- Our Article/Chart Got Picked Up By MarketWatch Today: A correction is coming, but don’t ‘head for the hills yet’, says BNY Mellon (MarketWatch)
- JP Morgan shares surge after bank posts record profit and revenue (CNBC)
- Chevron to buy Anadarko Petroleum in a $33 billion cash and stock deal (CNBC)
- Chinese exports rebound strongly in March (MarketWatch)
- Cord-Cutters’ Savings Shrink as Online TV Services Raise Prices (Wall Street Journal)
- Don’t Write Off Germany’s Big Bank Merger Just Yet (Bloomberg)
- U.S. Natural-Gas Market Is Taking Cues From China (Wall Street Journal)
Unusual Options Activity – United States Steel Corporation (X)
Today some institution/fund purchased 4,129 contracts of July $20 strike calls (or the right to buy 412,900 shares of United States Steel Corporation (X) at $20). The open interest was just 3,129 prior to this purchase. Continue reading “Unusual Options Activity – United States Steel Corporation (X)”
Quote of the Day…
Warning signs from AAII Sentiment Survey results this morning (out of “No Man’s Land”)
AAII Sentiment Survey results are out this morning. After four weeks of grinding sideways in “No Man’s Land” Bullishness is now up OVER the 40 level – which usually marks market reversals. Bearishness has collapsed.
In the S&P500 chart above I have noted those dates in the recent past where Sentiment was at similar levels (Bullishness ~40, Bearishness <30). You can follow along with the red circles on the sentiment results below.
Just because these readings correlated with pullbacks in the recent past does not mean they will do so this time. It does however mean we should be paying attention. It is possible we can burn through these elevated readings and go higher, but the odds don’t favor it. As with all indicators, they are to be used as barometers, not crystal balls.
Be in the know. 6 key reads for Thursday…
- Chipotle downgraded to Hold from Buy at Jefferies (TheFly)
- Bull Market in “adjusted earnings” (Barron’s)
- CEO of Tiny California Bank Makes Twice as Much as Jamie Dimon (Bloomberg)
- Ted Cruz threatens to regulate Facebook, Google and Twitter over charges of anti-conservative bias (USA Today)
- Oil prices pull back as IEA says demand data sending ‘mixed signals’ (MarketWatch)
- U.S. weekly jobless claims lowest since 1969 (Reuters)
Hedge Fund Tips (PCN) – Position Completion Notification
Unusual Options Activity – Ensco plc (ESV)
Today some institution/fund purchased 33,743 contracts of June $5 strike calls (or the right to buy 3,374,300 shares of Ensco plc (ESV) at $5). The open interest was just 6,707 prior to this purchase. Continue reading “Unusual Options Activity – Ensco plc (ESV)”
Be in the know. 8 key reads for Wednesday…
- China investment, markets recovery should boost global economy later in the year, IMF says (MarketWatch)
- Bristol-Myers, JPMorgan, and 2 Other Dividend-Paying Stocks That Could Beat the Market (Barron’s)
- Opinion: Move over, Ferrari and Lamborghini — this Italian electric car’s 1,900 horsepower makes it faster than a Formula 1 racer (MarketWatch)
- U.S. Readies $11 Billion in Tariffs on E.U. (New York Times)
- 7 things you didn’t know you could do with Gmail (USA Today)
- ECB Keeps Policy Unchanged as Euro-Area Economy Faces New Risks (Bloomberg)
- Apple downgraded by HSBC to sell rating on concern about new services: ‘Too late to the game’ (CNBC)
- 2019 NHL Playoffs: Stanley Cup Odds for All 16 Teams in the Postseason (Newsweek)
Hedge Fund Trade Tip (PIN) – Position Idea Notification
European (Stoxx 600) Q1 Earnings Estimates Drop Again
Data Source: Thomson Reuters
Estimates for European Q1 earnings have dropped from -1.6% to -3.2% in the past week. This puts Europe’s estimates in-line with the U.S. – which is at -3.9% for Q1 as of Friday. Continue reading “European (Stoxx 600) Q1 Earnings Estimates Drop Again”