MORNING NOTES: 

S&P futures are lower this morning, Markets are giving up some of yesterdays strong gains. In addition the retail sales figures were weak. European shares are mixed this morning. The FTSE is off on Brexit concerns. Asian markets were mainly higher. The Shanghai exchange closing lower by 0.41% on discord on U.S. China relations over Hong Kong.

S&P’s this morning High 299.12 Low 297.91Change lower by 0.11%

Tokyo +265.71 Hong Kong +160.35 London -7.16 Germany +26.65


OIL PRICES: Oil prices are flat to lower this morning. Global growth’s concerns are dominating the oil headlines today. Comments from OPEC Secretary-General Mohammad Barkindo help stabilize prices with his comments yesterday, “The cartel will do whatever is in it’s power to sustain oil market stability beyond 2020.” The IMF said it expects the U.S. China trade dispute to lower 2019 global growth levels to the 2008-2009 levels. Later today the American Petroleum institute will be releasing their stockpile estimates. WTI is at $52.66 a barrel, Brent Crude is at $58.46 a barrel.         

For news on oil type in .OIL or “OPEC” into NewsWare

Economic:    In her speech yesterday, San Francisco Fed President Mary Daly said that while central-bank rate cuts will help keep the economy on a good path, she isn’t ready to say whether another rate change is warranted.”To ensure we sustain the expansion against these headwinds, the Fed has adopted a more accommodative monetary policy position — cutting the federal-funds rate in both July and September,” The Fed has state buying Treasury bills yesterday at an initial pace of $60 billion a month as Fed officials feel that they have allowed $4 trillion portfolio to shrink too much.


Economic Reports:

At 08:30 am ET Advance Monthly Sales for Retail and Food Services
At 10:00 am ET Business Inventories, Housing Market Index & the
Atlanta Fed Business Inflation Expectations.

Fed Speak:
At 09:00 am ET Chicago Fed Bank President Raphael Charles Evans.
At 01:00 pm ET Dallas Fed Bank President Robert Kaplan.
At 03:30 pm ET Fed Board of Governors Member Lael Brainard

To access Economic news type .Economic into NewsWare.

Options Activity:

Bullish option activity in BCS, HAL & VKTX
Bearish option activity in AAOI. ETFC & ZM
To access news related to options type .OPTIONS into NewsWare

Sector Update: Headlines to Note
Retail
AAN .REC Raymond James raises its price target to $80 from $72.
COST .REC Northcoast downgrades the stock to Neutral from buy

FDA / Drug Markets
LLY .FDA Phase 3 study did not meet primary endpoint in pancreatic cancer study.
ACHN P/SGN Alexion to acquire Achillion for $6.30 per share.
AZSM .REC Guggenheim initiates coverage with a Buy and a $48 price target.

Dow 30
VZ .REC Bernstein initiates coverage – Market Perform $62 price target.
UNH .REC Goldman says fundamentals remain solid.
GS .REC Oppenheimer lowers its price target to $301 from $316.

FANG
NFLX .REC Stock is priced for a $26 move when earnings are announced this afternoon.
FB .REC Baird is concerned on FB’s guidance for next quarter.

Rumors
SPY P/SGN China threatens to react if Congress passes Hong Kong support bill.
BAC .ERN Beats EPS by .05 cents.
PINS .REC Goldman is said to be trying to sell large blocks of PINS (IPO lockup period)


Upcoming Earnings Expected Move


As always, please use protective buy and sell stops when trading futures and options.

Disclaimer: Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. Any decision to purchase or sell as a result of the opinions expressed in the forum will be the full responsibility of the person(s) authorizing such transaction(s). BE ADVISED TO ALWAYS USE PROTECTIVE STOP LOSSES AND ALLOW FOR SLIPPAGE TO MANAGE YOUR TRADE(S) AS AN INVESTOR COULD LOSE ALL OR MORE THAN THEIR INITIAL INVESTMENT. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

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