Long Only, Momentum, Portfolio Strategy
Contributor Since 2009
Jim Van Meerten writes on financial subjects here and on Barchart Portfolio Blogs and Seeking Alpha. He earned a BS in Accounting and Business Administration from Berry College; a Juris Doctorate from the Woodrow Wilson School of Law; and attended post-baccalaureate and graduate courses in Business Administration, Quantitative Math, and Education at Florida Atlantic University, Georgia State University and University of North Carolina at Charlotte. In the past he has been an accountant, attorney, adjunct professor in Business Law, Accounting and Internal Auditing, financial advisor, supervisory principal, and compliance officer. He also passed the Georgia CPA Exam, the Certified Internal Auditor Exam, and the FINRA Series 7, 24 and 9/10 exams.He is presently also a contributor on MSN Top Stocks Blog, Motley Fool and is a member of the M100 on Marketocracy, an elete honor chosen by the editors of Marketocracy as being in the top 100 portfolio managers of over 100,000 portfoiios they review. He would enjoy hearing your comments at JimVanMeerten@gmail.com.
Friday, February 19th, 2016
Everything you need to know about the markets in one free daily newsletter.E-mail: Submit
You will also receive a free subscription to the Barchart family of newsletters.
OVERNIGHT MARKETS AND NEWS
March E-mini S&Ps (ESH16 -0.46%) are down -0.47% and European stocks are down -1.33% as they track crude oil prices lower. Mar WTI crude oil is down -1.92% on concern that oversupply of crude will persist after EIA data yesterday showed U.S. crude stockpiles expanded to 504 million bbl, the highest since weekly data began in 1982 and in monthly data going back to 1930. Weakness in European insurance companies are leading European stocks lower, led by a -1.5% decline in Allianz SE, after it reported weaker-than-expected quarterly profits. Asian stocks settled mostly lower: Japan -1.42%, Hong Kong-0.40%, China -0.10%, Taiwan +0.12%, Australia -0.79%, Singapore -0.03%, South Korea +0.23%, India +0.25%.
The dollar index (DXY00 -0.13%) is down -0.06%. EUR/USD (^EURUSD) is up +0.05%. USD/JPY (^USDJPY) is down -0.37%.
Mar T-note prices (ZNH16 +0.26%) are up +10 ticks.
San Francisco Fed President John Williams said late yesterday that "the economy is actually done fine" and he sees a gradual U.S. rate hike path as the "best course." He added that while the Fed has tools to deal with an economic downturn including negative interest rates, he doesn't expect that it will have to use them.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Cleveland Fed President Loretta Mester's speech at a breakfast meeting on the economic outlook at the Global Interdependence Center in Sarasota, FL, and (2) Jan CPI (expected -0.1% m/m and +1.3% y/y, Dec -0.1% m/m and +0.7% y/y) and Jan CPI ex food & energy (expected +0.2% m/m and +2.1% y/y, Dec +0.1% m/m and +2.1% y/y).
There are 6 of the S&P 500 companies that report earnings today: Deere (consensus $0.71), Cabot Oil (-0.04), Pinnacle West Capital (0.26), Ameren (0.15), VF Corp (1.01), PSEG (0.50).
U.S. IPO's scheduled to price today: none.
Equity conferences during the remainder of this week include: none.
OVERNIGHT U.S. STOCK MOVERS
Mar E-mini S&Ps (ESH16 -0.46%) this morning are down -9.00 points (-0.47%). Thursday's closes: S&P 500 -0.47%, Dow Jones -0.25%, Nasdaq -1.13%. The S&P 500 on Thursday closed lower on the OECD's cut in its 2016 global GDP forecast to 3.0% from a Nov projection of 3.3% and on weakness in energy producers after crude oil prices fell back from a 2-week high. Stocks received some support from the unexpected -7,000 decline in U.S. weekly initial unemployment claims to a 2-1/2 month low of 262,000, better than expectations of +6,000 to 275,000.
Mar 10-year T-notes (ZNH16 +0.26%) this morning are up +10 ticks. Thursday's closes: TYH6 +15.50, FVH6 +7.50. Mar T-notes on Thursday closed higher on increase safe-haven demand with the sell-off in stocks and on global growth concerns after the OECD cut its 2016 global GDP estimate.
The dollar index (DXY00 -0.13%) this morning is down -0.059 (-0.06%). EUR/USD (^EURUSD) is up +0.0005 (+0.05%). USD/JPY (^USDJPY) is down-0.42 (-0.37%). Thursday's closes: Dollar Index +0.165 (+0.17%), EUR/USD -0.0021 (-0.19%), USD/JPY -0.86 (-0.75%). The dollar index on Thursday closed higher on signs of U.S. labor market strength after weekly initial jobless claims fell to a 2-1/2 month low and on weakness in EUR/USD which fell to a 2-week low on speculation the ECB may boost stimulus measures after the minutes of Jan 21 ECB meeting showed policy makers were concerned about global risks to the economic outlook.
Mar WTI crude (CLH16 -2.34%) this morning is down -59 cents (-1.92%) and Mar gasoline (RBH16 -1.18%) is down -0.0084 (-0.86%). Thursday's closes: CLH6 +0.11 (+0.36%), RBH6 -0.0310 (-3.09%). Mar crude oil and gasoline on Thursday settled mixed. Crude oil prices were undercut by the +2.147 million bbl increase in EIA crude inventories to a record high 504.1 million bbl and by the +36,000 bbl increase in crude supplies at Cushing, OK, delivery point of WTI futures, to a record high 64.7 million bbl. Crude oil prices were supported by the -0.6% decline in U.S. crude production in the week ended Feb 12 to 9.135 million bpd, a 3-1/2 month low, and by the unexpected fall in U.S. weekly jobless claims to a 2-1/2 month low, a sign of labor market strength that benefits economic growth and energy demand.
GLOBAL EVENT CALENDAR02/19/2016
|US||0830 ET||Cleveland Fed President Loretta Mester will speak at a breakfast meeting on the economic outlook at the Global Interdependence Center in Sarasota, FL.|
|0830 ET||Jan CPI expected -0.1% m/m and +1.3% y/y, Dec -0.1% m/m and +0.7% y/y. Jan CPI ex food & energy expected +0.2% m/m and +2.1% y/y, Dec +0.1% m/m and +2.1% y/y.|
|0830 ET||USDA weekly Export Sales.|
|1500 ET||USDA Jan Cattle on Feed.|
|JPN||0030 ET||Japan Jan nationwide department store sales, Dec +2.2% y/y.|
|GER||0200 ET||German Jan PPI expected -0.3% m/m and -2.0% y/y, Dec -0.5% m/m and -2.3% y/y.|
|UK||0430 ET||UK Jan retail sales ex auto fuel expected +0.7% m/m and +3.4% y/y, Dec -0.9% m/m and +2.1% y/y.|
|0430 ET||UK Jan retail sales including auto fuel expected +0.8% m/m and +3.6% y/y, Dec -1.0% m/m and +2.6% y/y.|
|0430 ET||UK Jan public sector net borrowing expected -13.9 billion pounds, Dec 6.9 billion pounds.|
|EUR||1000 ET||Eurozone Feb consumer confidence expected -0.3 to -6.6, Jan -0.6 to -6.3.|
U.S. STOCK CALENDAR02/19/2016
|Cabot Oil & Gas Corp||COG US||Bef-mkt||Q4 2015 Earnings Release||Q4 2015||-0.039|
|Deere & Co||DE US||Bef-mkt||Q1 2016 Earnings Release||Q1 2016||0.708|
|Pinnacle West Capital Corp||PNW US||Bef-mkt||Q4 2015 Earnings Release||Q4 2015||0.256|
|Ameren Corp||AEE US||Bef-mkt||Q4 2015 Earnings Release||Q4 2015||0.154|
|VF Corp||VFC US||6:55||Q4 2015 Earnings Release||Q4 2015||1.009|
|Public Service Enterprise Group Inc||PEG US||7:30||Q4 2015 Earnings Release||Q4 2015||0.498|
|VF Corp||VFC US||8:30||Q4 2015 Earnings Call||Q4 2015|
|Cabot Oil & Gas Corp||COG US||9:30||Q4 2015 Earnings Call||Q4 2015|
|Deere & Co||DE US||10:00||Q1 2016 Earnings Call||Q1 2016|
|Ameren Corp||AEE US||10:00||Q4 2015 Earnings Call||Q4 2015|
|Pinnacle West Capital Corp||PNW US||11:00||Q4 2015 Earnings Call||Q4 2015|
|Public Service Enterprise Group Inc||PEG US||11:00||Q4 2015 Earnings Call||Q4 2015|
|KLA-Tencor Corp||KLAC US||11:00||Extraordinary Shareholders Meeting - M&A Vote||Y 2016|
|Flowserve Corp||FLS US||11:00||Q4 2015 Earnings Call||Q4 2015|
|Lam Research Corp||LRCX US||11:00||Extraordinary Shareholders Meeting - M&A Vote|