094, USD/JPY +0.33. The dollar index on Tuesday broke out to a new 4-month high and EUR/USD fell to a new 4-month low on the breakdown in Greek political talks and the need for new elections. The dollar index has rallied sharply by 3% in the past two weeks, but the dollar index could soon run out of fuel as the markets wait for the new Greek election and further developments on whether Greece will exit the Eurozone. July WTI crude oil prices this morning are trading sharply lower by $1.58 (-1.57%) and July gasoline is down 2.63 cents (-1.08%) on global economic doubts, this morning's stronger dollar, and ahead of this morning's DOE report, which is expected to show inventory increases for crude oil and products. Crude oil and gasoline prices on Tuesday closed moderately lower: CLN12 -0.78 RBN2 -0.0100. Crude oil prices were pressured once again by the rally in the dollar index to a new 4-month high and concerns about the global economy, although there was a least some better than expected U.S. economic data (NAHB market index and Empire manufacturing index) and European GDP data. Crude oil prices yesterday were also pressured by expectations that today's weekly DOE report will show another increase in crude oil inventories to a new 21-3/4 year high.

Today's U.S. Earnings Reports Earnings reports (sorted by mkt cap): TGT-Target (consensus $1.06), DE-Deere (2.53), LTD-Limited Brands (0.40), SPLS-Staples (0.30), NTES-Netease (1.04), ANF-Abercrombie (0.01).
Global Financial Calendar

Wednesday 5/15/12
United States
0700 ET	Weekly MBA mortgage applications, previous +1.7%, purchase sub-index +3.4%, refinancing sub-index +1.3%.
0830 ET	Apr housing starts expected +4.7% to 685,000, Mar -5.8% to 654,000. Apr building permits expected -4.7% to 728,000, Mar +6.4% to 764,000.
0915 ET	Apr industrial production expected +0.6%, Mar unchanged. Apr capacity utilization expected +0.4 to 79.0%, Mar -0.1 to 78.6%.
1000 ET	Q1 mortgage delinquencies, Q4 7.58%. Q1 foreclosures, Q4 4.38%.
1030 ET	DOE Weekly Petroleum Status Report.
1230 ET	St. Louis Fed President James Bullard speaks about the U.S. economy and monetary policy at an event in Louisville, KY.
1400 ET	Minutes of the Apr 24-25 FOMC meeting.
Euro-Zone
0200 ET	EU Apr 25 new car registrations, Mar -7.0%.
0500 ET	Eurozone Apr CPI expected +0.5% m/m and +2.6% y/y, Mar +1.3% m/m. Apr core CPI expected +1.5% y/y, Mar +1.6% y/y.
0500 ET	Eurozone Mar trade balance (sa) expected 3.8 bln euros, Feb 3.7 bln euros.
United Kingdom
0430 ET	UK Mar ILO unemployment rate expected 8.4%, Feb 8.3%. Apr claimant count expected 5.0%, Mar 4.9%. Apr jobless claims change expected +5,000, Feb +3,600.
0430 ET	UK Mar weekly earnings expected +1.0% 3M/yoy, Feb +1.1% 3M/yoy. UK Mar weekly earnings ex-bonus expected +1.4% 3M/yoy, Feb +1.6% 3M/yoy.
0530 ET	UK Bank of England Inflation Report.
Japan
1950 ET	Japan Q1 housing loans, previous +2.2%.
1950 ET	Japan Q1 GDP expected +3.5% q/q annualized, previous -0.7%. Q1 GDP deflator expected -1.4% y/y, previous -1.8%.

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Barchart Morning Call 2/15

Barchart Morning Call

Barchart.com - 2 hrs 46 mins ago

Overnight Developments

• Global stocks this morning are higher with the Euro Stoxx 50 up +0.48% and Mar S&Ps up +8.40 points. Stocks and commodities rallied while the dollar and Treasuries retreated after China, which holds the world's largest currency reserves, pledged to invest in Europe's bailout funds and sustain its holdings of euro assets. PBOC Governor Zhou Xiaochuan said "China will always adhere to the principle of holding assets of EU sovereign debt" and that "we would participate in resolving the euro debt crisis." European stocks and the euro also received a boost after Q4 Euro-Zone GDP fell -0.3% q/q and rose +0.7% y/y, slightly better than expectations of -0.4% q/q. Germany's economy also was stronger than expected last quarter with Q4 German GDP -0.2% q/q and +2.0% y/y, better than expectations of -0.3% q/q and +1.8% y/y. On the negative side, Jan U.K. jobless claims rose a more than expected 6,900 to 1.6 million, the highest in 2-years, while the U.K. ILO unemployment rate remained at 8.4% in Q4, the highest in 16 years. Also, Euro-Zone finance ministers canceled a planned emergency meeting on the Greek aid package in Brussels today, citing a lack of political assurances from Greek leaders to stick to their pledges, and will instead hold a teleconference to prod Greece to do more to win support for the 130 billion euro bailout.
• Asian stocks today closed higher with Japan up +2.30%, CHina +1.09%, Australia +0.25%, South Korea +1.33%, India +1.98%. Asian stocks rallied after China pledged to help resolve Europe's debt crisis. Japanese exporters gained as the yen tumbled to a 3-1/2 month low against the dollar, which fueled a rally in the Nikkei 225 Stock Index to a 6-1/4 month high. Chipmakers outside of Japan also rallied as debt-ridden Elpida Memory sank 14% to an 8-year low after saying it sees "uncertainty" over remaining in business because it hasn't secured financing for its debt due in April. The end of Elpida, Japan's largest maker of dynamic random access memory, may mean less competition in the chip making business as it reduces the number of players and production capacity.

Overnight U.S. Stock News

• March S&Ps this morning are trading up +8.40 pointa at a new contract high. The US stock market on Tuesday opened lower on increased European debt concerns after Moody's downgraded the credit ratings of 6 European nations and after Jan U.S. retail sales rose less than expected, but the indexes erased most of their losses late in the session and finished mixed after Reuters reported that Greece will commit to budget cuts: Dow Jones +0.03%, S&P 500 -0.09%, Nasdaq Composite +0.02%. The Nasdaq posted an 11-year high. Bullish factors Tuesday included (1) signs that Europe may withstand the negative effects of the region's debt crisis after the Feb German ZEW economic sentiment rose more than expected to a 10-month high and borrowing costs declined for Italy and Spain after the yield on Italy's 2-year bonds fell to 4.83%, the lowest in 11 months, and the yield on Spain's 12-month bills fell to 1.899%, the lowest in 16-months, (2) the statement from Minneapolis Fed President Kocherlakota that the U.S. economy will grow at an annual rate of between 2.5% and 3.0% in each of the next 2 years and the U.S. unemployment rate will fall to around 7.7% by the end of this year and to around 7.0% by Q4 of 2013, (3) strong Q4 U.S. earnings results as 70% of the 342 companies in the S&P 500 that have reported results since Jan 9 have beaten earnings projections, and (4) late-day short covering in stocks after Reuters reported that Greece's conservative party leader will deliver a commitment to lenders on Wed.
• Bearish factors included (1) concern the European debt crisis may worsen after Moody's Investors Service downgraded the debt ratings of 6 European nations and said it may also strip France and the U.K. of their top Aaa ratings and (2) dampened optimism about the U.S. economy after the weaker-than-expected Jan U.S. retail sales and the downward revision to Dec (Jan +0.4% and +0.7% less autos versus expectations of +0.8% and +0.5% less autos and Dec revised down to unchanged and -0.5% less autos from the originally reported +0.1% and -0.2% less autos).
• Hartford Financial Services (HIG) rose 5% in European trading after its largest shareholder, billionare hedge-fund manger John Paulson, notified regulators that he may talk with other shareholders to push for splitting up the insurance company.

Today's Market Focus

• March 10-year T-notes this morning are down -6.5 ticks. T-note prices on Tuesday finished stronger after Moody's action to downgrade the debts of 6 European nations boosted the safe-haven demand for Treasuries, along with the smaller-than-expected increase in Jan U.S. retail sales: TYH2 +13, FVH2 +3.5, EDM2 -0.5. Bullish factors Monday included (1) increased safe-haven demand for Treasuries on concern the European debt crisis may worsen after Moody's Investors Service downgraded the debt ratings of 6 European nations and said it may also strip France and the U.K. of their top Aaa ratings, (2) the weaker-than-expected Jan U.S. retail sales along with the downward revision to Dec (Jan +0.4% and +0.7% less autos versus expectations of +0.8% and +0.5% less autos and Dec revised down to unchanged and -0.5% less autos from the originally reported +0.1% and -0.2% less autos), and (3) the action by the Fed to purchase $4.952 billion of Treasuries as part of its Operation Twist program to replace $400 billion of short-term debt in its portfolio with longer-term Treasuries in an effort to keep borrowing costs low. Bearish factors included (1) reduced European sovereign debt concerns after the larger-than-expected increase in the Feb German ZEW economic sentiment to a 10-month high along with a decline in Italy's and Spain's borrowing costs and (2) hawkish comments from Philadelphia Fed President Plosser who said that further easing measures would put the Fed on a "treacherous path" as "prolonged efforts to hold interest rates near zero can lead to financial market distortions and the misallocation of resources."
• The dollar index this morning is weaker with the dollar/yen +0.13 yen and the euro/dollar +0.16 cents. The dollar index on Tuesday rallied up to a 1-week high and settled higher on increased safe-haven demand after Moody's downgraded the debt ratings of 6 European nations and as the yen plummeted to a 3-1/4 month low against the dollar when the BOJ unexpectedly expanded its asset-purchase program: Dollar Index +0.634, USDJPY +0.862, EURUSD -0.00529. Bullish factors included (1) increased safe-haven demand for the dollar on concern the European debt crisis may worsen after Moody's Investors Service downgraded the debt ratings of Spain, Italy, Portugal, Slovakia, Slovenia and Malta all with negative outlooks and said it may also strip France and the U.K. of their top Aaa ratings, (2) weakness in the yen after the BOJ unexpectedly added 10 trillion yen ($128 billion) to an asset-purchase program and said it will target 1% inflation "for the time being." Bearish factors Monday included (1) the larger-than-expected increase in the Feb German ZEW survey of economic sentiment to a 10-month high, which is euro supportive and (2) the decline in borrowing costs for Italy and Spain, which is also euro positive, after the yield on Italy's 2-year bonds fell to 4.83%, the lowest in 11 months, and the yield on Spain's 12-month bills fell to 1.899%, the lowest in 16-months.
• Mar crude oil prices this morning are up +89 cents a barrel and Mar gasoline is +2.51 cents per gallon. Crude oil and gasoline prices Tuesday settled lower as a strong dollar and Moody's downgrade of 6 European nations offset an increase in German investor confidence to a 10-month high: CLH12 -$0.17, RBH -3.0. Mar crude rallied up to a 3-week high but shed its gains and closed lower. Bearish factors included (1) the rally in the dollar index to a 1-week high, which discourages investment demand in commodities, (2) the action by Moody's Investors Service to downgrade the debt ratings of 6 European countries, which signals the European debt crisis may worsen and lead to stagnant economic growth and energy demand, and (3) the outlook for weekly U.S. oil supplies to increase when the DOE releases its weekly inventory figures on Wed. Bullish factors included (1) the larger-than-expected increase in the Feb German ZEW survey of economic sentiment up to a 10-month high, which signals confidence in the European economy and energy demand and (2) the unexpected action by the BOJ to boost its bond-purchase program by 10 trillion yen ($128 billion) to 65 trillion yen, which may boost economic growth and fuel demand in Japan, the world's third-biggest crude consumer. Expectations for the weekly DOE inventories on Wednesday are for crude oil supplies to rise +1.6 million bbl, gasoline stockpiles to increase +775,000 bbl, distillate inventories to drop -1.1 million bbl and the refinery capacity rate to remain unchanged at 82.8%.

Today's U.S. Earnings Reports Earnings reports (confirmed releases, sorted by mkt cap): CMCSA-Comcast (BEST earnings consensus $0.42), DE-Deere & Co. (1.23), DVN-Devon Energy (1.49), CTL-CenturyLink (0.61), CBS-CBS Corp. (0.53), A-Agilient Technologies (0.69), NTAP-NetApp (0.58), MAR-Marriott International (0.47), CF-CF Industries Holdings (6.82), ETP-Energy Transfer Partners LP (0.66), CLF-Cliffs Natural Resources (1.43), NVDA-Nvidia (0.24), ETE-Energy Transfer Equity LP (0.42), DPS-Dr Pepper Snapple Group (0.74), HSIC-Henry Schein (1.12), NTES-Netease.com (1.06).
Global Financial Calendar

Wednesday 2/15/12
United States
0700 ET	Weekly MBA mortgage applications, previous+7.5% with purchase mortgage sub-index +0.1% and refinancing sub-index +9.4%.
0830 ET	Feb Empire manufacturing index expected +1.5 to 15.0, Jan +5.3 to 13.5.
0900 ET	Dec net long-term TIC flows expected +$45.0 billion, Nov +$59.8 billion.
0915 ET	Dallas Fed President Richard Fisher speaks at the Texas Manufacturers Summit 2012 in San Marcos, TX.
0915 ET	Jan industrial production expected +0.7%, Dec +0.4%. Jan capacity utilization expected +0.5 to 78.6%, Dec +0.3 to 78.1%.
1000 ET	Treasury Secretary Timothy Geithner testifies before the House Ways and Means Committee on the president?s budget for fiscal 2013.
1000 ET	Feb NAHB housing market index expected +1 to 26, Jan +4 to 25.
1400 ET	Minutes of the Jan 24-25 FOMC meeting.
Japan
0100 ET	Revised Jan Japan machine tool orders, previous -6.6% y/y.
France
0130 ET	Q4 French BDP expected -0.2% q/q and +1.1% y/y, Q3 +0.3% q/q and +1.5% y/y.
Germany
0200 ET	Q4 German GDP expected -0.3% q/q and +1.8% y/y, Q3 +0.5% q/q and +2.5% y/y.
Euro-Zone
0300 ET	EU President Herman Van Rompuy speaks at the European Parliament.
0500 ET	Q4 Euro-Zone GDP expected -0.4% q/q and +0.7% y/y, Q3 +0.1% q/q and +1.3% y/y.
n/a	Euro-Zone finance ministers hold a conference call call instead of a planned meeting in Brussels on the Greek aid package.
United Kingdom
0430 ET	Jan U.K. jobless claims change expected +3,000, Dec +1,200. Jan claimant count rate expected 5.0%, Dec 5.0%.
0430 ET	Dec U.K. ILO unemployment rate expected 8.4% 3-months, Nov 8.4% 3-months.
0430 ET	Dec U.K. avg weekly earnings expected +1.9% 3-mo/year-over-year, Nov +1.9% 3-mo/year-over-year.
0430 ET	Dec U.K. avg weekly earnings ex-bonus expected +1.9% 3-mo/year-over-year, Nov +1.9% 3-mo/year-over-year.
0530 ET	BOE releases quarterly inflation report.

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