Nov. 11, 2019 - Going into it, this week may be more interesting from a technical perspective than because of anything on the calendar.
After breaking out the last several weeks, we'd like to see things continue higher from here, as opposed to falling back below the previous highs. The S&P 500's old high is just above the 3,000, so we'd like to stay on the good side of that as well.
The economic and earnings calendars aren't exactly empty, but there's not much that we anticipate prompting a big move in markets. The headline numbers this week are for inflation data, where it would take a very big surprise, to get markets to move very much.
In our estimation, a big surprise in either direction is likely to send stocks lower. Higher-than-expected inflation could force the Federal Reserve back to raising rates sooner than expected, while a downside surprise is likely a signal of a weakening economy.
This means we're back to waiting for news about the trade war, even as today, Nov. 11 marks a month since President Trump announced that the U.S. and China had agreed to a "phase one" trade deal. That deal has yet to be signed and all indications are that terms have not yet actually been agreed to, leaving us in basically the same spot we were in a month ago.
Economic Events this Week
This is a pretty light calendar in terms of things that may be market moving.
- Wednesday
- 8:30 a.m. - CPI
- 10:30 a.m. - EIA Crude Oil Inventories
- Thursday
- 8:30 a.m. - PPI
- Friday
- 8:30 a.m. - Retail Sales
Earnings Reports this Week
We're into the tail-end of earnings season, but there's still some big names reporting this week.
Tuesday:
- Before the bell: LIN, TSN, ROK, DHI, CBS
- After the bell: SWKS, HTHT, DOX, DDOG, LTM
Wednesday:
- Before the bell: VIPS, CAE, LK, GOOS, ENR
- After the bell: CSCO, TCOM, NTAP, TTEK, CPA
Thursday:
- Before the bell: WMT, WB, NICE, VIAB, CGC
- After the bell: NVDA, AMAT, WPM, DLB, ACB
Friday:
- Before the bell: JD, JCP
Sector and Industry Sentiment
As part of the upgrade and redesigned InvestorsObserver, we are now calculating a proprietary Sentiment Score for stocks. This score looks at price action, volume trends and data from the options market when available to try to get a sense of how the market feels about a stock. We're replacing the lists of sectors and industries that have performed well or poorly over various time periods with a ranking of all eleven sectors in order of sentiment and then the top ten and bottom ten industries.
