Hi! Thought maybe by posting my Morning Briefing here every morning, we might revive this thread. -- John Summa
PS, This was posted Saturday, 7/10/99, but will begin posting pre-market for anyone interested. Maybe we can generate some discussion around highlights in the report, such as put/call ratios,etc.
-JS
OptionsNerd.com Morning Briefing
Friday, 7/9/99
Market Comments: Overseas equity markets are mixed (Europe higher, Asia lower). S&P 500 futures pointing to a positive opening for U.S. stocks (S&P 500 Futures are trading 4.40 points above fair value).
Yesterday's session was driven by early second-quarter earnings reports (Yahoo!) and a bounce in the Treasurys market prompted by reduced worry over this week's large supply of large corporate deals, which has met with decent demand. But the rally failed in early afternoon, as the market remains overbought, having priced in most of Q2 expected earnings already, especially since its blistering run that began early last week As we noted in earlier Morning Briefings, the CBOE equity-only put/call ratio 10-day moving average is now flashing bearish, which will prevent us from taking any long positions. We would like to see a breakout lower from here, for a nice OEX put play.
As always, we will keep you posted regarding any trade signals.
Please note: The Morning Briefing is now posted at the OptionsNerd.com
homepage, so if you have not received it in your email box by 9:15 EDT
(due to ISP problems here or on your end), you may want to check at our website for it: optionsnerd.com
Happy Trading!
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Outlook for U.S. Equities
Short-Term Outlook
(1-3 days): Neutral-to-Bearish
Medium-Term Outlook
(1-4 weeks) Neutral-to-Bearish
Long-Term Outlook
(8-16 months) Bearish
______________________
Financial and Overseas
Equity Markets
(8:26 AM EDT)
Paris CAC 40: +.92%
Frankfurt DAX: +.77%
London FTSE-100: +.10%
Japan Nikkei: -.17%
HK Hang Seng: -.03%
$/Yen -.20% [7:15 EDT]
$/DMark N/A
30-Year T-Bond Yield: 5.97% (-.45%) [8:50 EDT]
S&P 500 Futures: +4.20 [8:50 EDT]
Comments: Overseas equity markets are mixed (Europe higher, Asia
lower). S&P 500 futures pointing to a positive opening for U.S. stocks
(S&P 500 Futures are trading 4.40 points above fair value).
_______________________________________
OEX Options, S&P Futures and Stock News
U.S. debt futures rebound sharply, end higher (Reuters)
biz.yahoo.com - Jul 08 4:35 PM EDT
Most U.S. stock index futures close higher (Reuters)
biz.yahoo.com - Jul 08 5:11 PM EDT
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Major Averages and Indexes
(Previous Close)
DJIA:-0.5%
DJTA: -0.7%
DJUA: -0.1%
S&P 500: -0.1%
NASDAQ: +1.1%
Russell 2000: +0.5%
NYSE Comp.: -0.4%
AMEX: +0.8%
________________
OEX (S&P 100) Daily Data
High=723.49
Low=713.56
Close=718.31
Change= -1.44 (-0.2%)
Pivot=718.45
Pivot 3DMA=716.37
10-Day Average Daily (Outside) Range=11.52*
R1=723.34
S1=713.42
R2=729.06
S2=708.53
*To project today's high/low, add this value to the low of the first
hour of trading (=projected day's high) and subtract it from the high of the first hour of trading (=projected day's low). These projected levels would apply if a daily trend develops outside of the first hour of trading. This is not an exact science, but does give a basic framework to help with trading decisions.
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S&P 500 Futures
Settlement Prices
Previous Trading Day
SEP99 (Spoos)
Open=1404.40
High=1416.00
Low=1395.90
Last=1404.50
Settlement=1405.00
Change=+50
_______________
Market Internals
NYSE Volume=823 Million (+)
NYSE Breadth=-383 (+)
NYSE Up/Dwn Vol Ratio=0.8
NYSE 10-DMA Adv/Dec Ratio=1.08 (+)
NYSE New High/New Lows=110/50 (+)
________________
Market Sentiment
Equity Only Put-Call Daily Ratio=.40 (-)
Equity Only Put-Call Ratio 10-DMA=.377 (-)*
OEX Put-Call Ratio Daily=1.50 (+)
OEX Put-Call Ratio 10-DMA=1.22 (+)
Total CBOE Put-Call Ratio=.54 (+)
Total CBOE Put-Call Ratio 10DMA=.0.49 (-) **
VIX=19.87 (-1.68%)
*Flashing bearish, and a very reliable contrarian indicator.
**Based on recent ranges, this level should be considered dangerously
overbought.
_________________
OEX Trade Positions
OEX1: Flat OEX. No trades.
_____________________________________________________________
ATTENTION OEX TRADERS! The dates for the OptionsNerd.com's next OEX
Weekend Trading Seminar (in beautiful Greenwich, CT) have been set:
Sept. 17-19, 1999. We are taking a limited number of traders. Stop flying blind with the OEX. Eliminate pilot error before it eliminates you!
Click here optionsnerd.com for seminar
topics, schedule and sign-up info.
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