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 
    Program                                                  

Markets: 

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,

Calendar:

 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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