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Wednesday’s Morning Look

ByGary Kaltbaum
1 Comment

Market Update:

Stock futures are higher before Wednesday’s open as investors digest the recent sell-off and wait for a busy week of earnings and economic data. In addition to a slew of earnings we have a busy week for Central Banks, including the Fed meeting later today, and the always fun jobs report to look forward to on Friday

Gary’s Thoughts:

The story of the morning is Apple…2% earnings growth and 3% sales growth has it up $6. That’s a big 5% for a megacap company. We suspect this move has something to do with the anticipation of the next phone. Apple stock will open at new yearly highs. We remember when pundits were making fun of Warren Buffett’s recent investment in Apple when he was under water. No longer is he under water. Apple suppliers as well as tech in general opening well.
Yesterday was much better than the Dow down over 100. A/d was strong with the Russell up nicely. NDX futures is up about .5%. S&P futures about .25% percent.
Keep in mind, a few financial names are starting to act suspect. The group has led this move. Financial etfs are still holding the 50 day average at this juncture.

Economic Calendar:

  • Motor Vehicle Sales
  • MBA Mortgage Applications 7:00 AM ET
  • ADP Employment Report 8:15 AM ET
  • Gallup U.S. Job Creation Index 8:30 AM ET
  • Treasury Refunding Announcement 8:30 AM ET
  • PMI Manufacturing Index 9:45 AM ET
  • ISM Mfg Index 10:00 AM ET
  • Construction Spending 10:00 AM ET
  • EIA Petroleum Status Report 10:30 AM ET
  • FOMC Meeting Announcement 2:00 PM ET

Highlights:

  • Trump meets with big Pharma CEOs
    Gary’s Thoughts: They have a lot of work to do.
  • Tim Cook: Goal is to double Apple’s services revenue by 2020. Also hints Apple will battle Amazon and Netflix in original video
    Gary’s Thoughts: That’s good for them and good for consumers.

One Comment

  1. My long, is a short on the short charts, and it’s a hold for a rally on the longer charts.
    My short is a long on the short chart, and a short on the longer chart.

    My two secret indicators, are telling me we the OAL ( overall market ) can pull back, butt,, not by much, and we could actually/ easily turn higher .. !

    Butt… we are entering Feb ( February ), and Feb is a traditional down month.

    Humm..
    talk about,, being in a funk…

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