The Prepared Mind: July 11, 2016

"Chance favors the prepared mind." -- Louis Pasteur

“Chance favors the prepared mind.” — Louis Pasteur

By Frank Fahey

“Imagination decides everything” – Blaise Pascal

“I am the wisest man alive, for I know one thing, and that is that I know nothing.” – Plato

“To come to nothing through something is the way to outside from both sides.”  – Dejan Stojanovic

Hyperboles and extremes continue in the markets.  A so-so week culminated on Friday with gains for the major indexes approaching 1.5%.  These gains were in response to healthy June US jobs numbers.  Major indexes are near all-time highs while U.S. bond yields are at record lows.  The yield on the 10-year Treasury closed at 1.366%, a record low.   This made US equities look more attractive for investors searching for yield.  The rally in equites was not universally embraced by economists and analysts.

The low interest rates are viewed by many analysts as indicators of a riskier world.  Global economic growth is sluggish universally forecast to remain sluggish.  Earnings estimates are approximately 5% lower than the previous year’s level.  Central bankers are using interest rates to stimulate world economic growth.  This stimulation has resulted in negative interest rates for a number of central banks.  The investment view of the U.S. 10 Year yield of 1.366% compares favorably to negative returns.  The unanswered question is whether or not the historically low rates have pushed U.S. equities to overvalued heights.

Here is an overview of the US market behavior last week:

Index 8-Jul Weekly Change % Weekly  2015 YTD Volatility of  Index
Dow Jones Industrials (DJIA) 18,146.74 197.37 1.10% 4.14% 13.43% (VXD)
S&P 500 (SPX) 2,129.90 26.95 1.28% 4.21% 13.20% (VIX)
NASDAQ 100 (NDX) 4,522.96 84.21 1.90% -1.61% 15.74% (VXN)
Russell 2000 (RUT) 1,176.42 19.53 1.69% 3.75% 18.46% (RVX)
S&P 100 (OEX) 942.25 12.57 1.35% 3.38% 13.25% (VXO)
Crude Oil (CL Q6) 45.12 (3.83) -7.82% 21.72% 41.41%(OVX)
CBOE Volatility Index (VIX) 13.2 (1.57) -10.63% NA  

Data Source: OptionVue7

My primary option trading strategy involves being short option premium and implied volatility.  I view movements to the extremes in implied volatility as being “ephemera.”  Ephemera are transitory or short lived.   Thirty years of trading volatility has reinforced my belief in the transient behavior of volatility levels.  I respond to the short lived nature of these movements by taking profits by buying in short volatility or walking into risk and selling additional volatility.

The VIX closed at 13.20.  This is only 0.10 higher than the lowest 2016 close of 13.10. In recognition of the ephemeral nature of volatility movement,  I spent the end this past week reducing positions and taking profits in my core strategy.    The most underutilized strategy is doing nothing.  Trading is a balancing act between patience and panic.  The coming week’s focus will be on patience as I wait for implied volatility to return.

Here is an overview of last week for the VIX and related products:

Indexes Ticker 8-Jul 1-Jul Change % Change
CBOE Volatility Index VIX 13.20 14.77 (1.57) -10.63%
VIX July Future (7/20/2016) VXN6 14.775 16.775 (2.000) -11.92%
VIX August Future (8/17/2016) VXQ6 16.775 18.250 (1.475) -8.08%
VIX September Future (9/21/2016) VXU6 18.275 19.325 (1.050) -5.43%
CBOE Short-term Volatility Index VXST 11.43 11.85 (0.42) -3.54%
CBOE 3 Month Volatility Index VXV 16.49 17.65 (1.16) -6.57%
CBOE Mid-term Volatility Index (6 month) VXMT 18.76 19.55 (0.79) -4.04%
VIX of VIX VVIX 84.72 91.70 (6.98) -7.61%
CBOE SKEW Index SKEW 127.20 128.53 (1.33) -1.03%
Long VIX ETP’s          
 iPath S&P 500  VIX Short Term Futures ETN VXX 12.21 13.39 (1.18) -8.81%
ProShares VIX Short Term Futures ETF VIXY 8.10 8.89 (0.79) -8.89%
 iPath S&P 500  VIX Mid-Tem Futures ETN VXZ 10.39 10.78 (0.39) -3.62%
Inverse VIX ETP’s          
ProShares Short VIX Short Term Future ETF SVXY 55.21 50.61 4.60 9.09%
Daily Inverse VIX Short Term ETN XIV 28.30 25.94 2.36 9.10%

Data Source: OptionVue7

Economic reports will focus on inflation, the consumer and retail sales.  Import and Export Prices will be released on Wednesday while the Consumer Price Index (CPI) will be released on Friday.  The main focus of the week – Retail Sales – will be released at the same time as the CPI.  Consumer spending strength has been one of the strengths of the US economy.  Any weakness in retail sales will get an immediate negative response from equities. Seven FOMC members will be speaking this week.  It is expected Brexit will be a common theme among these speakers.

The earnings season starts this Monday after the market close with the announcement of earnings for Alcoa Inc.(AA.)  Major financial institutions will announce at the end of the week.  The end of the week  I have previously written the announcement would be on July 7.  One of my primary sources of earnings dates was providing an incorrect date.  The source was not OptionVue.  Confirm the date and time of a company’s earning announcement before trading any earnings announcement strategy.  The most accurate source of this information is the company’s investor relations website.   I will start trading announcements this week.  The earnings season will be in full bloom the week after next.  The earnings highlights this week for widely held and actively traded stocks are Alcoa, Fastenal, Yum! Brands, Kinder Morgan, Delta Airlines, JP Morgan Chase, Washington Federal, Cintas, BlackRock, Progressive, CitiGrp, PNC, US Bancorp, and Wells Fargo.

The following table will assist you in preparing for the upcoming earnings announcement cycles.  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 35 days forward for candidates for double calendars. I generally put on earnings double calendars anywhere from one week to thirty days in advance of the announcement.   I usually take the calendars off at the last possible moments prior to the announcement.  I make the final decision exit prior to announcement or hold through the announcement on the last trading day prior to announcement.  Always assess the impact of market factors when making this decision.

Here are the results of my initial scan for double calendar candidates.  The scan has expanded to nearly 200 candiates this  week..  You should further filter any of the stocks with your own risk/reward criteria.  This scan is available as a PDF.  Contact me a fjfahey@gmail.com if you would like it sent to you or if you would like to be removed from the distribution list.

Symbol Company Name July 8 Close IV30 B/A DATE  OPT VOL
CALM Cal-Maine Foods Inc $45.19 42.59 BMO 18-Jul 1607
IBM International Business Machines Corp. $152.60 25.21 AMC 18-Jul 25873
NFLX Netflix, Inc. $95.10 53.65 AMC 18-Jul 136759
VMW VMware, Inc. $57.93 51.39 AMC 18-Jul 8960
CMA Comerica Incorporated $40.50 35.74 BMO 19-Jul 2993
DFS Discover Financial Services $53.22 26.09 BMO 19-Jul 1820
GS Goldman Sachs Group Inc $147.00 26.30 BMO 19-Jul 27422
ILMN Illumina, Inc. $140.06 39.43 AMC 19-Jul 2128
ISRG Intuitive Surgical, Inc. $675.30 29.03 AMC 19-Jul 1472
KSU Kansas City Southern $87.66 31.70 BMO 19-Jul 1472
MSFT Microsoft Corporation $51.38 25.14 AMC 19-Jul 95638
YHOO Yahoo! Inc. $37.52 33.36 AMC 19-Jul 56405
AXP American Express Company $59.81 26.01 AMC 20-Jul 10571
CP Canadian Pacific Railway Limited (USA) $130.26 31.67 BMO 20-Jul 1002
DAL Delta Air Lines, Inc. $36.37 36.76 BMO 20-Jul 36127
FFIV F5 Networks, Inc. $113.77 39.16 AMC 20-Jul 1917
HAL Halliburton Company $43.55 31.91 BMO 20-Jul 20013
LVS Las Vegas Sands Corp. $43.56 31.50 AMC 20-Jul 16109
NEM Newmont Mining Corp $40.96 48.80 BMO 20-Jul 15980
PII Polaris Industries Inc. $82.94 40.14 BMO 20-Jul 1321
QCOM QUALCOMM, Inc. $52.93 28.01 AMC 20-Jul 26324
ALK Alaska Air Group, Inc. $59.47 32.12 BMO 21-Jul 1448
BIIB Biogen Inc $247.27 39.49 BMO 21-Jul 7554
BK Bank of New York Mellon Corp $37.76 27.59 BMO 21-Jul 5555
CBI Chicago Bridge & Iron Company N.V. $35.39 37.63 AMC 21-Jul 1885
CMG Chipotle Mexican Grill, Inc. $390.78 52.71 AMC 21-Jul 18432
DPZ Domino’s Pizza, Inc. $133.86 32.53 BMO 21-Jul 1242
LUV Southwest Airlines Co $39.85 34.39 BMO 21-Jul 7929
MXIM Maxim Integrated Products Inc. $36.22 29.75 AMC 21-Jul 1502
NUE Nucor Corporation $51.51 26.19 BMO 21-Jul 4057
SWKS Skyworks Solutions Inc $60.89 45.96 AMC 21-Jul 8105
UAL United Continental Holdings Inc $40.09 41.93 BMO 21-Jul 13696
WHR Whirlpool Corporation $167.88 32.60 BMO 21-Jul 2385
STI SunTrust Banks, Inc. $40.70 27.15 BMO 22-Jul 1774
TXT Textron Inc. $35.71 30.93 BMO 22-Jul 1486
VFC VF Corp $62.74 25.71 BMO 22-Jul 1756
GILD Gilead Sciences, Inc. $85.47 28.49 AMC 25-Jul 38949
PYPL Paypal Holdings Inc $36.32 32.48   25-Jul 13876
AKAM Akamai Technologies, Inc. $54.94 46.51 AMC 26-Jul 3653
APC Anadarko Petroleum Corporation $55.22 40.66 AMC 26-Jul 7790
BP BP plc (ADR) $35.40 30.24 BMO 26-Jul 22378
BWLD Buffalo Wild Wings $135.95 40.48 AMC 26-Jul 1756
CAT Caterpillar Inc. $75.05 27.78 BMO 26-Jul 31452
CAVM Cavium Inc $38.78 49.47 AMC 26-Jul 2338
CHKP Check Point Software Technologies Ltd. $81.86 25.04 BMO 26-Jul 1379
CNC Centene Corp $69.00 32.57 BMO 26-Jul 1426
COF Capital One Financial Corp. $61.89 32.69 AMC 26-Jul 4891
DD E I Du Pont De Nemours And Co $61.92 26.01 BMO 26-Jul 3643
EW Edwards Lifesciences Corp $103.75 34.48 AMC 26-Jul 1874
LLTC Linear Technology Corporation $46.15 25.31 AMC 26-Jul 1186
PCAR PACCAR Inc $50.75 30.99 BMO 26-Jul 1636
RRC Range Resources Corp. $42.55 49.36 AMC 26-Jul 5159
UA Under Armour Inc $40.52 45.04 BMO 26-Jul 13772
VLO Valero Energy Corporation $47.24 36.10   26-Jul 14024
AEM Agnico Eagle Mines Ltd (USA) $55.32 44.03 AMC 27-Jul 5144
ANTM Anthem Inc $129.44 25.87 BMO 27-Jul 1203
ARMH ARM Holdings plc (ADR) $43.78 36.55 BMO 27-Jul 3280
CRUS Cirrus Logic, Inc. $36.96 53.88 BMO 27-Jul 2055
CTXS Citrix Systems, Inc. $80.69 31.78 AMC 27-Jul 1251
DATA Tableau Software Inc $49.53 71.96 AMC 27-Jul 3038
FB Facebook Inc $115.85 33.34 AMC 27-Jul 277873
GRMN Garmin Ltd. $42.59 31.09 BMO 27-Jul 1025
HES Hess Corp. $56.48 39.02 BMO 27-Jul 11535
LRCX Lam Research Corporation $82.04 28.03 AMC 27-Jul 2122
LVLT Level 3 Communications, Inc. $51.21 30.23 BMO 27-Jul 1049
MAR Marriott International Inc $68.36 25.27 BMO 27-Jul 3441
MDLZ Mondelez International Inc $45.17 29.28 AMC 27-Jul 11779
NOW ServiceNow Inc $65.01 54.02 AMC 27-Jul 2023
NSC Norfolk Southern Corp. $84.04 30.31 AMC 27-Jul 2321
NXPI NXP Semiconductors NV $76.47 42.05   27-Jul 5564
PXD Pioneer Natural Resources $149.23 35.17 AMC 27-Jul 4057
R Ryder System, Inc. $62.12 36.33 BMO 27-Jul 1162
STT State Street Corp $52.04 30.34 BMO 27-Jul 1085
URI United Rentals, Inc. $64.63 50.64 AMC 27-Jul 2915
VRTX Vertex Pharmaceuticals Incorporated $90.05 44.42 AMC 27-Jul 1038
WYN Wyndham Worldwide Corporation $71.01 27.33 BMO 27-Jul 1615
XLNX Xilinx, Inc. $45.71 30.57 AMC 27-Jul 4610
ALXN Alexion Pharmaceuticals, Inc. $123.34 41.09 BMO 28-Jul 1862
AMZN Amazon.com, Inc. $736.57 40.19 AMC 28-Jul 85730
BG Bunge Ltd $57.96 31.39 BMO 28-Jul 1077
BHI Baker Hughes Incorporated $43.54 39.76 BMO 28-Jul 2652
BIDU Baidu Inc (ADR) $163.42 43.54 AMC 28-Jul 26154
BMRN BioMarin Pharmaceutical Inc. $88.16 73.44 AMC 28-Jul 2621
CAB Cabelas Inc $51.78 44.52 BMO 28-Jul 1183
CBS CBS Corporation $56.11 27.65 AMC 28-Jul 7607
CCE Coca-Cola European Partners PLC $35.58 26.96 BMO 28-Jul 1393
CELG Celgene Corporation $104.41 29.73 BMO 28-Jul 17859
CHTR Charter Communications Inc $234.87 31.04 BMO 28-Jul 5722
CI CIGNA Corporation $127.00 33.91 BMO 28-Jul 1239
COP ConocoPhillips $41.51 36.34 BMO 28-Jul 22240
DECK Deckers Outdoor Corp $57.91 43.16 AMC 28-Jul 1637
DNKN Dunkin Brands Group Inc $44.61 27.84 BMO 28-Jul 1913
EMN Eastman Chemical Company $66.99 28.08 AMC 28-Jul 1886
ETN Eaton Corporation PLC $60.11 25.48 BMO 28-Jul 1582
EXPE Expedia Inc $107.57 42.22 AMC 28-Jul 7149
GEL Genesis Energy, L.P. $37.85 35.28 BMO 28-Jul 1131
GOOG Google  Inc. $695.36 26.62 AMC 28-Jul 23302
GOOGL Alphabet Inc $707.26 26.59 AMC 28-Jul 27069
HOG Harley-Davidson Inc $47.82 44.32 BMO 28-Jul 6586
HP Helmerich & Payne, Inc. $65.18 40.46 BMO 28-Jul 2429
HSY Hershey Co $110.04 33.05 BMO 28-Jul 3240
IP International Paper Co $41.90 25.18 BMO 28-Jul 3744
LNG Cheniere Energy, Inc. $37.10 44.51 BMO 28-Jul 9708
MJN Mead Johnson Nutrition CO $87.93 28.94 BMO 28-Jul 1514
MPC Marathon Petroleum Corp $35.48 54.81   28-Jul 12195
N NetSuite Inc $73.02 61.86 AMC 28-Jul 1425
OUTR Outerwall Inc $42.29 74.24 AMC 28-Jul 1322
QRVO Qorvo Inc $54.37 48.81 AMC 28-Jul 1448
RCL Royal Caribbean Cruises Ltd $66.79 36.09 BMO 28-Jul 4303
RDS.A Royal Dutch Shell plc (ADR) $54.26 28.75 BMO 28-Jul 3142
SYNA Synaptics, Incorporated $48.31 63.10 AMC 28-Jul 1715
TEP Tallgrass Energy Partners LP $44.41 47.26 AMC 28-Jul 1143
TMUS T-Mobile Us Inc $42.96 30.24 BMO 28-Jul 5065
TOT Total SA (ADR) $46.28 26.20 BMO 28-Jul 1355
TPX Tempur Sealy International Inc $54.85 50.82 AMC 28-Jul 2758
WDC Western Digital Corp $47.66 46.02 AMC 28-Jul 12705
WYNN Wynn Resorts, Limited $88.96 49.95 AMC 28-Jul 23254
AN AutoNation, Inc. $48.72 34.54 BMO 29-Jul 1059
BUD Anheuser Busch Inbev SA (ADR) $127.19 25.23   29-Jul 5644
LYB LyondellBasell Industries NV $74.52 33.09 BMO 29-Jul 5782
NWL Newell Brands Inc $48.11 25.22 BMO 29-Jul 1219
PSX Phillips 66 $74.27 30.29 BMO 29-Jul 6003
ADM Archer Daniels Midland Company $42.12 25.73 BMO 2-Aug 3269
AET Aetna Inc $115.47 29.66 BMO 2-Aug 5332
ALR Alere Inc $40.14 61.19 BMO 2-Aug 3176
CMI Cummins Inc. $111.26 30.74 BMO 2-Aug 6111
COH Coach Inc $40.57 26.68 BMO 2-Aug 5951
DVN Devon Energy Corp $36.81 48.66 BMO 2-Aug 10955
EA Electronic Arts Inc. $76.62 35.80 AMC 2-Aug 10388
FMC FMC Corp $44.80 40.54 AMC 2-Aug 1060
FSLR First Solar, Inc. $44.34 52.17 AMC 2-Aug 7347
MMP Magellan Midstream Partners, L.P. $74.18 25.01 BMO 2-Aug 1160
MNK Mallinckrodt PLC $61.47 52.10 BMO 2-Aug 2035
NFX Newfield Exploration Co. $42.77 42.83 AMC 2-Aug 1517
OKE ONEOK, Inc. $46.99 35.75 AMC 2-Aug 2499
REGN Regeneron Pharmaceuticals Inc $371.45 37.56 BMO 2-Aug 3117
SHPG Shire PLC (ADR) $189.52 33.22 BMO 2-Aug 5200
TAP Molson Coors Brewing Company $99.85 25.48 BMO 2-Aug 2408
WES Western Gas Partners, LP $49.74 39.22 AMC 2-Aug 1065
ZG Zillow Group Inc $36.25 53.43 AMC 2-Aug 1014
AGU Agrium Inc. (USA) $88.96 29.29 BMO 3-Aug 1352
ALB Albemarle Corporation $81.32 32.80 AMC 3-Aug 1699
CLR Continental Resources, Inc. $42.64 48.31 BMO 3-Aug 3713
CTRP Ctrip.com International, Ltd. (ADR) $40.06 36.74 AMC 3-Aug 10627
CTSH Cognizant Technology Solutions Corp $56.84 29.68 BMO 3-Aug 3909
ETP Energy Transfer Partners LP $37.54 38.93 BMO 3-Aug 5847
HCA HCA Holdings Inc $76.99 26.78 DMT 3-Aug 2701
HLF Herbalife Ltd. $60.13 71.37 AMC 3-Aug 12169
HUM Humana Inc $162.74 66.42 BMO 3-Aug 4679
JACK Jack in the Box Inc. $86.09 37.00 AMC 3-Aug 1331
LNC Lincoln National Corporation $37.49 36.38 AMC 3-Aug 1102
MET Metlife Inc $38.27 29.58 AMC 3-Aug 11316
NBL Noble Energy, Inc. $36.13 36.95 BMO 3-Aug 1181
PRU Prudential Financial Inc $69.04 31.18 AMC 3-Aug 4003
RGLD Royal Gold, Inc (USA) $79.36 44.22 BMO 3-Aug 2399
RL Ralph Lauren Corp $91.76 37.74 BMO 3-Aug 3761
TREE Lendingtree Inc $93.11 69.83 BMO 3-Aug 1405
TSLA Tesla Motors Inc $215.94 52.73 AMC 3-Aug 101749
TSO Tesoro Corporation $70.01 41.97 AMC 3-Aug 4318
TWX Time Warner Inc $76.11 25.57 BMO 3-Aug 6949
AGN Allergan plc $238.01 29.04 BMO 4-Aug 25415
ALNY Alnylam Pharmaceuticals, Inc. $61.52 61.48 AMC 4-Aug 1048
APA Apache Corporation $54.90 37.41 BMO 4-Aug 5099
ATVI Activision Blizzard, Inc. $40.39 39.65 AMC 4-Aug 19394
BLL Ball Corporation $70.82 26.45 BMO 4-Aug 1533
CERN Cerner Corporation $59.61 27.94 AMC 4-Aug 2388
DISH DISH Network Corp $51.26 43.03 BMO 4-Aug 4114
EOG EOG Resources Inc $81.61 31.14 AMC 4-Aug 6082
FLR Fluor Corporation (NEW) $50.05 30.88 AMC 4-Aug 2465
GOLD Randgold Resources Ltd. (ADR) $119.08 42.40 BMO 4-Aug 2986
GWPH GW Pharmaceuticals PLC- ADR $93.47 43.67 BMO 4-Aug 1581
ICPT Intercept Pharmaceuticals Inc $143.75 50.76 AMC 4-Aug 2150
KORS Michael Kors Holdings Ltd $49.05 41.54 BMO 4-Aug 10148
MBLY Mobileye NV $44.10 52.70 BMO 4-Aug 7238
MDVN Medivation Inc $62.74 25.83 AMC 4-Aug 10232
MNST Monster Beverage Corp $161.12 30.30 AMC 4-Aug 7140
MYL Mylan NV $43.70 33.57 BMO 4-Aug 9244
NVDA NVIDIA Corporation $48.89 34.15 AMC 4-Aug 19022
OLED Universal Display Corporation $67.84 50.97 AMC 4-Aug 1638
PCLN Priceline Group Inc $1,297.26 37.19 AMC 4-Aug 20335
POST Post Holdings Inc $84.87 37.46 AMC 4-Aug 1096
PRGO Perrigo Company PLC $93.08 44.90 BMO 4-Aug 5011
STMP Stamps.com Inc. $88.44 64.70 AMC 4-Aug 1482
TEVA Teva Pharmaceutical Industries Ltd $50.52 28.93 BMO 4-Aug 21318
TRGP Targa Resources Corp $41.17 47.78 BMO 4-Aug 2813
TRIP Tripadvisor Inc $65.61 50.78 AMC 4-Aug 5456
TSRO TESARO Inc $91.96 51.77 BMO 4-Aug 1903
VIAB Viacom, Inc. $43.04 42.21 AMC 4-Aug 8531
Z Zillow Group, Inc. Class C $35.45 55.53 AMC 4-Aug 4858
CST CST Brands Inc $42.76 40.15 BMO 5-Aug 1378

 Data Source: OptionVue7

 

Advice to stimulate your imagination:

 

“Live everyday as if it were your last because someday you’re going to be right” – Muhammad Ali

 

“Inflation is as violent as a mugger, as frightening as an armed robber

and as deadly as a hit man.” –  Ronald Reagan
“You should never make predictions, especially about the future.” – Samuel Goldwyn

Monday July 11:

 

Economic:  Labor Market Conditions Index – 10:00.

 

Other:  Kansas City Federal Reserve Bank President Esther George will give a speech on the U.S. economy followed by audience Q and A in Lake Ozark, Missouri – 10:00am, Cleveland Federal Reserve Bank President Loretta J. Mester speech on stability at the Sydney Banking and Financial Stability, by audience Q&A, in Sydney, Australia – 9:30PM.

 

International Economic:  Japan PPI – 7:50PM,

 

Earnings: None meeting criteria.

 

Tuesday July 12:

 

Economic:  NFIB Small Business Optimism Index – 6:00, Redbook – 8:55, JOLTS – 10:00, Wholesale Trade – 10:00.

 

 

International Economic:  China Merchandise Trade Balance, Germany CPI – 2:00Am.

 

Other:  St. Louis Federal Reserve Bank President James Bullard speech to NABE Gateway Chapter, in St. Louis – 8:45AM, Minneapolis Federal Reserve President Neel Kashkari participates in town hall discussion, in Marquette, Michigan – 5:30PM, Cleveland Federal Reserve Bank President Loretta J. Mester speech on the economic outlook and monetary policy at the Australian Business Economists Luncheon, followed by audience and media Q&A, in Sydney, Australia – 10:30PM.

 

Earnings:

Symbol Company Name July 8 Close IV30 B/A AVGOPTVOL
FAST Fastenal Company 44.72 26.88 BMO 2319

 

 

Wednesday July 13:

 

Economic:  MBA Mortgage Applications – 7:00, Import and Export Prices = 8:30AM, Atlanta Fed Business Inflation Expectations – 10:00, EIA Petroleum Status Report = 10:30, Beige Book – 2:00.

 

International Economic: EMU Industrial Production – 5:00AM.

 

Other:  Dallas Fed President Robert Kaplan moderated Q&A at the World Affairs Council of Houston, followed by media briefing. – 9:00AM, Philadelphia Fed Bank President Patrick Harker will give a speech on the economic outlook, followed by audience and media Q&A, in Philadelphia – 6:00PM.

 

Earnings:

Symbol Company Name July 8 Close IV30 B/A AVGOPTVOL
CSX CSX Corporation 25.88 27.62 AMC 6935
YUM Yum! Brands, Inc. 84.31 27.38 AMC 9176

 

 

 

Thursday July 14:

 

Economic:  Weekly Jobless Claims – 8:30, PPI-FD – 8:30AM, Bloomberg Consumer Comfort Index – 9:45, EIA Natural Gas Report – 10:30.

 

International Economic:  Bank of England Announcement and Minutes – 7:00, China GDP, Industrial Production and Retail Sales – 10:00PM.

 

 

Other:    St. Louis Federal Reserve Bank President James Bullard welcoming address meeting of the Official Monetary and Financial Institutions Forum to discuss monetary policy and the role of the U.S. in the global economy, in St. Louis – 10:00AM, Atlanta Federal Reserve Bank President Dennis Lockhart is speaking at the Eighth Annual Rocky Mountain Economic Summit in Victor, Idaho – 11:15AM, Kansas City Federal Reserve Bank President Esther George speech on the economy, followed by Q&A, in Oklahoma City – 1:15PM, St. Louis Federal Reserve Bank President James Bullard press briefing, in St. Louis – 6:40PM, Dallas Fed President Robert Kaplan moderated Q&A on economic conditions and monetary policy, in St. Louis – 7:00PM.

 

Earnings:

Symbol Company Name July 8 Close IV30 B/A AVGOPTVOL
JPM JPMorgan Chase & Co. 60.58 22.26 BMO 64425
TSM Taiwan Semiconductor Mfg. Co. Ltd. (ADR) 26.31 26.29 BMO 1333

 

 

 

 

Friday July 15:

 

Economic:  CPI – 8:30, Retail Sales – 8:30, Empire State Manufacturing Survey – 8:30, Industrial Production – 9:15, Business Inventories – 10:00, Consumer Sentiment – 10:00, Baker Hughes Rig Count – 1:00.

 

International Economic:  No major announcements

 

Other:  Minneapolis Federal Reserve Bank President Neel Kashkari participates in discussion with St. Louis Fed President James Bullard, in St. Louis – 1:15PM.

 

Earnings:

Symbol Company Name July 8 Close IV30 B/A AVGOPTVOL
C Citigroup Inc 41.29 30.54 BMO 90286
PNC PNC Financial Services Group Inc 79.49 22.69 BMO 1802

 

 

 

Monday July 18:

 

Economic:  Housing Market Index – 10:00.

 

International Economic:  No major announcements.

 

Earnings:

Symbol Company Name July 8 Close IV30 B/A AVGOPTVOL
CALM Cal-Maine Foods Inc $45.19 42.59 BMO 1607
MS Morgan Stanley $25.69 32.54 BMO 22977
SCHW Charles Schwab Corp $25.26 36.36 BMO 4822
IBM International Business Machines $152.60 25.21 AMC 25873
NFLX Netflix, Inc. $95.10 53.65 AMC 136759
STLD Steel Dynamics, Inc. $25.84 31.42 AMC 4367
VMW VMware, Inc. $57.93 51.39 AMC 8960

 

 

 

 

 

 

 

 

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