Morning 7-13

Buy Stocks why fight the trend

Bullish News: Earnings optimism and vaccine news  crating Risk On Sentiment

  • Pfizer and Biotech received fast track designation from the U.S. FDA for two Vaccine candidates’ BBG Both stocks higher pre market
  • PepsiCo Starts Q2 earnings season with a beat “reporting stronger Than expected sales and earnings as consumer kept stocking up on snack food during pandemic”-BBG …. Revenue $16b vs F/C of $15.4B Earnings topped all analysts’ expectations
  • Analog Devoices to buy rival maxim Integrated products for $20.9B thus created a larger rival to Texas Instruments
  • PBOC injected cash via repo operations 50B yuan
  • Apple Target Raised at Morgan Stanley on iPhone Trade-In 


Spoos +.7%,nas +.9%  Stoxx 50 +1.3% Dax +1.% MIB +.7% All 19 Stoxx 600 Sector higher led by basic resources +2% NKY closed +2.2% Shanghai back on the bid closed +1.77%,Kospi +1.7% Dollar sideways to lower Euro  bit higher, tight range though   I m watching for a break above 1.1400 to really apply some pressure on dollar. Yields higher in Europe led by Bunds +4 bps  treasuries showing higher yields as well. 30 year yields higher across Europe as well Germany +5BpsMetals bid  Silver +2%,plat +2.1% palladium +1% and copper +1.7%. close to two year highs  as  Worries  regarding production in Chile provide a bid along with Higher Chinese stocks. Someone sold a couple thousand corn futures on open yesterday evening  as beneficial rains fell over the weekend.  What Virus markets care little  for now regarding Bad news  But welcome the good,


 ECB,BOC  and BOJ meeting, Earnings and retail sales in US, EU summit next weekend. On Thursday China GDP  Plenty of Calendar to make this week a bit more exciting then last  lets hope true

 Via Mizuho- start of Q2 earnings season begins with the five largest banks
all reporting through the middle of the week. Tomorrow: JP Morgan, Citibank, Wells Fargo, Delta. Wednesday: UNH (#2 weight in DJIA @7.76%), IBM, Goldman Sachs (#5 weight in the DJIA @5.25%), USB. Thursday: JNJ (#5 weight in DJIA @3.80%), TSM, NFLX, Bank of America.

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