PRE MARKET

Quiet quiet quiet early as big week of earnings. Nothing new to even mention this morning. HAS been strong but gapping about $6 to the downside. After the close today is GOOGLE. (GOOGL)

Tuesday- MMM, BIIB, CAT, GLW, DD, GM, MCD, TROW, DGX, EDU, PCAR,  AMGN, AAPL, T, CNI, CMG, CB, EW, ILMN, TXN, X

Wednesday- KO, DHI, BAX, F, FCAU, HLT, GD, LH, IR, NSC, ROK, STT, R, TMO, TUP, TWTR, UTX, BWLD, CTXS, CRUS, CAKE, DFS, FB, FFIV, FBHS, LRCX, LVS, MAR, ORLY, NOW, UHS, VRTX, XLNX

Thursday- APD, MO, BUD, AMT, CMCSA, CHKP, CELG, BWA, AN, BMY, DOW, GRUB, FLIR, BEN, GT, GPI, LAZ, IP, TREE, MA, ODFL, PX, LUV, RTN, WM, UPS, TAL, BIDU, CA, EA, INTC, KLAC, FTNT, DECK, CY, WDC, WYNN

Friday- CVX, XOM, MRK, JCI, LYB

A bunch of Dow names…important glamour like FB, GOOGL, AAPL. STay tuned.

 

 

 

WEEKEND REPORT

Don’t worry that the VIX is at lows not seen since 1993. Don’t worry that short interest continues to plunge. Don’t worrythat we have not had even 3% down sice the election. Don’t worry that we have not had a bear market of consequence since 09. Don’t worry because rates around the globe in many places are still negative and trillions continue to be printed.

Earnings this week…GOOGL, FB, AMZN for starters. If they react like NFLX…dang.

Major indices remain fine. We can complain that Transports are coming in or the Russell reversed Friday but that is being picky. The DOW, S&P, NASDAQ, NDX are fine…and the all-important SOX has put in a “U!” To be clear though, about 40% of the market is still not participating…but no biggie. We just ignore those areas that we have been highlighting for so long.

As far as OILS, they tried. They, so far, failed again in and around the declining 50 day average.

Financials remain range-bound with a few favorites like C and BK acting well. But many are not…and now REGIONALS (KRE) are again teasing rolling over. We shall see.

We are going to leave it at that for today. Tons of important earnings this week which will change some things for the good and some for the bad. We don’t want to get in front of any of them. Just be rest assured, major indices act fine and remain teflon. The NASDAQ/NDX scare lasted less than a month and has U-shaped back up. Stay tuned.

PRE MARKET

Another day…no tax reform…no healthcare reform but:

Today…$1.7 billion will be added to our debt.

Today…$1.2 billion of taxpayer dollars will be spent just on interest payments on the debt.

But don’t worried. Markets say everything is fine.

Futures actually down a wee bit. Just in the near term, everything looks overbought since the July 7 low in beta. A few blow-ups but decent reactions on a bunch of stuff. Lots more earnings to come.

OILS…tried…good action to try and break downtrend on Wednesday but as of this second, tucking its head in like a frightened turtle.

CHIPOTLE…see Murphy’s law.

SEMIS- Wow…”U”-shaped move.  Needs to settle down in here. MXIM and SWKS gapping down a bit this morning. May do the trick.

DAX- Watch German Dax…if there is any fly in ointment of indices around globe, it is this one.

All we keep hearing is about how earnings have been fabulous. We have news for you. They have been decent…not fabulous. And often, it is all factored in.

IBM…the numbers underneath the surface worse than reported numbers.

The KNICKS still suck.

IN ONE ARTICLE…WHY THE WORLD HAS MASSIVE (AND WILL NEVER GET PAID BACK) DEFICITS

SOURCE: http://dailycaller.com/2017/07/20/man-builds-park-stairs-for-550-after-govt-officials-said-it-could-cost-up-to-150000/?utm_campaign=atdailycaller&utm_source=Twitter&utm_medium=Social

PRE MARKET

IBM yonked again as sales down again. UAL and CSX also down.

Big story VRTX on drug news up $35…helping overall biotechs where the IBB looks perfect.

ASML nice gap. MS smaller gap.

The story is beta/tech/internet/China adrs/Semis are back and in a big way. The June 9th top lasted to July 7th and instead of bouncing up, it has ramped up.

And the Republicons cannot shoot straight.

Just remember what we have told you for years here…not being talked about is the continued trillions of dollars of printed money and the negative interest rates. That is what is doing the trick…and looks like will continue. Japan actually admits to buying up their stock ETFs.

And dont forget…earnings season is at hand.

PRE MARKET

NFLX nice gap to new highs on big increase in subscribers and higher guidance. Other movers to upside are LMT, JNJ, UNH.

Movers to the downside are HOG, GS, SCSS, ETH, ERIC.

Futures are flat.

On radio yesterday, we mentioned how tight recent action in ENERGY has been TO THE DOWNSIDE. We noted how energy etfs have created a very tight channel during this bear phase. We are watching to see if the channel can be broken to the upside. We are not predicting it. The fact is the next move can be down. We just know it is a very unloved, very under-owned group. When a technical set-up shows up, we sit in our seat and watch. When you have a chance, check out the weekly charts on OIH, XLE, XOP and see what we are seeing. Again, the next move can be down. We are just making you aware of a great channel to play off of if things change.