Tuesday, October 22 , 2018
TODAY’S GAME PLAN:
DATA/HEADLINES: 10:00ET Existing Home Sales; 1:00ET $40B 2 Year Note Auction
UK PM Boris Johnson will find out later this evening whether he has any chance of getting his Brexit deal through Parliament. In Canada, Prime Minister Justin Trudeau won a second term. Japanese markets stayed closed Tuesday for a holiday. UK PM Johnson: Need To Leave The EU With Our New Deal On October 31 – Government Accelerating Preparations For No Deal Brexit.
TODAY’S HIGHLIGHTS: McDonalds Tumbles After Missing Earnings, US Comps
Companies reporting earnings include Biogen, Centene, Chipotle, Discover Financial, Equity Residential, Fifth Third, Harley-Davidson, Hasbro, Interpublic, Kimberly-Clark, Lockheed, McDonald’s, NextEra Energy, Nucor, P&G, Paccar, PulteGroup, Quest Diagnostics, Regions Financial, Sherwin-Williams, Texas Instruments, Travelers, UPS, United Technologies, Whirlpool…
EQUITIES: BIIB +40.9% (+$91.5); Biogen Soars on Plans Aducanumab BLA in 2020 After FDA Talks / • STMP +24.8% (+$18.9); UPS to Offer Discounted Shipping Rates to Stamps.com Customers / GNC +17.3% (+$0.36); GNC’s Chinese Backer Said to Mull Buyout / HOG +6.5% (+$2.42); Harley- Davidson Cuts Full Year Capital Expenditure Forecast / PG +4.8% near all-time high
December E-Mini S&P is +0.07% pre-market; NQ +0.26%; RTY +0.03%. SPX held initial support at 2996 yesterday and was firm in quiet, low volume move. NYSE Advance/Decline making new highs is an overall positive for the market tone (chart two). For today look for initial strength in SPX above 3008, to test 3021 area. A break of 2990 would likely see hourly momentum turn negative.
Cabrera Capital Markets, LLC
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