This Market Gets No Respect

  • It's been one of the better earnings seasons with beat rates however stocks have reacted poorly
  • It's the Rodney Dangerfield market as this market gets no respect
  • I'm going to send later a link for a Sunday webinar
  • Have a great weekend and thank you for all your support 

First Call October 30, 2020

  • S&P futures down 0.8%, but well off worst levels in Friday morning trading. Comes after US equities rebounded on Thursday from a big Wednesday selloff.
  • Europe mixed while Asia was weak
  • Several new Erlanger sell signals
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  • Treasuries little changed to slightly firmer at the back end.
  • Dollar weaker vs yen while little changed on the euro cross.
  • Gold up 0.4%.
  • WTI crude down 0.3% after losing more than 7% over the prior two sessions.

Popcorn Time

  • Today I believe has the most market cap ever reporting in one day this afternoon 
  • A lot of important stuff on today's note after yesterday's big down day
  • A good look at current market sentiment and a couple of familiar internals
  • Taking off two shorts with gains
  • Gold, Crude, Copper, Currencies, Bonds updated
  • And foreign markets updated too

First Call October 29, 2020

  • S&P futures slightly weaker and well off best levels. Follows US equities selling off sharply on Wednesday with the S&P suffering its biggest decline since June and falling for a third straight session (Dow was down for a fourth straight session).
  • A lot of new Erlanger ETS buy and sell signals
  • Asian markets mostly lower overnight with Australia and Taiwan the big decliners though China managed up small.
  • European markets are weaker.
  • Treasuries are unchanged to slightly firmer.
  • Dollar better vs euro but weaker vs yen.
  • Gold down 0.3%.
  • WTI crude down 4.2% after losing 5.5% on Wednesday.

Falling Knives

  • It's a falling knives market 
  • It's not impossible to buy dips but one should note the mentality of the BTD traders
  • There are still some risky looking charts including the SPY vs TLT, Credit spreads widening, and more
  • I am making a few changes to the Trade Ideas Sheet

First Call October 28, 2020

  • S&P futures down 1.4% after US equities finished mostly lower on Tuesday, extending Monday's selloff.
  • A lot of new Erlanger buy and sell signals on the note
  • Asian markets mixed overnight with China, Australia, and South Korea ending higher while Japan and Hong Kong were weaker.
  • European markets under meaningful pressure again.
  • Treasuries are mostly stronger with some curve flattening. 10-year yields down for a fourth straight session.
  • Dollar seeing good gains vs euro and sterling but weaker vs the yen.
  • Gold down 1.0%.
  • WTI crude down 4.8%.

I Don’t Know

  • I don't know is how I feel right now and that's OK
  • I have an option idea that reflects my lack of conviction ahead of the mega-cap stocks reporting this week
  • I'm on Bloomberg TV at 3:15 ET today 

 

First Call October 27, 2020

  • S&P futures up 0.4% after US equities came under pressure to start the week on Monday with the S&P suffering its biggest pullback in over a month.
  • I'm on Bloomberg TV today at 3:15pm ET with Abigail Doolittle on her options segment
  • Asian markets mostly weaker overnight with Australia the worst performer while Japan was little changed and China up small. European markets mostly lower.
  • Treasuries little changed after finding some reprieve from recent yield backup on Monday.
  • Dollar weaker vs yen while little changed vs euro.
  • Gold down 0.2%.
  • WTI crude up 1.3% after falling more than 3% in the prior session.