Overnight Summary & Early Morning Trading: The S&P 500 closed Tuesday higher by 1.10% at 6040.04. Monday higher by 0.73% at 5974.07. The overnight high was hit at 6105 at 10:55 p.m. EDT and the low was hit at 6067.50 at 6:15 a.m. EDT. The overnight range is 38 points. The current price is lower at 7:10 a.m down by -0.32% down -18 at 6080.
Executive Summary: Tuesday started the Santa Claus Rally that lasts from the Tuesday before Christmas through the first two trading days of January. The first day was great up 1.10% and not so much this morning. Let’s see if we can rally back to green by the end of the day.
Key Events of Note Today:
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- Jobless Claims will be released today.
- 4-week Bill Auction at 11:30 a.m. EDT.
- 7-Year Auction at 1:00 p.m. EDT.
Daily Chart Request: Want to see an Erlanger Chart in The Morning Note? Simply send an email to us at [email protected] and we will more than likely show it.
United Health Group (UNH) is a now a Long Squeeze. The Tech Rank is 10%. Short Intensity is 14% with the Erlanger Short Ratio at 1.64. This stock will need long buyers to drive this stock higher otherwise if the selling continues there will be no shorts to help the stock out.
Notable Earnings Out After The Close
- Beats: None of note.
- Flat: None of note.
- Misses: None of note.
- IPOs For The Week: ALEH, FTRK, HIT, MIMI, MTRS, NTCL, PHH, YSXT
- New IPOs/SPACs launched/News: None of note.
- IPOs Filed/Priced: None of note.
- Secondaries Filed or Priced:
- MGOL – Closing of Upsized $6.0 Million Public Offering
- Notes Priced:
- Direct Offering: None of note.
- Exchangeable Subordinate Voting Shares: None of note.
- Selling Shareholders of note:
- Mixed Shelf Offerings:
- PIPE:
- Convertible Offerings & Notes Filed:
Capital Raise Summary From The TradeXchange, bringing traders and investors real time news and Squawk Box, and other sources.
Biggest Movers Up & Down Tuesday:
- Movers Up: None of note.
- Movers Down: None of note.
News After The Close:
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- 10-K Delays – of note.
- Corvel (CRVL) announced a 3-1 split.
Buybacks
Exchange/Listing/Company Reorg and Personnel News:
Dividends Announcements or News:
- Stocks Ex Div Today: PM MO LUV INVH MTN BCPC WLY GTY REVG AHH
- Stocks Ex Div Tomorrow: GE DHR MDT AMT CME PBR RCL RL ELS VIV SEIC FLS VMI XRAY PSEC CTS PMT HTLD CAL TRTX
What’s Happening This Morning: (as of 8:00 a.m. EDT) Futures S&P 500 -19.75 , NASDAQ -72.75 , Dow Jones -145 and Russell 2000 -12.75 . Europe is high ex Germany with Asia higher. Bonds are at 4.629% from 4.607% on the 10-Year. Crude Oil and Brent are higher with Natural Gas lower. Gold higher with Silver lower and Copper higher for a second day in a row. The U.S. Dollar is higher versus the Euro, higher against the Pound and higher against the Yen. Bitcoin is at $95,736 from $94,078 lower by $3,319.50 -3.35%.
- Daily Positive Sectors: All were higher yesterday.
- Daily Negative Sectors: None were lower.
- One Month Winners: Consumer Cyclicals, Financials, Industrials, Energy and Utilities of note.
- Three Month Winners: Consumer Cyclicals, Financials, Communication Services, Industrials, Utilities, Consumer Defensive and Technology of note.
- Six Month Winners: Financials, Real Estate, Utilities, Consumer Cyclical and Technology of note.
- Twelve Month Winners: Financials, Technology, Industrials, Utilities and Communication Services note.
- Year to Date Winners: Technology, Financials, Utilities, Communication Services and Industrials of note.
Upcoming Earnings Of Note: (From Chartroom Software – sorted by market cap, highest to lowest with most visible names)
- Thursday After the Close: None of note.
- Friday Before The Open: None of note.
Notable Earnings of Note This Morning:
- Beats: None of note.
- Flat: None of note.
- Misses: None of note.
- Still to Report: None of note.
Company Earnings Guidance:
- Positive Guidance: None of note.
- Negative or Mixed Guidance: None of note.
Advance/Decline Daily Update: The A/D fell to major support and is now in bounce mode.
Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):
- Gap Up: TM +9.1%, HMC +4.6%, EH +2.2% of note.
- Gap Down: None of note.
Insider Action: None of note see Insider buying with dumb short selling. None of note see Insider buying with smart short sellers.
Rags & Mags: Repeated stories from prior days never listed, i.e. “rehashed news”. Sorted by Global, U.S. and stock specific.
- Lead Story on Bloomberg: Russia Rejects Trump Call For Ukraine Truce, But Ready For Talks. (Bloomberg)
- Market Wrap: US Futures, Treasuries slip before Jobs Data. (Bloomberg)
- Mastercard (MA) says that Holiday Sales up 3.8%.
- FDA raises recall on Costco (COST) Eggs to highest level. (CNBC)
Economic:
- Weekly Jobless Claims are out at 8:30 a.m. EDT.
Geopolitical: (Watch our Twitter feed, Bullet86, for any impromptu appearances)
- President Biden will receive the Daily Briefing at 8:00 a.m. EDT.
- President Biden and The First Lady head to St. Croix, U.S. Virgin Islands at 9:30 a.m. EDT and arrive at 12:45 p.m. EDT.
- No Fed Speakers today.
M&A Activity and News: None of note.
Moving Averages On Major Equity Indexes: Moves to 73% from 56%.
Meeting & Conferences of Note:
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- Sellside Conferences:
- Fireside Chat: None of note.
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- Top Analyst, Investor Meetings: None of note.
- Shareholder Meetings: JKS MBIO
- Update: None of note.
- R&D Day: None of note.
- FDA Presentation:
- Company Event: None of note.
- Industry Meetings or Events:
Top Tier Sell-side Upgrades & Downgrades:
The recommendations listed below in this “Upgrade/Downgrade” section are compiled from what we believe are Tier I, II and III firms. Recommendations posted are taken from a variety of sources each day and we only post upgrades or significant initiations as well as downgrades to underweight or sell. The purpose of this posting is to make the reader aware of market-moving recommendations. None of these recommendations should be interpreted as actual recommendations from CAPIS or its employees.
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- Upgrades: RAPT EVER
- Downgrades: HGTY
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