OVERNIGHT MARKETS AND NEWS December E-mini S&Ps (ESZ15 -0.23%) are down -0.10% as they fall back from a 1-3/4 month high in overnight trade. Stocks retreated after China reported its slowest pace of growth in 6-1/2 years and as Morgan Stanley dropped over 5% in pre-market trading when it reported weaker-than-expected Q3 earnings. European stocks are up +0.54%…
Morgan Stanley released its third quarter earnings report before opening bell this morning, posting a wide miss of 34 cents per share in adjusted earnings and adjusted revenue of $7.33 billion. Analysts had been expecting earnings of 63 cents per share and revenue of $8.54 billion. In last year’s third quarter, the firm reported earnings…
The key overnight event was the much anticipated, goalseeked and completely fabricated Chinese economic data dump, which was both good and bad depending on who was asked: bad, in that at 6.9% it was below the government’s 7.0% target and the lowest since Q1 2009, and thus hinting at “more stimulus” especially since industrial production…
Last week delivered another positive run for most of the world’s risky assets. Although the gains were relatively modest vs. the weekly surge through Oct. 9, the generally bullish bias for the five trading days through Oct. 16 marks a second week of higher prices for the major asset classes, based on a set of representative ETFs. Leading the…
The Federal Reserve should raise interest rates, because inflationary pressures are greater than most policymakers admit and the economy is nearing full employment. Seniors won’t get a boost in their social security checks this year because consumer prices for urban wage earners—the measure the government uses to adjust those payments—fell from the third quarter of…
Interest in immunotherapies continues to build up – earlier this week, Loncar Cancer Immunotherapy ETF , the first ETF dedicated only to stocks involved in the research and development of immuno-oncology treatments, started trading on NASDAQ. The Loncar Cancer Immunotherapy ETF comprises both large pharma and growth-oriented biotech companies working on immuno-oncology treatments. Understanding Immuno-Oncology…
First headline I saw at Marketwatch this morning: Why a fanatical run higher may be shaping up for stocks. First headline I saw at CNBC this morning: Fear of ‘missing out’ will drive markets: Technician (click for article and video)… The guy in the video is actually rational and echoes my thoughts on Biotech at the time…
(Video length 00:01:48) During the session today, the only thing we have coming out as far as economic announcements are concerned is the NAHB housing numbers. Quite frankly, most of you probably haven’t heard of this announcement and that would be for good reason. It simply doesn’t move the market very often. The Americans are fully…
News out of China continues to fluctuate wildly. Reports out Monday showed that the GDP of world’s second-biggest economy cooled less than expected. Other monthly indicators released in tandem with the GDP data hinted at enduring weakness in the economy. Official data showed that China’s economy expanded 6.9 percent on-year in the third quarter compared…
At the timing of writing, Apple (AAPL) is up 0.6% for the year, essentially flat. When I last wrote about the Apple pre-earnings trade back in January, I looked back at the December 1, 2014 “flash dip” in AAPL’s stock as a lingering harbinger of more selling to come. As it turned out, AAPL sold off…
