Aviate: US Summary

The authors of the content on this page from Sept 2012 to June 2017 are:
Market Commentaries: Gary Paulin, Ameet Patel, Paul Moran, Douglas Morton, Oliver Sherman, Ben Brownette, Rob Arnott, James Santo, Neil Campling
Research: Ameet Patel, Paul Moran, Douglas Morton, Oliver Sherman, Rob Arnott, Neil Campling

S&P +1.24% (2064.3), D +1.06% (17602.6), N +0.77% (4624.6), CL1 +4.65% (37.82), Copper +0.88% (212.75), Gold -0.24% (1069.90) 10YrYld +0.02 (2.2605), DXY +0.08% (98.31), Vix -7.17% (15.41).

Markets higher again today, big squeeze across Oils and Materials; S&P back to unch on the year. S&P +40bps from the Euro close. Most Short +2.6%. Overall volumes inline with yesterday 15% below 20d ave. DXY +10bps, Euro rebounds back above 1.09. Rates higher, 10yr 2.26; Banks +1.5%. Oil continues to rally, given a boost from big Inv draw, Rigs -3. FREEPORT +16%, SOUTHWEST +14%, WILLIAMS +12%, ALCOA +7%. On Earnings; LINDSEY CORP +9%, MICRON -2%, NIKE -2%, BED BATH & BEYOND -5%. CELGENE +10% actually up on good news, announced settlement of Revlimid (cancer) patent litigation; had nearly $6bn in sales this year. NIKE futures orders for all regions impressive Beat, but no raise to guidance and valuation concerns saw stock fade off all time highs. MICRON makes new 52 week lows following another weak guide, analysts unconvinced by claims of a rebound in H216. DISNEY -1% makes new low for move, ESPN concerns continue to outweigh Star Wars. US STEEL -5% sharply reversed pre market gains as Anti-Dumping not as positive as first thought. In M&A; MEDIA GENERAL +3% / NEXTAR +3% said to be v close; NORFOLK SOUTHERN +1% rejects CP; SYNGENTA ADR +1.3% close to break out. Markets close 1pm tomorrow and full day Friday. Next week; no major earnings, CaseShiller and Pending Home Sales.
OUTPERFORMERS: Explorers +6.9%, Coal +6.6%, Drillers +5.6%, Oil Services +4.2%, Materials +2.5%

UNDERPERFORMERS: Media +10bps, Airlines +40bps, Software +50bps, Homebuilders +65bps, SOX +70bps

COMMODS: Gasoline +5.7%, Nat Gas +5.5%, WTI +4%, Ally +2%, Copper +90bps, Gold -50bps, Wheat -70bps.

ECO: Mortgage Apps 7.3%. Personal Income +0.3%, est +0.2%. PCE inline. Durable Goods 0.0%, est -0.6%. New Home Sales 490k, est 505k; MoM 4.3%, est 2.0%. Michigan Sentiment 92.6, est 92.0.
Have a good evening.