Oil looks ready to tag $80 which would be yet another year to date high. The dollar edges lower again and the Euro has hit 14 month highs against the greenback. I’m wondering when 80 buck oil will derail the “uncovery”?
Minutes from Larry Summers meeting with top financial executives was released this morning and Larry said “we will not be lectured” and if you received bailout money you better brace yourself for regulation. Seems like a good time to me for Goldman to just go private, but God only knows what backroom deal was cut with Geithner and company.
Apple reports after the close, and just like Intel, it will be all about the margins. Texas Instruments also reports.
Commodities and materials should continue to play well here and I think exposure to XME here makes sense. Is it getting crowded? They stay crowded until their not. Buying the group on rare dollar strength days has been a very profitable strategy.
Have a great day.
Monday, October 19, 2009
Economic
10:00am TAF auction
1:00pm Oct NAHB Housing Market Index (last 19)
Events
BoJ minutes. 11:00am Fed Chairman Bernanke speaks on Asia and the financial crisis. DTE analyst meeting.
Earnings
Before the Open: BBT, ETN, GCI, HAS, MMR, PETS, WFT. After the Close: ALGT, AAPL, ATHR, BMI, BSX, BRO, ELS, ICUI, IEX, JDAS, LNCR, PKG, RLRN, RLI, SWI, STLD, TXN, UDR, VLTR, WERN, WTNY, ZION.
Tuesday, October 20, 2009
Economic
8:30am Sept PPI (last m/m 1.7%, y/y -4.3%, ex food & energy last m/m 0.2%, y/y 2.3%), Sept Housing Starts (last 598K), Sept Building Permits (last 579K)
9:00am BoC rate decision
10:00am TAF results
4:30pm API Crude Oil/Gasoline/Distillate Inventories
Events
11:00am Fed’s Warsh moderates session at Fed conference in CA. 8:00pm Fed’s Plosser to discuss monetary policy at Stanford. ICSC/UBSW Chain Store Sales (7:45, last 0.6%). Redbook Retail Sales (8:55, last 0.6%). ABC Consumer Confidence (last -48). Trades Ex-dividend: CVS $0.076, APA $0.15, AMN $0.30, DLM $0.05.
10:30am DoE Crude Oil/Gasoline/Distillate Inventories
2:00pm Fed Beige Book
22:00pm China Q3 GDP
Events
12:00pm Fed’s Lacker to speak in Richmond. 1:00pm Fed’s Tarullo speaks in Washington. 4:50pm Fed’s Rosengren speaks in Massachusetts. MBA Mortgage Applications (7:00, last -1.8%). Trades Ex-dividend: COST $0.18
10:00am Sept Existing Home Sales (last 5.1M, m/m -2.7%)
Events
8:30am Fed’s Bernanke to address Boston Fed Conference. 11:30am Fed’s Kohn speaks at Boston Fed event.
Earnings
Before the Open: COLM.
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Oil looks ready to tag $80 which would be yet another year to date high. The dollar edges lower again and the Euro has hit 14 month highs against the greenback. I’m wondering when 80 buck oil will derail the “uncovery”?
