Market Tone: Stocks rebounded modestly last week  and were strong on Friday until about 2:30 p.m. EDT before a late afternoon sell-0ff. Volatility remains a clear and present issue.

Covid-19 Update With Latest Data From Friday 

Total Cases 8,113,984 from 7,939,566

Recovered: 3,234,138 from 3,177,397

Deaths 211,384 from 209,340

Tests 964,792 from 1,006,043

Daily Deaths 774 from 951

Current Hospitalizations 36.428 from 37,308

source COVID tracking project

Others sources of note Johns Hopkins Map

Capital Raises

IPOs Priced: 

Secondaries Priced:  None of note.

Notes Priced of note:  None of note.

Common Stock filings: None of note.

Selling Shareholders of note: TXG

Mixed Shelf Offerings: FLUX of note.

Convertible Offering Files: None of note.

Senior Notes Filed: None of note.

Earnings After The Close:

Beats:

None of note.

Misses:

None of note.

News After The Close:

AMC Networks (AMCX) names Donna Coleman as Interim CFO.

U.S. Supreme Court to hear Census case on undocumented citizens.

Barron’s + on EBAY AAPL while mixed on JPM GS C BAC .

Dividend Increase: 

Dividend Suspended: 

Reinstates Or Initiates Buybacks: 

Guides Higher: 

Hourly Action –  Updated 10/15.

What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction.

S&P 500 +10  Dow Jones Industrial Average +60 NASDAQ +57 Russell 2000 +10.89. Fair values are lower.  Asia and Europe mixed. Current VIX is at 27.41 from 26.97. 3 month VIX Future is at 29.21 from 28.72.

Gold, silver and copper higher. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is lower. $ is lower vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury price is at $138.81 from $139.17 with yields at 0.751%.

Positive Sectors On Friday: Utilities, Healthcare and Industrials of note.

Negative Sectors On Friday: Energy, Real Estate and Consumer Cyclical of note. 

One Month Winners: Utilities, Real Estate, Industrials and Materials of note.

Three Month Winners: Industrials, Consumer Cyclicals, Technology and Real Estate of note.

Six Month Winners: Consumer Cyclical, Technology, Materials and Industrials of note.

Twelve Month Winners: Technology, Consumer Cyclical and Healthcare of note.

Year to Date: Consumer Cyclical, Technology, Communication Services, Healthcare and Materials of note.

Upcoming Earnings Of (sorted by market cap, highest to lowest)

Today After The Close: IBM PPG CDNS AMTD LOGI ELS CCK STLD ZION HXL FNB BXS of note.

Tuesday Morning: PG PM LMT PLD UBS CP IQV PCAR TRV SYF DOV NVR RF OMC PNR CBSH ACI CMA SBNY MAN GPK IRDM SNV GATX of note.

Earnings This Morning Of Note

Beat:

LII +0.28, PHG +0.14, HAL +0.02 of note.

Missed:

None of note.

Still To Report: HNI, ONB, SFNC

Erlanger Research Advance/Decline Line Chart –  Updated 10/16 Close. The  A/D line fell apart late in the day. It appears a near term top could be in place but our Advance/Decline Line Model is holding strong. 

Rags & Mags: Highlighted Stories may be clicked through to the original story. 

Stocks Making The Biggest Moves – CXO HAL AZN (CNBC)

5 Things To Know Before The Market Opens Today. (CNBC)

Coronavirus update: Trump virus advisor continues to confuse on mask policy. (CNBC)

Global Covid-19 cases hit 40 million worldwide. (CNBC)

House Speaker Pelosi puts a Tuesday deadline on a stimulus deal. (WSJ)

Dr. Anthony Fauci was interviewed on 60 Minutes and was critical of the administration. (CBS)

Stock Index Trading

Current through 10/16 close. Several indexed broke their 5 day moving averages yesterday.

Bold means a change from prior day.

The Erlanger Value Lines track the intraday range of resistance, pivot and support used by Algo/HFT Traders. Each day we show where we closed within the range. Updated through 10/16 close. The Erlanger Value Line are available in Bloomberg for your review. Simply visit the Bloomberg App store at APP(GO) then find Erlanger Research and setup a trial. The correction cannot end until the EVL Range becomes normal again, i.e. no blue highlighting. 

Economic

October NAHB Housing Market Index is due out at 10:00 a.m. EDT and is expected to remain at 83.

Geopolitical & Related

President Trump is in Las Vegas after delivering a speech there yesterday. He will head to Prescott, Arizona where he makes a speech at 2:00 p.m. EDT and then at 5:00 p.m. EDT in Tuscon before heading back to Washington D.C.

Federal Reserve Chairman Powell to speak before the IMF at 9:00 a.m. EDT. (CNBC)

Former Federal Reserve Chairman Yellen has started an interview on Bloomberg Surveillance.

Federal Reserve Vice Chairman Richard Clarida to speak at 11:45 a.m. EDT.

Investor Meetings & Conferences

None of note

Sellside Conferences: None of note.

Industry Conferences: Annual Child Neurology Society & 16th  International Child Neurology Society Congress Meeting (10/12-10/23) World Vaccine Congress Europe (10/19-10/21)

M&A

Conocco Phillips (COP) to buy Concho Resources (CXO) for $9.7 billion. (CNBC)

Upgrades & Downgrades For Monday – 10/19