The S&P tried it again.....stocks rose on Monday after a range of 'nothing 'negatives'....... ISM reported that factory orders rose for the first time in 8 months, a couple of better than expected earnings reports and an essentially higher global mkts all adding to the mood.
Now this is complete contrast to what last week looked like......for those couple of days - traders and institutions clicked the sell button as the anxiety level went on a bender causing those players to raise cash ahead of the new month.....but the selling was muted and met with buyers each time we tested support......The mkt has been bouncing between support (50 dma trend line - currently at 2068) and resistance (currently at 2120) for the past 7 weeks..........unable to break lower or push higher....in what is a very clear sideways trading pattern as investors/traders reconciled weakening economic data.
But - May is a new month and the mkt is now trying to focus on - what is now being billed as 'the blowout second quarter' - Eco data this week will be the focus as analysts try to point to 'better than expected' results that clearly paint the 1Q as an outlier......Yesterday's ISM report was the first data point - reflecting a surprise reading of 58.1 vs. last month's read of 50 - it made no difference that the almost all of the entire gain came from airplane orders up 49%......a product that is not seen in every driveway across the nation....February manf orders were also revised lower - making now 5 consecutive months of disappointing reads - suggesting recession.....which means that the FED isn't going anywhere causing the mkt to celebrate......
Today we get ISM Non Manf PMI (this is a read on the service sector of our economy) - remember our economy is 80% service sector jobs....so this is an important read...the number to beat? 56.2.
Wednesday brings us The ADP employment report of +200k job created, Thursday we get the usual suspects of Init Jobless Claims and Cont Claims and Friday brings us the official Non Farm Payroll report and this is the talk of the town......Recall that last month this report fell off the radar screen coming in at +126k....well below the expectation.....so this month the expectation is for a snap back - consensus calls for +230k jobs created and an upward revision to last month's dismal report....if this happens - then we will clearly hear about how we should just toss the 1Q data in the circular file......No longer important!
Overnight global mkts were mostly and are mostly lower.....China got clobbered....down 4% - as news reports reveal that Chinese brokerage houses have tightened margin requirements - this is all investors there needed to know. Look - the Chinese stock mkt is up nearly 80% since November......so let's all not panic here....a 4% 'sell off' is not what it seems and an announcement like that - well timed - does a whole lot to take the fluff out of a bloated mkt..... - Now - if the selling continues then we can have another conversation...but let's see how this plays out....
In another central bank move - the RBA (Reserve Bank of Australia) CUT rates for the second time this year...taking rates down o 2%....now this cut was expected so that was not the issue - the issue apparently is that the bank - in there commentary - changed the language - removing any hint of further easing - causing a bit of volatility as investors there must now deal with the end of the easing cycle.......... oh boy....we know what that means....panic.......tantrum.......Whatever! Japan +0.06%, Hong Kong -1.3%, China -4.06% and ASX -0.02%
European mkts are all a bit in the red....this after the EU commission RAISED its growth target fro the zone....the weaker Euro and massive stimulus - compliments of the ECB - being credited as having 'a significant impact on the financial mkts and the economy'
Greece? Well - the commission slashed their estimates for growth for that country (no surprise considering what is going on) - as Greece is about to 'meet her maker'.... Germany's Schaeuble remaining 'skeptical' that a deal will be reached........Euro area finance ministers begging Tsipiras to come to terms with reality....... as the Portuguese minister Maria Luis Albuquerque warns him that the currency bloc 'will not make contingency plans to prepare for a breakdown in talks.....' saying:
"It has been difficult but we still hope it will be possible to have a good outcome of this discussion"
Tsipiras faces $1.1 bil in payments due to the IMF on top of what he owes to gov't workers and pensions..... Greek stocks falling 3.3% in early trading...... FTSE +0.34%, CAC 40 - 0.11%, DAX -0.09%, EUROSTOXX -0.28%, SPAIN -0.50% and ITALY -0.94%.....
US futures are down 3.5 pts in early trading.....as the mkt awaits the US macro data and news about any Greek deal.....(or not)......I suspect that we will remain locked in our current trading range. Watch for Chicago Fed Pres Evans at 12:25 pm and Minneapolis Kocherlakota tonight at 8 pm - well after mkts are closed.
For this you need: Swordfish, Spinach, Crumbled Feta cheese, butter, s&p, olive oil and fresh lemon juice.
Start with fresh swordfish steaks. Marinate in: Olive oil, S&P, fresh lemon juice - cover with saran wrap and let sit at least 1 hour on the counter. You want it to be room temp when you put it on the grill.
In a separate pan - sauté a bag of fresh spinach in a bit of butter and Olive Oil. Season with s&p. After it wilts down then turn off heat and set aside.
Preheat the grill on high for 10 mins....when ready - place the swordfish steaks on the grill and sear. Leave for 4 mins or so (depending on thickness) then flip. At this point - cover each swordfish steak with the sautéed spinach. Add crumbled Feta cheese and close cover. Turn heat to med and leave for an additional 4 / 5 mins until done. The feta will be soft but not melted.
Arrange the swordfish steaks on a warmed serving platter and complement with a mixed green salad. Your favorite chilled white wine is the perfect complement -
Buon Appetito.
Now this is complete contrast to what last week looked like......for those couple of days - traders and institutions clicked the sell button as the anxiety level went on a bender causing those players to raise cash ahead of the new month.....but the selling was muted and met with buyers each time we tested support......The mkt has been bouncing between support (50 dma trend line - currently at 2068) and resistance (currently at 2120) for the past 7 weeks..........unable to break lower or push higher....in what is a very clear sideways trading pattern as investors/traders reconciled weakening economic data.
But - May is a new month and the mkt is now trying to focus on - what is now being billed as 'the blowout second quarter' - Eco data this week will be the focus as analysts try to point to 'better than expected' results that clearly paint the 1Q as an outlier......Yesterday's ISM report was the first data point - reflecting a surprise reading of 58.1 vs. last month's read of 50 - it made no difference that the almost all of the entire gain came from airplane orders up 49%......a product that is not seen in every driveway across the nation....February manf orders were also revised lower - making now 5 consecutive months of disappointing reads - suggesting recession.....which means that the FED isn't going anywhere causing the mkt to celebrate......
Today we get ISM Non Manf PMI (this is a read on the service sector of our economy) - remember our economy is 80% service sector jobs....so this is an important read...the number to beat? 56.2.
Wednesday brings us The ADP employment report of +200k job created, Thursday we get the usual suspects of Init Jobless Claims and Cont Claims and Friday brings us the official Non Farm Payroll report and this is the talk of the town......Recall that last month this report fell off the radar screen coming in at +126k....well below the expectation.....so this month the expectation is for a snap back - consensus calls for +230k jobs created and an upward revision to last month's dismal report....if this happens - then we will clearly hear about how we should just toss the 1Q data in the circular file......No longer important!
Overnight global mkts were mostly and are mostly lower.....China got clobbered....down 4% - as news reports reveal that Chinese brokerage houses have tightened margin requirements - this is all investors there needed to know. Look - the Chinese stock mkt is up nearly 80% since November......so let's all not panic here....a 4% 'sell off' is not what it seems and an announcement like that - well timed - does a whole lot to take the fluff out of a bloated mkt..... - Now - if the selling continues then we can have another conversation...but let's see how this plays out....
In another central bank move - the RBA (Reserve Bank of Australia) CUT rates for the second time this year...taking rates down o 2%....now this cut was expected so that was not the issue - the issue apparently is that the bank - in there commentary - changed the language - removing any hint of further easing - causing a bit of volatility as investors there must now deal with the end of the easing cycle.......... oh boy....we know what that means....panic.......tantrum.......Whatever! Japan +0.06%, Hong Kong -1.3%, China -4.06% and ASX -0.02%
European mkts are all a bit in the red....this after the EU commission RAISED its growth target fro the zone....the weaker Euro and massive stimulus - compliments of the ECB - being credited as having 'a significant impact on the financial mkts and the economy'
Greece? Well - the commission slashed their estimates for growth for that country (no surprise considering what is going on) - as Greece is about to 'meet her maker'.... Germany's Schaeuble remaining 'skeptical' that a deal will be reached........Euro area finance ministers begging Tsipiras to come to terms with reality....... as the Portuguese minister Maria Luis Albuquerque warns him that the currency bloc 'will not make contingency plans to prepare for a breakdown in talks.....' saying:
"It has been difficult but we still hope it will be possible to have a good outcome of this discussion"
Tsipiras faces $1.1 bil in payments due to the IMF on top of what he owes to gov't workers and pensions..... Greek stocks falling 3.3% in early trading...... FTSE +0.34%, CAC 40 - 0.11%, DAX -0.09%, EUROSTOXX -0.28%, SPAIN -0.50% and ITALY -0.94%.....
US futures are down 3.5 pts in early trading.....as the mkt awaits the US macro data and news about any Greek deal.....(or not)......I suspect that we will remain locked in our current trading range. Watch for Chicago Fed Pres Evans at 12:25 pm and Minneapolis Kocherlakota tonight at 8 pm - well after mkts are closed.
Grilled Swordfish w/Spinach & Feta
This is a simple dish and should be a summer staple for the grill. And since today is going to be 80 degrees out....let's go!For this you need: Swordfish, Spinach, Crumbled Feta cheese, butter, s&p, olive oil and fresh lemon juice.
Start with fresh swordfish steaks. Marinate in: Olive oil, S&P, fresh lemon juice - cover with saran wrap and let sit at least 1 hour on the counter. You want it to be room temp when you put it on the grill.
In a separate pan - sauté a bag of fresh spinach in a bit of butter and Olive Oil. Season with s&p. After it wilts down then turn off heat and set aside.
Preheat the grill on high for 10 mins....when ready - place the swordfish steaks on the grill and sear. Leave for 4 mins or so (depending on thickness) then flip. At this point - cover each swordfish steak with the sautéed spinach. Add crumbled Feta cheese and close cover. Turn heat to med and leave for an additional 4 / 5 mins until done. The feta will be soft but not melted.
Arrange the swordfish steaks on a warmed serving platter and complement with a mixed green salad. Your favorite chilled white wine is the perfect complement -
Buon Appetito.
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