Seeking Alpha

Jim Van Meerten's  Instablog

Jim Van Meerten
Send Message
Jim Van Meerten is an advisor to Marketocracy Capital Management and writes on financial subjects here and on Barchart Portfolio Blogs. He earned a BS in Accounting and Business Administration from Berry College; a Juris Doctorate from the Woodrow Wilson School of Law; and attended... More
My company:
Marketocracy Capital Management
My blog:
Barchart Portfolio Blogs
  • Barchart Morning Call 10/16 0 comments
    Oct 16, 2012 10:39 AM | about stocks: IBM, JNJ, KO, INTC, GS, UNH, PNC, CSX, ISRG, STT, GWW, OMC, MAT, FRX, LLTC, FTNT, CBSH, APOL, URI, CREE, DPZ, WWW

    Barchart Morning Call

    BC - 2 hrs 29 mins ago

    Overnight Developments

    • Dec E-mini S&Ps are mildly higher by +0.24% on support from the +0.98% rally in European stocks and the improvement in the Zew economic sentiment indexes for Germany and the Eurozone. Asian stocks today closed higher nearly across the board with Japan up +1.44% and China up +0.14%. Commodity prices are up +0.58% this morning with Nov crude oil up +0.11%, Dec gold up +0.23%, Dec copper up +0.50%, and agricultural prices trading mostly higher. The dollar index is down -0.32% while EUR/USD is up +0.49%. Dec 10-year T-notes are down 5 ticks.
    • The Financial Times is reporting today that Spain is already prepared to make a formal rescue request from the ECB/ESM but that the request is being delayed by an attempt to resolve issues related to the impact on other countries such as Italy.
    • The German Oct Zew economic sentiment index rose to -11.5 from -18.2 in September and was stronger than market expectations of -14.9. That report on investor and analyst sentiment indicates improved confidence tied to the ECB's bond-buying program and the subsequent drop in Spanish and Italian bond yields. The Oct current situation index, however, of 10.0 fell from September's 12.6 and was weaker than market expectations of 11.8.
    • The Eurozone Oct Zew economic sentiment index improved to -1.4 from -3.8 in September.
    • The Eurozone Sep CPI report of +0.7% m/m and +2.6% y/y was in line with market expectations. The Sep year-on-year figure of +2.6% y/y was down slightly from +2.7% in August.
    • The Eurozone Aug trade surplus (sa) widened to 9.9 billion euros from a revised 7.2 billion euros in July and was wider than market expectations of 8.2 billion euros. The report was supportive for EUR/USD.
    • Spain today successfully sold 4.86 billion euros of 12-month and 18-month securities, exceeding its intended 4.5 billion euro target. The bid cover ratios were 2.71 for the 12-month notes and 3.04 for the 18-month notes.
    • EU27 Sep new car registrations fell -10.8% y/y from -8.9% y/y in August.
    • The UK Sep CPI report of +0.4% m/m and +2.2% y/y was in line with market expectations and was down from Aug's +0.5% m/m and +2.5% y/y. The Sep core CPI was unchanged from Aug at +2.1% y/y and was in line with market expectations. The improved CPI report is a positive for the UK economy since it gives more flexibility on monetary policy to the Bank of England.
    • Tokyo Sep condo sales fell to -9.3% y/y from +17.3% y/y in Aug. Market Comments
      • Dec E-mini S&Ps this morning are mildly higher by +3.50 points (+0.24%). Supportive factors include the 0.98% rally in the Euro Stoxx 50 index, the improvement in the Zew confidence indexes for Germany and the Eurozone, and the rally in virtually all of the Asian stock markets today. The S&P 500 index on Monday closed with fairly sharp gains: S&P 500 +0.81%, Dow Jones +0.72%, Nasdaq 100 +0.73%. Bullish factors included the stronger-than-expected U.S. retail sales report, a 5.5% rally in Citigroup that followed its earnings report, and favorable Chinese exports and CPI reports. U.S. Sep retail sales rose +1.1% m/m, stronger than expectations of +0.8% and Aug retail sales were revised higher to +1.2% from +0.9%. Sep retail sales ex autos and gasoline showed a strong increase of +0.9% after the revised +0.3% increase in Aug. China's Sep exports were reported on Saturday at +9.9% y/y, stronger than market expectations of +5.5% and Aug's report of +2.7%.
      • Dec 10-year T-notes this morning are down 5 ticks on reduced safe-haven demand with the rally in global stocks. Dec 10-year T-note prices on Monday closed little changed: TYZ2 unch, FVZ2 +0.5. T-notes were undercut by the strong U.S. retail sales report and reduced safe-haven demand with the rally in stocks.
      • The dollar index this morning is down -0.26 points (-0.32%) on reduced safe-haven demand with the rally in stocks.. EUR/USD is up +0.0064 (+0.49%) on the successful Spanish note sales today and the FT report that Spain is already prepared to request a credit line from the ECB/ESM bailout program. USD/JPY is up +0.24 (+0.31%). The dollar index on Monday closed slightly higher: Dollar index +0.08 (+0.09%), EUR/USD -0.0002 (-0.02%), USD/JPY +0.21 (+0.27%). The dollar received support from the stronger-than-expected U.S. retail sales report of +1.2% and uncertainty about EUR/USD going into the EU Summit on Thursday and Friday.
      • Nov WTI crude oil prices this morning are up +0.10 (+0.11%) and Nov gasoline is up +0.0063 (+0.22%). Nov crude oil and gasoline prices closed lower on Monday: CLX2 -0.01 (-0.01%), RBX2 -0.0425 (-1.47%). Bearish factors included expectations for a 1.5 million barrel rise in U.S. crude oil inventories in Wednesday's DOE report and technical selling in gasoline prices, which hit a 1-1/2 week low. The market consensus for Wednesday's DOE report is for a 1.5 million barrel increase in crude oil inventories due to high U.S. oil production and an increase in crude oil imports, a 250,000 barrel increase in gasoline inventories, a 1.25 million barrel decline in distillate inventories, and a 0.3 point increase to 87.0% in the refinery utilization rate.
      • For the complete subscription version of this daily report (plus a 13-page big-picture weekly report), along with the earliest possible delivery in the morning, please visit http://www.barchart.com/register/crbfms_usmc.php Today's U.S. Earnings Reports

        Earnings reports (ranked by market cap): IBM-IBM (Consensus:$3.61), JNJ-Johnson & Johnson (1.21), KO-Coca-Cola (0.51), INTC-Intel (0.52), GS-Goldman Sachs (2.28), UNH-UnitedHealth (1.35), PNC-PNC Financial (1.66), CSX-CSX Corp (0.43), ISRG-Intuitive Surgical (3.49), STT-State Street (0.96), GWW-WW Grainger (2.89), OMC-Omnicom Group (0.72), MAT-Mattel (0.99), FRX-Forest Labs (0.04), LLTC-Linear Tech (0.51), FTNT-Fortinet (0.14), CBSH- Commerce Bankshares (0.77), APOL-Apollo Group (0.49), URI-United Rentals (1.13), CREE-Cree Inc (0.26), DPZ-Domino's Pizza (0.41), WWW-Wolverine World (0.73),

        Global Financial Calendar

        Tuesday 10/16/12
        United States
        0745 ETICSC (Int'l Council of Shopping Centers) weekly retailer sales.
        0830 ETSep CPI expected +0.5% and +1.9% y/y, Aug +0.6% m/m and +1.7% y/y. Sep core CPI expected +0.2% and +2.0% y/y, Aug +0.1% m/m and +1.9% y/y.
        0855 ETRedbook weekly retailer sales.
        0915 ETSep industrial production expected +0.2% m/m, Aug -1.2% m/m. Sep manufacturing production expected +0.3% m/m, Aug -0.7% m/m. Sep capacity utilization expected +0.1 to 78.3%, Aug 78.2%.
        1000 ETOct NAHB housing market index expected +1 to 41, Sep +3 to 40.
        1130 ETWeekly 4-week T-bill auction.
        1200 ETFederal Reserve Governor Sarah Bloom Raskin speaks on financial regulation at Suffolk University in Boston.
        1200 ETAtlanta Fed President Dennis Lockhart introduces Argentine ambassador before the World Affairs Council of Atlanta at the Commerce Club.
        1630 ETAPI weekly U.S. oil statistics.
        2100 ETObama-Romney debate at Hofstra University in Hempstead, NY. Town hall style meeting including foreign and domestic policy.
        Japan
        0000 ETTokyo Sep condo sales, Aug +17.3% y/y.
        Euro-Zone
        0200 ETEU27 Sep new car registrations, Aug -8.9% y/y.
        0500 ETEurozone Sep CPI expected +0.7% m/m and +2.7% y/y, Aug +0.4% m/m and +2.7% y/y. Sep core CPI expected +1.6% y/y, Aug +1.5% y/y.
        0500 ETEurozone Aug trade balance (sa) expected 8.2 bln euros, July 7.9 bln euros.
        0500 ETEurozone Oct Zew economic sentiment index, Sep -3.8.
        Germany
        0500 ETGerman Oct Zew survey current situation index expected 11.8, Sep 12.6. Oct Zew economic sentiment index expected -14.9, Sep -18.2.
        United Kingdom
        0430 ETUK Aug ONS house price expected +1.9% y/y, July +2.0% y/y.
        0430 ETUK Sep PPI input (nsa) expected +0.2% m/m and -0.6% y/y, Aug +2.0% m/m and +1.4% y/y.
        0430 ETSep PPI output (nsa) expected +0.3% m/m and +2.2% y/y, Aug +0.5% m/m and +2.2% y/y. Sep PPI output core (nsa) expected +0.1% m/m and +1.0% y/y, Aug +0.1% m/m and +1.2% y/y.
        0430 ETUK Sep CPI expected +0.4% m/m and +2.2% y/y, Aug +0.5% m/m and +2.5% y/y. Sep core CPI expected +2.1% y/y, Aug +2.1% y/y.
        0430 ETUK Sep RPI expected +0.5% m/m and +2.6% y/y, Aug +0.4% m/m and +2.9% y/y. Sep RPI ex-mortgage interest payments expected +2.6% y/y, Aug +2.9% y/y.

        Barchart.com provides Financial Quotes, Charts and Technical Analysis for Stock and Commodity Traders.

    Stocks: IBM, JNJ, KO, INTC, GS, UNH, PNC, CSX, ISRG, STT, GWW, OMC, MAT, FRX, LLTC, FTNT, CBSH, APOL, URI, CREE, DPZ, WWW
Back To Jim Van Meerten's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

More »

Latest Comments


Posts by Themes
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.