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Week of Sept 15 2017 Weekly Recap & The Week Ahead

September 18th, 2017

“We’re not going to play a winning hand every day.” John Paulson

1. Q3 GDP to Take a Major Hit from Harvey — Hurricane Harvey is expected to be one of the costliest disasters in postwar U.S. history, and a likely drag on third-quarter economic growth by a full percentage point, Goldman Sachs said in a weekend research note. Meanwhile, Hurricane Irma has knocked out power to nearly 4M homes and businesses in Florida, threatening millions more as it creeps up the state’s west coast. While the storm made landfall as a Category 4, it has weakened to a Category 1.
2. Daimler Next to Jump on EV Bandwagon — Mercedes-Benz will offer electric versions of all its models by 2022, according to parent company Daimler (OTCPK:DDAIF), which said it would similarly convert its Smart city car brand to become fully electric. Also, China is developing a timetable to end gas and diesel auto sales, but it hasn’t delineated a timeframe like the U.K. and France, which will ban the vehicles by 2040. Chinese-owned carmaker Volvo (OTCPK:GELYY) confirmed in July that all its new car models would have an electric motor from 2019.
3. Equifax CEO to Testify before House Panel on Hacking — Equifax (NYSE:EFX) CEO Richard Smith will testify about the company’s massive data breach at an Oct. 3 hearing of the House Subcommittee on Digital Commerce Consumer Protection, according to the committee’s chairman and another member. Since the attack, Symantec’s (NASDAQ:SYMC) LifeLock has seen six times its normal web traffic, and signups per hour are up ten folds.
4. AAII Weekly Sentiment Swing Back in Bull Camp — courtesy of BIG, this week’s survey showed a surge in optimism as the percentage of investors putting themselves in the bullish camp rose from 29.28% up to 41.29%. That’s the largest one-week increase in bullish sentiment since the end of April and the highest weekly print since January.

From last week’s level of 34.98%, bearish sentiment cratered to 21.97%. The last time bearish sentiment was this low was in early April.

5. China Moves to Halt Exchange Bitcoin — Chinese policy makers will move quickly on a previously reported plan to end exchange trading, their most far-reaching measure to rein in the growth of cryptocurrencies. China’s crackdown, which includes a ban on initial coin offerings announced last week, has fueled an abrupt reversal in bitcoin after the digital currency soared more than 700 percent in the 12 months through August. BTC China, one of the country’s largest cryptocurrency venues, said it would stop handling trades by month-end.

The week ahead — Economic data from Econoday.com:

Week of Sept 8 2017 Weekly Recap & The Week Ahead

September 11th, 2017

“To finish first, first you need to finish.” — Warren Buffetts

1. Houston Employers Business & Valero Refineries Reopen — Houston large employers, universities and transit centers reopened Tuesday following the devastation of Hurricane Harvey, which flooded the Houston area and killed at least 60 people after making landfall Aug. 25. In more moves toward recovery, some barge traffic has resumed to the large oil refinery in Port Arthur, Texas. In addition, Valero Energy says its 293K bbl/day Corpus Christi refinery and 225K bbl/day Texas City refinery, both shut down by Hurricane Harvey, have recovered to pre-hurricane levels of operation.
2. Powerful Hurricane Irma Strikes Florida — traders are bracing for another hurricane to hit the U.S., as Hurricane Irma has strengthened into one of the most powerful storms ever recorded over the Atlantic Ocean. Shares of insurers already coping with damage from Hurricane Harvey and re-insurers providing insurance companies with backup protection against major disasters ended last week ’s trading with sharp losses. Reinsurer Everest Re (NYSE:RE) fell nearly 7%, making it the biggest loser on the S&P 500, and XL Group (NYSE:XL) slumped 5.8%. November orange juice futures soared 6.2% to $1.45 per pound, the highest for a most actively traded contract since May 2016. Cruise ship companies that operate in the Caribbean, including Royal Caribbean (NYSE:RCL) and Carnival (NYSE:CCL), also fell sharply.
3. Trump’s Move to End “Dreamers” Program – President Trump revoked the so-called “Dreamer” program that shields young unauthorized immigrants from deportation, giving Congress six months to draft a legal path for amnesty. As early as March 2018, some of the 800,000 young adults brought to the U.S. illegally as children who qualify for the DACA program – Deferred Action for Childhood Arrivals – would become eligible for deportation without a congressional fix. In reaction, a wide range of business leaders – including JPMorgan Chase’s (NYSE:JPM) Jamie Dimon, Facebook’s (NASDAQ:FB) Mark Zuckerberg, Apple’s (NASDAQ:AAPL) Tim Cook, Google’s (NASDAQ:GOOG) Sundar Pichai and Cummins’s (NYSE:CMI) condemned the decision.
4. Senate Passes Bill for Debt Ceiling & Approved More than $15B in Aid Funding for Hurricanes Harvey and Irma — the Senate has approved more than $15B in aid funding for Hurricanes Harvey and Irma, attached to a debt ceiling extension and temporary government funding, by a vote of 80-17. If the House passes the bill and President Trump signs it, Congress will knock out an end-of-September deadline to raise the debt limit and avoid risking a default or government shutdown.
5. Florida Braces for Hurricane Irma — Miami is preparing for its largest evacuation in more than a decade as Hurricane Irma threatens to turn into the most expensive storm in U.S. history. U.S. orange juice and sugar futures are rallying on the news, as well as home improvement retailers like Home Depot (NYSE:HD) and Lowe’s (NYSE:LOW), while insurers including Progressive (NYSE:PGR) and Allstate (NYSE:ALL) have stopped issuing policies in some Florida counties. The property and casualty players and the reinsurers have suffered in the wake of Harvey and ahead of Irma. Those with heavy Florida exposure are being hit the hardest: HCI Group (HCI -9.5%), Universal Insurance (UVE -10.2%), United Insurance (UIHC -8.1%). Others: Travelers (TRV -2.2%), Allstate (ALL -1.5%), Chubb (CB -1.4%), Cincinnati Financial (CINF -1.8%), Progressive (PGR -1.7%), Alleghany (Y -2.6%).

The week ahead — Economic data from Econoday.com:

Week of Sept 1 2017 Weekly Recap & The Week Ahead

September 1st, 2017

“Once we realize that imperfect understanding is the human condition there is no shame in being wrong, only in failing to correct our mistakes.” — George Soros

1. Tropical Storm Harvey Effects on Market — Floodwaters from Tropical Storm Harvey rose with forecasts for another 10 to 20 inches of rain in the coming days. Insured losses could be as much as $10B-$20B, according to JPMorgan, putting it among the top 10 costliest hurricanes to hit the U.S. Impact on stocks. Furthermore, U.S. fuel prices continue to rise as more Gulf Coast refiners cut output, leaving more than 13% of the country’s refining capacity offline. Gasoline for September delivery climbed as much as 2.77 cents to $1.74 a gallon, while crude prices dipped slightly to $46.50/bbl.
2. Renault-Nissan building EVs in China — tapping into a boom for “new energy” vehicles, Nissan (OTCPK:NSANY) and its alliance partner Renault (OTCPK:RNLSY) are setting up a new joint venture with Dongfeng Motor (OTCPK:DNFGY) to design and build electric cars in China. The project will be called eGT New Energy Automotive. It follows a similar move by Ford, which announced a comparable joint venture last week with Anhui Zotye Automobile.
3. Buffett Exercises BofA Warrant Makes Berkshire Biggest BofA Shareholder — Warren Buffett has become the biggest shareholder in Bank of America (NYSE:BAC), with a 6.6% stake, after exercising an option to take hold of 700M shares at a heavy discount. The move was signaled in June to take effect after BofA officially raised its quarterly dividend to $0.12 from $0.075. That translates into annual dividends of $336M for Berkshire Hathaway (BRK.A, BRK.B).
4. S&P500 Index Moving Averages “Sloped Down” On The Downturn — according to BIG, the S&P500 Index has really deteriorated in the last few weeks. After getting as high as 95.8% earlier this year, at the June and August peaks, the percentage only reached as high as 88%. But after that second peak in early August, the percentage of industry groups with rising 50-DMAs has come crashing down to just 33.3%. That’s the weakest reading we have seen since the days just after the election.

The week ahead — Economic data from Econoday.com:

Week of Aug 25 2017 Weekly Recap & The Week Ahead

August 28th, 2017

“The easiest thing to do is prepare. If you don’t, on behalf of the other market participants, we thank you.” — unknown

1. Trump ’s Afghanistan Strategy Puts Defense Stocks in Focus — President Trump has revealed a reversal of strategy in Afghanistan, warning against creating a vacuum for terrorists, but declined to give details on troop levels. Defense stocks have nearly doubled the S&P 500’s performance since Trump’s election, with the SPDR S&P Aerospace & Defense ETF (NYSEARCA:XAR) rising 26% since Nov. 8 vs. a 13.5% gain for the S&P500 Index. Stocks effected are: RTN, NOC, LMT, OA, GD, BA. Also, The U.S. Air Force has awarded Boeing (NYSE:BA) and Northrop Grumman (NYSE:NOC) separate contracts to continue work on the Ground-Based Strategic Deterrent program, which is planned to replace aging Minuteman missiles. It’s the first step in a three-pronged $500B refresh of the U.S. nuclear arsenal, which includes a long-range bomber being built by Northrop (NOC) and new nuclear submarines now under construction by General Dynamics (NYSE:GD).
2. Next OPEC meeting set for Sept. 22 to Discuss Oil Output — the next joint committee meeting of OPEC and non-OPEC producers will be held in Vienna on Sept. 22. All options, including extending supply cuts beyond Q1 of 2018, are “left open to ensure that all efforts are made to re-balance the market,” according to an OPEC statement. The group also confirmed that its deal achieved a conformity level of 94% as of July.
3. Texas Refining Industry on Watch for Hurricane Harvey — nearly a third of U.S. refining capacity appears to be in Harvey’s path on the Texas and Louisiana coastlines, while forecasters expect the tropical storm to reach hurricane strength soon. Anadarko Petroleum (NYSE:APC) has pulled workers from its Gulf of Mexico platforms, and refiners are assessing their operations.
4. Offshore Driller Seadrill Prepares for Chap. 11 — Once the biggest offshore rig firm by market value, Seadrill (NYSE:SDRL) plans to begin its Chapter 11 debt restructuring in the coming weeks, while revealing a $100M loss in the second quarter. The negotiations will likely involve bankruptcy “on or before Sept. 12,” as the company plans to raise $1B in new capital and obtain a five-year extension for its bank facilities.
5. Trump to Push for Major Tax Reform — “Starting next week, the president’s agenda and calendar is going to revolve around tax reform,” National Economic Council Director Gary Cohn told FT. “He will start being on the road making major addresses justifying the reasoning for tax reform and why we need it in the U.S.” The current American tax system has remained largely unchanged for three decades.

The week ahead — Economic data from Econoday.com:

Week of Aug 18 2017 Weekly Recap & The Week Ahead

August 21st, 2017

“There is only one side to the stock market; and it is not the bull side or the bear side, but the right side” … — Jessie Livermore

1. North Korea Retracts Guam Threat — Kim Jong-un has decided not to launch a threatened missile attack on Guam, but warned that he could change his mind “if the Yankees persist in their extremely dangerous reckless actions.” Signs of easing in tension on the Korean peninsula helped the stock markets rally for another day following an exchange of threats between Pyongyang and Washington.
2. Berkshire Hathaway Discloses Stake in Synchrony Financial — Berkshire Hathaway sold its stake in General Electric (NYSE:GE) as of the end of June, but will still keep its hand in a legacy part of the conglomerate. Berkshire (BRK.A, BRK.B) reported a 17.5M share stake in Synchrony Financial (NYSE:SYF), the financing arm of GE that was spun out in a 2014. It also boosted stakes in Store Capital (NYSE:STOR), Bank of New York (NYSE:BK), General Motors (NYSE:GM) and Apple (AAPL).
3. Trump Signs Executive Order Aimed at Boosting Infrastructure Projects – President Trump has signed an executive order to speed approvals of permits for highways, bridges and other major building efforts as part of his proposal to spend $1T to fix aging U.S. infrastructure. The move revokes a previous order by President Obama that required strict building standards for government-funded projects to reduce exposure to consequences of climate change.
4. Fiat Joins Autonomous Driving Consortium — Fiat Chrysler is joining a self-driving car consortium led by BMW (OTCPK:BAMXF), Intel (NASDAQ:INTC) and its Mobileye (NYSE:MBLY) subsidiary that aims to develop fully driverless vehicles by 2021. CEO Sergio Marchionne has long said that automakers need to work together to develop the future technology because of the vast development costs. Last year, FCA (NYSE:FCAU) became the first carmaker to partner with Waymo, the driverless car unit owned by Alphabet (GOOG, GOOGL).
5. FOMC Chairwoman Yellen to Speak at Jackson Hole Conference — Fed Chair Janet Yellen is scheduled to speak at Jackson Hole this week. The subject of the speech will be “Financial Stability,” and it will happen on August 25 at 10 ET. The talk comes a couple of weeks ahead of the FOMC’s next policy meeting, at which most are currently expecting another rate hike and the start of the wind-down of the central bank’s balance sheet.
6. Russell 2000 (SmallCap) Erases Year’s Gains — the major averages have been up pretty much all year, but the Russell 2000 lagged by a pretty nice measure – peaking with about a 6% YTD advance in late July, and swooning since. With last thursday’s 1.4% decline, the small cap index is in the green for the year by just a handful of basis points. The S&P 500 remains higher by nearly 9%, and the Nasdaq by 16%.

The week ahead — Economic data from Econoday.com:

Week of Aug 11 2017 Weekly Recap & The Week Ahead

August 14th, 2017

“If you do not know who you are, the stock market is an expensive to find out.” – George Goodma

1. OPEC Meeting Kicks Off in Abu Dhabi — Representatives from OPEC and non-member nations are gathering in Abu Dhabi to discuss poor conformity levels on their output cut agreement. According to Bloomberg data, compliance fell to 86% in July, the lowest level since January.
2. China Trade Data Missed Estimates — Chinese trade data produced a rare miss in July with annual growth levels undershooting expectations. Exports from the world’s second-largest economy rose 7.2% from a year earlier, while imports expanded 11%, resulting in a trade surplus of nearly $47B. China also said it will pay the biggest economic price from the new UN sanctions against Pyongyang, but will always enforce the resolutions.
3. Beer Cheaper than Soda in Philly On Sugary Drink Tax — Philadelphia’s tax on sugary drinks has made soda more expensive than beer in the city. A new study from the Tax Foundation found that the 1.5-cent per ounce tax has fallen short of revenue projections and has forced some Philadelphians to drive outside the city to buy groceries. It’s also hit the corporate level: PepsiCo (NYSE:PEP) is laying off up to 100 workers because of the tax.
4. Markets Jittery Amid Korea Tensions — Pyongyang has hit back at threats from President Trump, branding his warnings “a load of nonsense” and stating only “absolute force can work on him.” It also announced plans to launch four rockets near Guam, saying preparations should be ready in a matter of days. In response, the Pentagon has prepared a detailed plan for a pre-emptive strike on North Korea’s missile sites, should Trump order such an attack.
5. Intel’s Mobileye Planning 100 Test Self-Driving Vehicles — Intel has officially joined the self-driving car race. The chipmaker is building a fleet of 100 cars to test self-driving technology, as it tries to leapfrog rivals like Qualcomm (NASDAQ:QCOM) and Nvidia (NASDAQ:NVDA). The project will combine Mobileye’s (NYSE:MBLY) offerings with Intel’s (NASDAQ:INTC) open compute and communication platform. Testing will take place in the U.S., Europe and Israel.
6. Historical Records of the DJIA that Had Closed Up 10 Straight Sessions & One, Three, and Six-Month Returns Going Forward — courtesy of BIG, the Dow Jones Industrial Average had closed up 10 straight sessions, and nine of those were at all-time highs. Subsequently, Bespoke Investment Group looked at all previous eight-session or longer streaks of consecutive record closes going back to 1928, and the one, three, and six-month returns going forward were all comfortably better than average.

The week ahead — Economic data from Econoday.com:

Week of Aug 4 2017 Weekly Recap & The Week Ahead

August 7th, 2017

“when the facts change, I change my mind – what do you do, Sir?” ― John Maynard Keynes

1. Oil Rose Above $50 per Barrell — crude futures briefly rose above $50 for the first time since May after OPEC said it would meet next week to discuss why some nations are falling behind on their pledge to cut production. The gathering in Abu Dhabi will take place on Aug. 7-8. It follows a fourth consecutive week of declines in U.S. crude inventories, and potential sanctions against Venezuela’s oil industry.
2. British American Tobacco Investigated by Serious Fraud Office — the Serious Fraud Office has opened a formal probe into British American Tobacco (NYSEMKT:BTI) over “allegations of misconduct,” while the cigarette maker said it “intends to cooperate with that investigation.” In February last year, BAT announced it had hired lawyers to examine allegations that it bribed officials in east Africa to undermine anti-smoking laws.
3. Dow (DIA) Finishes Above 22K for the First Time — the Dow Jones industrial average topped 22,000, with Boeing (NYSE:BA) contributing much of the latest leg upward, and Apple (NASDAQ:AAPL) providing the final push. The benchmark has recorded three 1,000-point milestones in 2017. While earnings season contributed to the latest sentiment, Dow industrials are up 20% since Election Day. Finally, while it may seem as though the move from 21K to 22K was quick, at 154 calendar days, it was nearly five times longer than the time that elapsed between 20K and 21K (35 days) and two and a half times longer than the time it took to go from 19K to 20K.

4. Bearish Sentiment Spikes — In this week’s AAII’s weekly sentiment survey update, bearish sentiment spiked from 24.32% up to 32.1%. That’s the highest weekly reading since mid-May and the largest weekly increase since March!

Even though bearish sentiment spiked this week, bullish sentiment also ticked higher, rising from 34.46% up to 36.11%. Ironically, that was also the highest weekly reading for bullish sentiment since early May, but it still marks a record 135th straight week where bulls have not been in the majority.

The week ahead — Economic data from Econoday.com:

Week of July 28 2017 Weekly Recap & The Week Ahead

July 31st, 2017

“I have learned through the years that after a good run of profits in the markets, it`s very important to take a few days off as a reward. The natural tendency is to keep pushing until the streak ends. But experience has taught me that a rest in the middle of the streak can often extend it.”- Martin Schwartz

1. Trump Support Russia Sanctions Legislation — Congressional leaders have reached an agreement on a set of sweeping sanctions against Russia as punishment for interference in the 2016 U.S. election, engagement in Syria and the annexation of Crimea. Press Secretary Sarah Huckabee Sanders indicated Pres. Trump likely would support the bill, saying that original sanctions legislation “was poorly written but… we support where the legislation is now.” Meanwhile, the European Union could retaliate against U.S. sanctions on Russia, worried about potential harm to European energy deals.
2. Obamacare Repeal Fails in Senate — a plan to repeal and replace Obamacare that Senate Republicans have been working on for months failed to get the 60 votes needed for approval. The tally came out to 43 in favor and 57 against, with nine Republicans voting against the measure. It’s the first of many expected votes this week following the return of John McCain, who has been recovering from recent brain surgery.
3. U.K. to Ban Gas Vehicles from 2040 — Britain is set to ban all new gas and diesel vehicles from 2040 amid fears that rising levels of nitrogen oxide pose a major risk to public health. The commitment, which follows a similar pledge in France, is part of the government’s clean air plan, which has been at the heart of a protracted high court legal battle.
4. Dollar Index Hit by Fed statement — the dollar index has fallen to its lowest level in over a year after the Fed signaled its balance sheet reduction would be starting soon. The central bank kept rates on hold and made no changes to its overall policy, but the statement following its July meeting said balance sheet normalization would start “relatively soon”.
5. Border Adjustment Tax Abandoned — Republican leaders have also abandoned the idea of a border adjustment tax, as part of an effort to present a united front for a broad tax overhaul. “While we have debated the pro-growth benefits of border adjustability, we appreciate that there are many unknowns associated with it,” Steven Mnuchin, Paul Ryan and Mitch McConnell said in a statement.
6. Tobacco Shares Plunge After FDA Proposes Cut to Cigarette Nicotine — the U.S. Food and Drug Administration plans to explore regulating the level of nicotine in conventional cigarettes, a radical step that would reshape the $130 billion American tobacco industry. The move would represent one of the most sweeping federal efforts to reduce smoking since Congress required cigarette packages to carry health warnings in 1965. It follows other moves by President Donald Trump’s FDA Commissioner Scott Gottlieb to try and deal with the high cost of prescription drugs and opioid addiction. Companies effected are stock of cigarette producers including British American Tobacco (BTI), Altria Group (MO) and Philip Morris International (PM).

The week ahead — Economic data from Econoday.com:

Week of July 21 2017 Weekly Recap & The Week Ahead

July 24th, 2017

“The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading… I know this will sound like a cliché, but the single most important reason that people lose money in the financial markets is that they don’t cut their losses short.” – Victor Sperandeo

1. GOP Abandons Healthcare Bill – Republican leaders have given up on their effort to replace Obamacare after the defections of two more GOP senators left the party short of votes needed to pass the American Health Care Act. “Republicans should just REPEAL failing Obamacare now & work on a new Healthcare Plan that will start from a clean slate.
2. Ecuador Breaks Ranks with OPEC by Raising Crude Output — Ecuador has dealt a blow to OPEC unity by announcing it will start raising crude production this month. The country won’t be able to meet its commitment to lower output by 26,000 barrels a day to 522,000, arguing that it needs the money. Its exit is largely immaterial when considering the size of the global oil market, but it could create a dangerous precedent.
3. U.S. Considers Ban on Venezuela crude? — the Trump administration is considering a ban on oil imports from Venezuela, sources told Bloomberg, as part of a spate of sanctions to punish President Maduro. The potential disruptions is Venezuela the third-biggest supplier of oil imports to the U.S., and Gulf refiners like Valero (NYSE:VLO), Chevron (NYSE:CVX) and Phillips 66 (NYSE:PSX) have spent millions tailoring their plants to use its unique brand of heavy, tar-like crude.
4. Facebook to Test Subscription News Product in the Fall – Facebook (NASDAQ:FB) will start testing the product in October, head of news partnerships, Campbell Brown, told the Digital Publishing Innovation Summit. Facebook plans to build a paywall that will require readers to become subscribers to the service after accessing 10 free articles. It will also direct readers to news publishers’ home pages.
5. Facebook Explores ‘Modular’ Device — Facebook is looking into developing a “modular electromechanical device,” according to Business Insider, which described a patent for both a phone and smart speaker as potential product categories. Coincidentally, many key members of Google’s (GOOG, GOOGL) Project Ara team (which had developed a similar project) now work at Facebook’s (NASDAQ:FB) Building 8, the group responsible for the new patent application.

The week ahead — Economic data from Econoday.com:

Week of July 14 2017 Weekly Recap & The Week Ahead

July 17th, 2017

“When you talk, you are only repeating something you already know, but if you listen, you may learn something new.” — Dalai Lama

1. G20 Recap Following Hamburg Summit – G20 leaders declared in a joint communique “We will continue to fight protectionism including all unfair trade practices,” . The group stepped back from an unequivocal commitment to free trade for the first time since its inaugural summit in 2008. Instead, it said it would “strive to ensure a level playing field,” noting “the importance of reciprocal and mutually advantageous trade and investment frameworks.”
2. Electricity Investment Overtakes Fossils Fuels — fossil fuels are no longer the largest recipient of investment in the energy industry, according to the latest report from the IEA. The electricity sector received the largest level of investment for the first time ever, growing its share by 12 percentage points to 43% between 2014 and 2016. In comparison, over the same period, investments in upstream (exploration and production) oil and gas fell 44%.
3. Hartford Downgraded to Junk by S&P – S&P downgraded Hartford debt to junk bond status last week, citing “growing liquidity pressures” and “weaker market access prospects,” as well as pursuing “expertise in financial restructuring.” Meanwhile, Illinois squirms in the agony of the unknown.
4. Wells Fargo Cutbacks Auto Loans – Wells Fargo (NYSE:WFC) is scaling back and remolding its auto lending business in response to growing stress in the market, as well as a bank-wide push for more centralized risk controls. Although it was the No. 2 U.S. provider of auto loans less than a year ago, Wells has already cut quarterly originations by nearly 30% over the nine months leading into March 31.
5. AAII Weekly Sentiment Survey — even as the market has started to enter rally mode and the Nasdaq is getting back on its feet, bullish sentiment actually saw a slight decline, falling from its already depressed level of 29.58% down to 28.24%. That’s the lowest weekly print since the start of June.

Also, the percentage of bearish respondents declined from 29.86% down to 29.63%. This week’s print actually marks the sixth straight weekly print where bearish sentiment has been below 30%. That’s the longest streak since last August, when it went eight weeks below 40%.

With bulls and bears both below 30%, that means there are a lot of investors who just can’t make up their minds. That’s reflected in the percentage of neutral investors which came in at 42.13, and is the second-highest weekly reading in neutral sentiment this year.
6. Earnings For the Week of July 17 – below is a list of companies reporting earnings this week.

The week ahead — Economic data from Econoday.com:

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