“Chance favors the prepared mind.” — Louis Pasteur
By Frank Fahey
“To think creatively, we must be able to look afresh at what we normally take for granted” – George Keller
“Imagination will often carry us to worlds that never were. But without it we go nowhere.” – Carl Sagan
“The reasonable man adapts himself to the world: the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw
“I don’t know where I’m going, but I’m on my way.” – Carl Sandburg
Five week rallies for the major equity indexes and crude oil futures ended this week. The market is up around 11% from the low of February 11. It was a quiet trading week with equity indexes (with the exception of the Russell 2000) down less than 1%. The market hiccups for the week were Tuesday’s terrorist attacks in Belgium and a mounting concern the Fed will increase interest rates in April. Weakness in energy stocks and crude oil added an additional underpinning of concerns about the future direction of the market.
My favorite quote of the week is from Anne Stephenson-Yang, the founder of Team-J Capital Research. She describes the recent rebound in the Chinese equity markets as a “dead panda bounce.” She writes, “the root of nearly every part of the ‘rebound’ story is cash stoking an asset bubble, and that will not last long. It does suggest a degree of political panic.” Stephenson-Wang is yet another voice raising concerns about the levels of Chinese government intervention in supporting the yuan, and the equity and real estate markets.
Here is an overview of the market behavior last week:
| Index |
24-Mar |
Weekly Change |
% Weekly |
2015 YTD |
Volatility of Index |
| Dow Jones Industrials (DJIA) |
17515.73 |
(86.57) |
-0.49% |
0.52% |
14.19% (VXD) |
| S&P 500 (SPX) |
2035.94 |
(13.62) |
-0.66% |
-0.39% |
14.74% (VIX) |
| NASDAQ 100 (NDX) |
4403.68 |
3.23 |
0.07% |
-4.21% |
17.31% (VXN) |
| Russell 2000 (RUT) |
1077.80 |
(20.53) |
-1.87% |
-4.95% |
19.40% (RVX) |
| S&P 100 (OEX) |
904.06 |
(3.82) |
-0.42% |
-0.81% |
14.91% (VXO) |
| CBOE Volatility Index (VIX) |
14.74 |
0.72 |
5.14% |
NA |
|
Data Source: OptionVue7
Here is the Prepared Mind video offered on Youtube:
http://youtu.be/qp70RYK2wRA?hd=1
The VIX was up in response to last week’s minor downturn. The April future was the major exception to the gains in long VIX products. Lat week , the April VIX future showed an elevated premium level versus the VIX spot value. Generally there are 4 weeks in between the expiration dates for the monthly VIX futures. There are five weeks between the expiration of the March future (expired on March 16) and the expiration of the April future which expires on April 20. The loss in premium value for the April VIX future, despite a loss in the SPX, reflects a normal premium difference between the spot and the future four weeks prior to expiration.
Here is an overview of last week for the VIX and related products:
| Indexes |
Ticker |
24-Mar |
18-Mar |
Change |
% Change |
| CBOE Volatility Index |
VIX |
14.74 |
14.02 |
0.72 |
5.14% |
| VIX April Future (4/20/2016) |
VXH6 |
17.375 |
17.725 |
(0.350) |
-1.97% |
| VIX May Future (5/18/2016) |
VXJ6 |
19.075 |
18.875 |
0.200 |
1.06% |
| VIX June Future (6/15/2016) |
VXM6 |
19.825 |
19.575 |
0.250 |
1.28% |
| CBOE Short-term Volatility Index |
VXST |
12.35 |
12.47 |
(0.12) |
-0.96% |
| CBOE 3 Month Volatility Index |
VXV |
18.27 |
17.93 |
0.34 |
1.90% |
| CBOE Mid-term Volatility Index (6 month) |
VXMT |
20.06 |
19.78 |
0.28 |
1.42% |
| VIX of VIX |
VVIX |
84.20 |
86.20 |
(2.00) |
-2.32% |
| Long VIX ETP’s |
|
|
|
|
|
| iPath S&P 500 VIX Short Term Futures ETN |
VXX |
19.30 |
19.35 |
(0.05) |
-0.26% |
| ProShares VIX Short Term Futures ETF |
VIXY |
12.75 |
12.80 |
(0.05) |
-0.39% |
| iPath S&P 500 VIX Mid-Tem Futures ETN |
VXZ |
11.53 |
11.33 |
0.20 |
1.77% |
| Inverse VIX ETP’s |
|
|
|
|
|
| Daily Inverse VIX Short Term ETN |
XIV |
23.69 |
23.71 |
(0.02) |
-0.08% |
Data Source: OptionVue7
The week is very heavy on reports culminating with the March Employment Situation Report on Friday, April 1. The reports start on Monday with a report on person income and spending. The housing sector has been lackluster. Analysts are hoping for a rebound in Pending New Home Sales on Monday. The other housing relates reports are Case-Shiller Home Prices on Tuesday and Construction Spending on Friday. A bounce in housing will mean a bounce for the market. Strength in Friday’s Employment situation Report will raise speculation about the probability of a Fed increase in interest rates at the April meeting.
The first quarter earnings season starts in a few weeks with the earnings announcement by Alcoa (AA) on April 11. Alcoa’s announcement has been historically regarded as the beginning of the earnings season. It is time to start preparing target equities and strategies for the next earning cycle. We are entering the final two weeks of the earnings doldrums – the time between earnings announcement cycles. The earnings highlights this week for widely held and actively traded stocks are: Cal Maine Foods, SYNNEX, Sonic, McCormick & Co, Lennar, Paychex, Micron Technology, Carnival, and the Movado Group. Announcements date and time can and do change. It is your responsibility to confirm these times.
The following table will assist you in preparing for the upcoming earnings announcement cycle. OptionVue7 has the ability to identify stocks 30 days out with a new enhanced Earnings Search feature. I have done a quick search 7 to 28 days forward for candidates for double calendars. Here are the results of my initial scan for double calendar candidates. You should further filter any of the stocks with your own risk/reward criteria.
| Symbol |
Company Name |
Mar 24 Close |
IV30 |
B/A |
DATE |
| WBA |
Walgreens Boots Alliance Inc |
$82.34 |
26.33 |
BMO |
5-Apr |
| DRI |
Darden Restaurants, Inc. |
$66.52 |
26.51 |
AMC |
5-Apr |
| AYI |
Acuity Brands, Inc. |
$217.80 |
43.55 |
BMO |
6-Apr |
| MON |
Monsanto Company |
$90.07 |
30.75 |
BMO |
6-Apr |
| STZ |
Constellation Brands, Inc. |
$150.11 |
26.09 |
BMO |
6-Apr |
| BBBY |
Bed Bath & Beyond Inc. |
$49.46 |
35.03 |
AMC |
6-Apr |
| KMX |
CarMax, Inc |
$48.44 |
48.32 |
BMO |
7-Apr |
| FAST |
Fastenal Company |
$48.83 |
32.57 |
BMO |
12-Apr |
| DAL |
Delta Air Lines, Inc. |
$48.91 |
35.46 |
BMO |
13-Apr |
| NOW |
ServiceNow Inc |
$62.25 |
54.87 |
AMC |
13-Apr |
| OZRK |
Bank Of The Ozarks Inc |
$42.52 |
36.55 |
AMC |
13-Apr |
| BLK |
BlackRock, Inc. |
$339.23 |
25.55 |
BMO |
14-Apr |
| CE |
Celanese Corporation |
$65.34 |
28.65 |
BMO |
14-Apr |
| C |
Citigroup Inc |
$42.37 |
30.31 |
BMO |
15-Apr |
| HAS |
Hasbro, Inc. |
$78.07 |
29.74 |
BMO |
15-Apr |
| NFLX |
Netflix, Inc. |
$99.59 |
64.77 |
AMC |
15-Apr |
| PKG |
Packaging Corp Of America |
$58.39 |
28.64 |
AMC |
15-Apr |
| CMA |
Comerica Incorporated |
$38.57 |
32.62 |
BMO |
16-Apr |
| GS |
Goldman Sachs Group Inc |
$154.08 |
26.15 |
BMO |
16-Apr |
| HOG |
Harley-Davidson Inc |
$48.37 |
27.69 |
BMO |
16-Apr |
| KSU |
Kansas City Southern |
$85.35 |
33.53 |
BMO |
16-Apr |
| PCAR |
PACCAR Inc |
$53.68 |
26.11 |
BMO |
16-Apr |
| PRGO |
Perrigo Company PLC |
$130.23 |
29.91 |
BMO |
16-Apr |
| UA |
Under Armour Inc |
$82.88 |
39.02 |
BMO |
16-Apr |
| CMG |
Chipotle Mexican Grill, Inc. |
$474.46 |
36.84 |
AMC |
16-Apr |
| ILMN |
Illumina, Inc. |
$152.54 |
44.38 |
AMC |
16-Apr |
| ISRG |
Intuitive Surgical, Inc. |
$586.33 |
32.47 |
AMC |
16-Apr |
| MANH |
Manhattan Associates, Inc. |
$54.79 |
37.99 |
AMC |
16-Apr |
| MLNX |
Mellanox Technologies, Ltd. |
$53.63 |
36.82 |
AMC |
16-Apr |
| VMW |
VMware, Inc. |
$51.85 |
43.94 |
AMC |
16-Apr |
| ARMH |
ARM Holdings plc (ADR) |
$42.67 |
27.80 |
BMO |
17-Apr |
| NS |
NuStar Energy L.P. |
$39.62 |
46.00 |
BMO |
17-Apr |
| AXP |
American Express Company |
$60.63 |
26.14 |
AMC |
17-Apr |
| CLB |
Core Laboratories N.V. |
$112.36 |
39.34 |
AMC |
17-Apr |
| FB |
Facebook Inc |
$112.54 |
30.18 |
AMC |
17-Apr |
| FFIV |
F5 Networks, Inc. |
$102.99 |
35.16 |
AMC |
17-Apr |
| LRCX |
Lam Research Corporation |
$79.36 |
25.86 |
AMC |
17-Apr |
| LVS |
Las Vegas Sands Corp. |
$52.38 |
34.23 |
AMC |
17-Apr |
| QCOM |
QUALCOMM, Inc. |
$50.99 |
32.94 |
AMC |
17-Apr |
| TSO |
Tesoro Corporation |
$90.62 |
39.72 |
AMC |
17-Apr |
| TUP |
Tupperware Brands Corporation |
$55.82 |
30.58 |
AMC |
17-Apr |
| URI |
United Rentals, Inc. |
$61.60 |
49.09 |
AMC |
17-Apr |
| YUM |
Yum! Brands, Inc. |
$80.55 |
32.77 |
AMC |
17-Apr |
| AAL |
American Airlines Group Inc |
$41.92 |
36.66 |
BMO |
18-Apr |
| ADPT |
Adeptus Health Inc |
$54.91 |
80.71 |
BMO |
18-Apr |
| ALK |
Alaska Air Group, Inc. |
$81.12 |
27.99 |
BMO |
18-Apr |
| ALXN |
Alexion Pharmaceuticals, Inc. |
$133.63 |
39.77 |
BMO |
18-Apr |
| AN |
AutoNation, Inc. |
$47.98 |
29.61 |
BMO |
18-Apr |
| BHI |
Baker Hughes Incorporated |
$44.96 |
67.24 |
BMO |
18-Apr |
| BIIB |
Biogen Inc |
$255.24 |
42.75 |
BMO |
18-Apr |
| BK |
Bank of New York Mellon Corp |
$37.52 |
25.80 |
BMO |
18-Apr |
| CAB |
Cabelas Inc |
$45.48 |
32.87 |
BMO |
18-Apr |
| EQT |
EQT Corporation |
$63.05 |
39.31 |
BMO |
18-Apr |
| HP |
Helmerich & Payne, Inc. |
$57.84 |
48.92 |
BMO |
18-Apr |
| LUV |
Southwest Airlines Co |
$44.43 |
31.94 |
BMO |
18-Apr |
| NUE |
Nucor Corporation |
$46.05 |
27.17 |
BMO |
18-Apr |
| PII |
Polaris Industries Inc. |
$96.22 |
30.92 |
BMO |
18-Apr |
| RCL |
Royal Caribbean Cruises Ltd |
$73.30 |
35.33 |
BMO |
18-Apr |
| SLB |
Schlumberger Limited. |
$72.96 |
28.29 |
BMO |
18-Apr |
| UAL |
United Continental Holdings Inc |
$59.74 |
36.04 |
BMO |
18-Apr |
| UNP |
Union Pacific Corporation |
$81.52 |
26.71 |
BMO |
18-Apr |
| AMGN |
Amgen, Inc. |
$148.76 |
27.20 |
AMC |
18-Apr |
| AMZN |
Amazon.com, Inc. |
$569.63 |
34.50 |
AMC |
18-Apr |
| CBI |
Chicago Bridge & Iron Company |
$37.42 |
39.91 |
AMC |
18-Apr |
| EW |
Edwards Lifesciences Corp |
$85.89 |
38.40 |
AMC |
18-Apr |
| GOOG |
Google Inc. |
$738.06 |
27.26 |
AMC |
18-Apr |
| GOOGL |
Alphabet Inc |
$757.56 |
26.77 |
AMC |
18-Apr |
| HA |
Hawaiian Holdings, Inc. |
$46.70 |
40.94 |
AMC |
18-Apr |
| KLAC |
KLA-Tencor Corp |
$71.00 |
25.05 |
AMC |
18-Apr |
| MSFT |
Microsoft Corporation |
$53.97 |
27.89 |
AMC |
18-Apr |
| SIVB |
SVB Financial Group |
$99.85 |
36.23 |
AMC |
18-Apr |
| SYNA |
Synaptics, Incorporated |
$74.83 |
53.99 |
AMC |
18-Apr |
Data Source: OptionVue7
Advice to stimulate your imagination:
“Chance favors the Prepared Mind.” – Louis Pasteur
Monday March 28:
Markets closed for Easter Monday include Hong Kong, Germany, Spain, and the United Kingdom.
Economic: International Trade in Goods – 8:30, Personal Income and Outlays – 8:30, Pending Homes Sales – 10:00, Dallas Fed Manufacturing Survey – 10:30.
International Economic: Japan Unemployment – 7:30PM, Japan Household Spending – 7:30PM.
Earnings:
| Symbol |
Company Name |
Mar 25 Close |
IV30 |
B/A |
| CALM |
Cal-Maine Foods Inc |
$50.50 |
48.53 |
BMO |
| SNX |
SYNNEX Corporation |
$93.22 |
40.00 |
AMC |
Tuesday March 29
Economic: Redbook – 8:55, S&P Case Schiller HPI – 9:00AM, Consumer Confidence – 10:00.
International Economic: Japan Industrial Production – 7:50PM.
Other: San Francisco Federal Reserve Bank President John Williams speech on monetary policy and the global outlook, in Singapore – 5:15AM, Federal Reserve Chairman Janet Yellen speech to Economic Club of New York – 11:30AM, Dallas Federal Reserve Bank President Rob Kaplan participates in moderated Q&A, in Austin, Texas – 1:00PM, Dallas Federal Reserve Bank President Rob Kaplan participates in moderated Q&A, in Austin, Texas – 4:00PM.
Earnings:
| Symbol |
Company Name |
Mar 25 Close |
IV30 |
B/A |
| SNP |
China Petroleum & Chemical Corp (ADR) |
$61.81 |
36.75 |
DMT |
| ALR |
Alere Inc |
$50.37 |
25.79 |
BMO |
| LEN |
Lennar Corporation |
$46.20 |
31.37 |
BMO |
| PLAY |
Dave & Buster’s Entertainment Inc |
$38.22 |
45.72 |
AMC |
| VRNT |
Verint Systems Inc. |
$34.39 |
45.00 |
AMC |
Wednesday March 30:
Economic: MBA Mortgage Applications – 7:00, ADP Employment Report – 8:15, EIA Petroleum Status Report – 10:30, Farm Prices – 3:00.
International Economic: EMU EC Economic Sentiment – 6:00AM, Germany CPI – 8:00AM,
Other: Chicago Federal Reserve Bank President Charles Evans speech to Forecasters Club of New York – 1:00PM.
Earnings:
| Symbol |
Company Name |
Mar 25 Close |
IV30 |
B/A |
| CCL |
Carnival Corp |
$48.06 |
34.20 |
BMO |
| IOC |
InterOil Corporation (USA) |
$28.62 |
64.15 |
AMC |
| LULU |
Lululemon Athletica inc. |
$60.07 |
50.05 |
AMC |
Thursday March 31:
Economic: Challenger Job-Cut Report – 8:15, Gallup Good Jobs Rate – 8:30, Weekly Jobless Claims – 8:30, Chicago PMI – 9:45, Bloomberg Consumer Comfort Index – 9:45, EIA Natural Gas Report – 10:30.
International Economic: France GDP – 3:45AM, Germany Retail Sales – 2:00AM, French CPI – 2:45AM, Germany Unemployment – 3:55AM, Great Britain GDP – 4:30AM.
Other: Chicago Federal Reserve Bank President Charles Evans discussion at asset management forum, in New York – 9:30AM New York Federal Reserve Bank President William Dudley speech on the role of the Federal Reserve, in Lexington, Virginia – 5:00PM.
Earnings: No announcements meeting criteria.
Friday April 1:
Economic: Motor Vehicle Sales, March Employment Situation – 8:30, PMI Manufacturing Index – 9:45, ISM Manufacturing Index – 10:00, Consumer Sentiment – 10:00, Construction Spending 10:00, Baker Hughes Rig Count – 1:00.
International Economic: Germany PMI Manufacturing Index – 3:55AM, EMU Unemployment Rate 0 5:00AM
Other: Cleveland Fed President Loretta Mester to address the New York Association for Business Economics at the Harvard Club, in New York – 1:00PM.
Earnings: No announcements meeting criteria.
Monday April 4:
Economic: Gallup US Consumer Spending Measure – 8:30, Labor Market Conditions Index – 10:00, Factory Orders.
International Economic: No major announcements.
Other: Boston Federal Reserve Bank Eric Rosengren presentation on cybersecurity and financial stability to Boston Fed conference on cybersecurity, in Boston – 10:15AM, Minneapolis Federal Reserve Bank President Neel Kashkari briefing with reporters following conference on too-big-to-fail, in Minneapolis – 5:15PM, Minneapolis Federal Reserve Bank President Neel Kashkari holds town hall on too-big-to-fail, in Minneapolis – 7PM.
Earnings: No announcements meeting criteria.
Futures + Options News
The Prepared Mind: March 28, 2016
“Chance favors the prepared mind.” — Louis Pasteur
By Frank Fahey
“To think creatively, we must be able to look afresh at what we normally take for granted” – George Keller
“Imagination will often carry us to worlds that never were. But without it we go nowhere.” – Carl Sagan
“The reasonable man adapts himself to the world: the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw
“I don’t know where I’m going, but I’m on my way.” – Carl Sandburg
Five week rallies for the major equity indexes and crude oil futures ended this week. The market is up around 11% from the low of February 11. It was a quiet trading week with equity indexes (with the exception of the Russell 2000) down less than 1%. The market hiccups for the week were Tuesday’s terrorist attacks in Belgium and a mounting concern the Fed will increase interest rates in April. Weakness in energy stocks and crude oil added an additional underpinning of concerns about the future direction of the market.
My favorite quote of the week is from Anne Stephenson-Yang, the founder of Team-J Capital Research. She describes the recent rebound in the Chinese equity markets as a “dead panda bounce.” She writes, “the root of nearly every part of the ‘rebound’ story is cash stoking an asset bubble, and that will not last long. It does suggest a degree of political panic.” Stephenson-Wang is yet another voice raising concerns about the levels of Chinese government intervention in supporting the yuan, and the equity and real estate markets.
Here is an overview of the market behavior last week:
Data Source: OptionVue7
The VIX was up in response to last week’s minor downturn. The April future was the major exception to the gains in long VIX products. Lat week , the April VIX future showed an elevated premium level versus the VIX spot value. Generally there are 4 weeks in between the expiration dates for the monthly VIX futures. There are five weeks between the expiration of the March future (expired on March 16) and the expiration of the April future which expires on April 20. The loss in premium value for the April VIX future, despite a loss in the SPX, reflects a normal premium difference between the spot and the future four weeks prior to expiration.
Here is an overview of last week for the VIX and related products:
Data Source: OptionVue7
The week is very heavy on reports culminating with the March Employment Situation Report on Friday, April 1. The reports start on Monday with a report on person income and spending. The housing sector has been lackluster. Analysts are hoping for a rebound in Pending New Home Sales on Monday. The other housing relates reports are Case-Shiller Home Prices on Tuesday and Construction Spending on Friday. A bounce in housing will mean a bounce for the market. Strength in Friday’s Employment situation Report will raise speculation about the probability of a Fed increase in interest rates at the April meeting.
The first quarter earnings season starts in a few weeks with the earnings announcement by Alcoa (AA) on April 11. Alcoa’s announcement has been historically regarded as the beginning of the earnings season. It is time to start preparing target equities and strategies for the next earning cycle. We are entering the final two weeks of the earnings doldrums – the time between earnings announcement cycles. The earnings highlights this week for widely held and actively traded stocks are: Cal Maine Foods, SYNNEX, Sonic, McCormick & Co, Lennar, Paychex, Micron Technology, Carnival, and the Movado Group. Announcements date and time can and do change. It is your responsibility to confirm these times.
The following table will assist you in preparing for the upcoming earnings announcement cycle. OptionVue7 has the ability to identify stocks 30 days out with a new enhanced Earnings Search feature. I have done a quick search 7 to 28 days forward for candidates for double calendars. Here are the results of my initial scan for double calendar candidates. You should further filter any of the stocks with your own risk/reward criteria.
Data Source: OptionVue7
Advice to stimulate your imagination:
“Chance favors the Prepared Mind.” – Louis Pasteur
Monday March 28:
Markets closed for Easter Monday include Hong Kong, Germany, Spain, and the United Kingdom.
Economic: International Trade in Goods – 8:30, Personal Income and Outlays – 8:30, Pending Homes Sales – 10:00, Dallas Fed Manufacturing Survey – 10:30.
International Economic: Japan Unemployment – 7:30PM, Japan Household Spending – 7:30PM.
Earnings:
Tuesday March 29
Economic: Redbook – 8:55, S&P Case Schiller HPI – 9:00AM, Consumer Confidence – 10:00.
International Economic: Japan Industrial Production – 7:50PM.
Other: San Francisco Federal Reserve Bank President John Williams speech on monetary policy and the global outlook, in Singapore – 5:15AM, Federal Reserve Chairman Janet Yellen speech to Economic Club of New York – 11:30AM, Dallas Federal Reserve Bank President Rob Kaplan participates in moderated Q&A, in Austin, Texas – 1:00PM, Dallas Federal Reserve Bank President Rob Kaplan participates in moderated Q&A, in Austin, Texas – 4:00PM.
Earnings:
Wednesday March 30:
Economic: MBA Mortgage Applications – 7:00, ADP Employment Report – 8:15, EIA Petroleum Status Report – 10:30, Farm Prices – 3:00.
International Economic: EMU EC Economic Sentiment – 6:00AM, Germany CPI – 8:00AM,
Other: Chicago Federal Reserve Bank President Charles Evans speech to Forecasters Club of New York – 1:00PM.
Earnings:
Thursday March 31:
Economic: Challenger Job-Cut Report – 8:15, Gallup Good Jobs Rate – 8:30, Weekly Jobless Claims – 8:30, Chicago PMI – 9:45, Bloomberg Consumer Comfort Index – 9:45, EIA Natural Gas Report – 10:30.
International Economic: France GDP – 3:45AM, Germany Retail Sales – 2:00AM, French CPI – 2:45AM, Germany Unemployment – 3:55AM, Great Britain GDP – 4:30AM.
Other: Chicago Federal Reserve Bank President Charles Evans discussion at asset management forum, in New York – 9:30AM New York Federal Reserve Bank President William Dudley speech on the role of the Federal Reserve, in Lexington, Virginia – 5:00PM.
Earnings: No announcements meeting criteria.
Friday April 1:
Economic: Motor Vehicle Sales, March Employment Situation – 8:30, PMI Manufacturing Index – 9:45, ISM Manufacturing Index – 10:00, Consumer Sentiment – 10:00, Construction Spending 10:00, Baker Hughes Rig Count – 1:00.
International Economic: Germany PMI Manufacturing Index – 3:55AM, EMU Unemployment Rate 0 5:00AM
Other: Cleveland Fed President Loretta Mester to address the New York Association for Business Economics at the Harvard Club, in New York – 1:00PM.
Earnings: No announcements meeting criteria.
Monday April 4:
Economic: Gallup US Consumer Spending Measure – 8:30, Labor Market Conditions Index – 10:00, Factory Orders.
International Economic: No major announcements.
Other: Boston Federal Reserve Bank Eric Rosengren presentation on cybersecurity and financial stability to Boston Fed conference on cybersecurity, in Boston – 10:15AM, Minneapolis Federal Reserve Bank President Neel Kashkari briefing with reporters following conference on too-big-to-fail, in Minneapolis – 5:15PM, Minneapolis Federal Reserve Bank President Neel Kashkari holds town hall on too-big-to-fail, in Minneapolis – 7PM.
Earnings: No announcements meeting criteria.