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Manic Monday Market Movement

How crazy is this?

After trading over the top of the Strong Bounce line at 26,100 for 3 straight days, the Dow (/YM) and all the other indexes dove right back below their weak bounce lines and almost made it back to our baselines – with the Russell (/RTY) bouncing exactly off it last night and the S&P (/ES) failing theirs.  But it was all pre-market nonsense, as is this morning's "rally" so we ignore it all and just focus on the same old levels we've been watching for a month thanks to our fabulous 5% Rule™:

  • Dow 25,000 is the mid-point and bounce lines are 25,550 (weak) and 26,100 (strong)
  • S&P 2,850 is the mid-point and bounce lines are 2,880 (weak) and 2,910 (strong)
  • Nasdaq 7,200 is the mid-point and bounce lines are 7,360 (weak) and 7,520 (strong)
  • Russell 1,440 is the mid-point and bounce lines are 1,472 (weak) and 1,504 (strong) 

All except the Russell were green on Friday morning so a lot of damage has been done Friday's sell-off and that's AFTER the pre-market bounce is taken into effect.  Trump (it's always Trump) at the G7 this morning, has been palling around with UK's Boris Johnson and promising a "very big tade deal" with the UIK and "lots of fantastic mini-deals" so of course, since Donald Trump would never lie to us, the market jumps up (again) on the President's word. 

Trump claimed this morning that China called the US trade team "twice" and wants "to make a deal" as companies are leaving China (supposedly because the President told them to on Friday, they packed up over the weekend) but spokespeople for China said there were no such talks and that they refuse to bow to US pressure though they did say: "We are willing to resolve the issue through consultations and cooperation in a calm attitude and resolutely oppose the escalation of the trade war."  Remember, the President considers reasonableness to be weaknesss in negotiations – he wrote a book on the subject!

Keep in mind that the volume of the Futures is measured in thousands while the intra-day markets are measure in tens of Millions so it's all completely meaningless but what wasn't meaningless was Friday's volume on the S&P ETF (SPY) being 75% of the volume of the entire rest of the week and there wasn't a buyer in site.  That's a lot of selling!  

Date Open High Low Close* Adj Close** Volume
Aug 23, 2019 290.92 292.76 283.47 284.85 284.85 149,161,500
Aug 22, 2019 293.23 293.93 290.40 292.36 292.36 51,666,400
Aug 21, 2019 292.48 292.86 291.72 292.45 292.45 49,524,700
Aug 20, 2019 291.77 292.36 289.95 290.09 290.09 51,596,400
Aug 19, 2019 292.19 293.08 291.44 292.33 292.33 53,571,800

We started the week at 2,920 and finished the weak at 2,850 and that's the story that matters.  This morning the S&P is bouncing 20 points but the VIX is still very high (20), indicating traders are still very nervous.  As long as we're trapped between the baselines and the Strong Bounce Lines, there's not much to do but watch and wait for Trump's next tweet. 

Hong Kong, meanwhile, is doing the opposite of calming down – you know it's bad when reporters have gas masks on while they are making their reports!  Here's a really good VOX report – in case you want to learn the background of the protests.  Note it is from June 22nd – two months ago.  This video is the shorter, current news report, click the link for the background.

Calendar-wise, it's a busy economic week with just Mary Daly speaking from the Fed but Durable Goods, Chicago and Dallas Fed Reports kicking off the week and Richmond tomorrow along with Consumer Confidence, Retail and Housing then two confidence surveys on Wednesday and Thursday we get the GDP Report, which will be the 2nd estimate of Q2, supposedly 2.4% but any downward revision will lead to more recession panic.  Friday ends the month with Personal Income & Spending, PCE, PMI and Consumer Sentiment so lots and lots of data and small-cap (mostly) earnings reports will make this another interesting week to end the month which opened, don't forget, at S&P 3,000.



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  1. Need a play by tweet announcer and a expert color commentator to keep track of the yo-yo news flow.

  2. Having shunned twitter ever since it’s inception, I found it necessary to get an account and follow the biggest windbag in the world – Trump – because I think the only investment strategy that’s going to work between now and the end of his presidency is to trade the tweets. 

  3. Hey Phil – what would we say if Trump for example called his good buddy and told them he was going to send a tweet about China and they go out and buy futures because they are going to jump 30 points.

  4. Why central bankers’ conventional tools are no longer working

  5. How Amsterdam plans to power a city of electric cars

  6. POLITICO Playbook: Hurricane Trump at the G-7

  7. Phil, what do you think of TSG. Heavy nov call trades last week and deal with FOX and FOXA. Thanks

  8. Good Morning!

  9. /stjeanluc- I have been suspecting something like this for a while. Negative news comes after we have a run up and vice versa. 

  10. Added more WLL.  Now a full position.

  11. I feel like nuking a hurricane today!

  12. StJ…its science you know. LOL!!  Amazing if true. Trade a hurricane for nuclear fallout, right into the spinning storm…makes perfect sense, why didn't anyone think of that before. 

  13. Good morning!

    "China won't cave to US pressure" is the working quote of the moment.

    China's not in the G7 (but Trump wants Russia to be added, not China) so Trump is pretending that he goes back to his room and talks to Xi, who has already denied it but when has getting caught lying stopped Trump from lying – even about the thing he just got caught lying about?  

    Big Chart got fugly fast – yet another reason we should probably cash in though it would really suck to miss a big China deal rally, wouldn't it?  That's what keeps us in the game – it could still happen at some point but Trump will have to cave, big-time.

    Play by tweet/Den – That's a great idea for a podcast but you'd need a couple of funny guys who would always be ready to go on in a flash (and be up to-date enough to be useful).  How about @wtfTrump?  

    Trading tweets/Dawg – See, you are the perfect target audience for Den's podcast.  One more and we double his audience – what a trend!   Meanwhile, I'm not big on trending Trump's tweets but you can trade against the overreactions to his tweets – like this morning's pop – if you dare…

    Buddies/StJ – Yeah, someone is getting very, very rich off this BS. 

    I have noticed a lot of lobster specials lately:

    US exports to lobster-loving China go off cliff amid tariffs

    TSG/Jomp – I don't know much about them but I guess on-line gaming is here to stay.  They have projections of $500M after losing $100M last year and really the whole operation is Sky Betting, which they swallowed, moving them from pretty much just poker to other casino games and sports but $5Bn in debt means 12 years of profits to pay that off and, if the interest is 5%, then it's eating half of those profits too.  So don't expect them to go much higher, they deserve a low p/e as the risk of laws changing during the 12 years is not negligible – you can't fault traders for being less idiotic than they were last year.

    This is the biggest positive:

    Hurricane/Jeff – Yes, much better to spread radioactive fallout over the Caribbean (and my house!) than to endure a bit of rain…  Sadly, it indicates Trump is just itching to nuke SOMETHING.

    Image result for trump nuke cartoon

    /NG with a big pop today.





  14. Trump speaking now.

    Talking about possible Iran deal.

    How is it that this needs to be said?

    Not encouraging:

    Of course things can swing rapidly from moment to moment in this environment.  President Trump could say something in a few hours that temporarily gives investors some hope, and that could cause markets to swing wildly upward for a little while.  Everyone is on edge right now, and every piece of significant news is likely to cause gyrations in the marketplace.

    But overall the trend is clearly down.  U.S. stocks have now fallen for four weeks in a row, and many are becoming deeply concerned about what September will bring.

    And for many U.S. businesses, this trade war has turned into a complete nightmare.  Executives crave predictability, but now everywhere we look there is chaos, and this is causing a lot of headaches for business leaders

    Businesses crave predictability so they can make informed decisions and plan for the future. Many companies that depend on Chinese manufacturers and consumers have already shifted supply chains out of the country and taken other steps to reduce their exposure to China. And while Mr. Trump’s tweets are unlikely to trigger immediate changes, more uncertainty is unwelcome.

    “Continued escalation and rhetoric are harmful to American businesses, workers and farmers,” said Tom Linebarger, chief executive of Cummins Inc., which makes diesel engines. Cummins pays a tariff on components it imports from its own plants in China for engines assembled at U.S. factories by American workers. The tariffs amount to a tax paid by Cummins’ customers, he said.

    Unfortunately, nobody can no longer deny that global economic activity is really starting to slow down.  We just learned that global trade was down 1.4 percent in June from a year earlier, and that represented the largest decline that we have seen since the last financial crisis

    World trade volume – a measure of imports and exports of merchandise across the globe – declined in its zigzag manner in June to the lowest level since October 2017, according to the Merchandise World Trade Monitor by CPB Netherlands Bureau for Economic Policy Analysis. The index was down 1.4% from June 2018. This small year-over-year decline is the biggest year-over-year decline since the Financial Crisis, and it’s a reversal from the heady growth in 2017 and 2018 that had topped out at 6.7%.

    I have been using phrases like “since the last financial crisis” and “since the last recession” in almost every article recently.  We are seeing so many things happen that we haven’t seen for a decade or longer, and yet most Americans still don’t seem to understand that we have a real crisis on our hands.

    If the U.S. and China were to mend their relationship and agree to a comprehensive trade deal, that would certainly help things.

    Unfortunately, that isn’t going to happen.

    In fact, both sides appear to be digging in even more.  For example, the White House just told us that President Trump “regrets not raising the tariffs higher”

    When asked if Trump had second thoughts about Friday’s move to escalate the trade war with China, Trump said “Yup.” “I have second thoughts about everything,” he added.

    Hours later, the White House issued a statement saying that Trump meant to say that he wished he had raised tariffs on Beijing even higher.

    “His answer has been greatly misinterpreted. President Trump responded in the affirmative – because he regrets not raising the tariffs higher,” White House spokeswoman Stephanie Grisham wrote in a statement.

    And the Chinese are warning that we should not “underestimate the determination” of the Chinese people and that they will be the ones to “have the last laugh”

    On Saturday, China’s commerce ministry issued a statement calling on Washington not to “misjudge the situation and underestimate the determination of Chinese people” after US President Donald Trump announced new tariffs on Chinese imports.

    “The US should immediately stop its wrong action, or it will have to bear all consequences,” the statement said.

    At the same time, a sharply worded commentary in the official party mouthpiece, People’s Daily, said China had the strength to continue the dispute and accused Washington of sacrificing the interests of its own people. Published under the pseudonym “Wuyuehe”, the piece described the latest tariff measures by the US as “barbaric”. The op-ed said China’s own tariffs on $75 billion worth of American products, announced late on Friday, were a response to America’s unilateral escalation of the trade conflict, and vowed that China was determined to fight back “until the end”.

    “China’s will to defend the core interests of the country and the fundamental interests of the people is indestructible, and will not fear any challenge,” the author wrote, promising that “history will prove that the side on the path of fairness and justice will have the last laugh.”

    As I have repeatedly warned, there isn’t going to be a trade deal before the 2020 presidential election.

    So that means that things are going to get progressively worse, and we need to be prepared for a lot of economic pain.

    At this point, even U.S. Senator Lindsey Graham is telling us that the American people are just going to have to “accept the pain that comes with standing up to China”

    Sen. Lindsey Graham, R-S.C., said on Sunday that Democrats should not criticize President Trump for taking on China over trade as they have complained for years about Beijing’s policies but done nothing.

    “Every Democrat and every Republican of note has said China cheats,” Graham said on CBS News’ “Face the Nation.” “The Democrats for years have been claiming that China should be stood up to, now Trump is and we’ve just got to accept the pain that comes with standing up to China.”

    Sadly, the truth is that the American people are not well equipped to deal with pain.  We have been spoiled by decades of debt-fueled “prosperity”, and even a relatively minor economic downturn would result in a massive national temper tantrum.

    Right now our nation is a seething cauldron of anger and frustration, and the mainstream media is stirring the pot on a daily basis.  It isn’t going to take much to spark an explosion, and this will especially be true the closer we get to the next presidential election.

    The season of “the perfect storm” is upon us, and what is coming next is going to be one of the most chaotic chapters in modern American history.

    We were waiting for the end of the world

    Waiting for the end of the world

    Waiting for the end of the world

    Dear Lord, I sincerely hope you're coming

    'Cause you really started something

  15. Trump is now doing an infomercial for Mar a Lago – he wants the next G7 conference to be there.



    "The ballrooms are among the biggest and best in Florida," Trump says. "I think it's just a great place to be"

    Trump is discussing why he thinks Russia should be invited to the G-7 summit next year.

    Trump, asked if could delay China tariffs, says: 'Anything is possible'

    Trump insists talks have restarted with China, but details remain elusive

  16. Iran deal / Phil – Of course now Trump has a weak hand as he needs to get a deal no matter what to look good. And our allies are actually happy with the current deal. Maybe the Iranian get something better than what they got from Obama and Trump will claim that he did so well which the Iranian won't dispute because they will have "outsmarted"  him! The ayatollahs don't have an election next year, neither does Xi…


    Lagarde thought is was a good idea for the IMF to give Argentina $50+B. I wonder how many EU countries will get similar deals when she sits atop the ECB


  18. OMG, Trump just said that not only is he an environmentalist but that he's done more for the environment than any other President – what balls!

    Argentina/Mike – Yeah, that was a very bad bet but so are Spain, Italy and Portugal.  

    Brent rejected at $60.

    Honey badger don't care:

  19. The next time Trump holds a press conference no reporters should show up.

  20. That's why he held it with Macron – to make sure people did.  

  21. He never answers the reporter's questions and returns to his self praise monolog. 

  22. Tesla starting to look ugly, more auto-pilot issues over the weekend:

    President Trump sought to dial down trade tensions with China and said he was open to meeting with Iran’s president, as he struck a more conciliatory note on the final day of the Group of Seven summit.56329 minutes ago

    Big Tech Shares Lose Their Luster

    Owning shares of Facebook, Amazon, Apple, Netflix and Google parent Alphabet has given investors little upside over the past 12 months, depriving the long-running bull market of one of its biggest drivers.12

    • The Atlanta Fed's GDPNow model increases its estimate for Q3 GDP to 2.3% from 2.2% at Aug. 16 due to this morning's advance durable goods report.
    • Contribution from inventory investment in Q3 GDP growth improves to -0.43 percentage point from -0.47 pp previously, more than offsetting a decrease in nonresidential equipment investment to 0.26 pp from 0.3 pp.
    • Stocks hold onto gains after President Trump says the U.S. is very close to a trade deal with the EU, sees a deal being reached with China, and says there's a "good chance" he could meet with Iran's Rouhani.
    • Topics were among several addressed at a joint press conference with French President Emmanuel Macron after the G-7 summit in Biarritz, France, ended.
    • The Nasdaq rises 0.9%, and the S&P 500 gains 0.7% and Dow both is up 0.8% in midday trading in New York.
    • Macron also said that France would scrap its digital tax once a "modernized" international tax plan is implemented.
    • By S&P 500 industry sector, information technology (+1.1%) and communication services (+1.0%) outpace the broader market, while materials (+0.5%) and financials (+0.5%) lag.
    • 10-year Treasury yield falls a basis point to 1.527%.
    • The Dollar Index gains 0.4% to 97.99.
    • Crude slips 0.1% to $54.11 per barrel, after rising earlier in the session.
    • Across the Atlantic, the Stoxx Europe 600 Index closes roughly flat at 371.28 and Germany's DAX closes up 0.4%.
    • Cboe Volatility Index is still relatively elevated, up 2.8%, at 20.42.
    • "I think they want to make a deal very badly," President Trump said at a joint press conference with French President Emmanuel Macron at the end of the G-7 meeting in Biarritz, France.
    • He said that China's vice chairman issued a statement that he wanted a deal made under "calm conditions," something Trump said he agreed with.
    • Trump said soon the U.S. Treasury will have collected more than $100B in tariffs on Chinese goods.
    • He says China has lost 3M jobs and their "chain" is breaking (probably meaning supply chain).
    • "I don't think they have a choice," Trump said, adding that he didn't mean that as a threat.
    • In another area where tensions may have eased, Trump said he'd be willing to meet with Iranian President Hassan Rouhani "if the circumstance were correct."
    • "I think we're ultimately going to make a deal with China" may make a deal with Iran, as well, Trump said.
    • Dallas Fed Manufacturing Survey: +2.7 vs. -3.0 consensus and -6.3 prior.
    • Production: 17.9 vs. 9.3 prior.
    • Capacity utilization: 15.7 vs. 11.2 prior.
    • New Orders: 9.3 vs. 5.5 prior.
    • July Durable Goods+2.1% vs. +1.2% expected, +1.8% prior (revised from +2.0%).
    • Core Durable Goods: -0.4% vs. +0.0% expected, +0.08% prior (revised from +1.2%).
    • Apple (NASDAQ:AAPL+1.5% pre-market as shares seek to rebound from Friday's 4.6% shellacking in the wake of China's retaliatory tariffs on another $75B of U.S. goods.
    • Pres. Trump "ordered" U.S. companies to begin looking for alternatives to manufacturing in China, which would be a "gut punch" to Apple, Wedbush analyst Daniel Ives said Friday.
    • "In a best case scenario, Apple would be able to move away 5%-7% of iPhone production out of China" over the course of 18 months and would require three years to move 20% out, Ives wrote, which is still less than the 25% of iPhone production the company needs for its domestic U.S. market.
    • But reiterating his Overweight rating and $243 price target on the shares, J.P. Morgan analyst Samik Chatterjee thinks AAPL's ability to navigate China headwinds may be underappreciated.
    • Chatterjee estimates a 10% tariff would result in an 8% annualized earnings impact if AAPL decided to absorb it completely, but the company has a "silver lining" from the decline in memory prices, which likely will offset a large portion of the tariffs even if the company kept retail prices consistent for 2019 iPhones relative to 2018 phones.
    • Qualcomm (NASDAQ:QCOMgains 2.0% in premarket trading after a federal appeals court ruled that the chipmaker won't have to renegotiate patent licenses while appealing an antitrust ruling.
    • Mizuho Securities, which rates QCOM neutral, calls the ruling a "major win" and should be a near-term positive for the stock.
    • Morgan Stanley ((overweight)) says the news indicates a "higher likelihood that the ruling will ultimately be overturned."
    • Canaccord Genuity ((buy)) says, though there's "increased uncertainty on Qualcomm's future royalty rates," it has a "strong chance to maintain its current licensing business."
    • GameStop (NYSE:GME) is up 4.68% in premarket trading to $3.83 as the volatile trading on the retailer continues. There have been notable swings up and down ever since Michael Burry went public with his recommendation on the stock almost a week ago.
    • Barron's reissued Burry's long thesis in its weekend publication, which may have attracted the attention of some investors.
    • Of interest to GME followers, Seeking Alpha author Vince Martin posted a deep dive on GameStop on Friday and seemed to poke a few holes in the Big Long from The Big Short guy

  23. Hi Phil,

    FCX, what are your thoughts on FCX and what can be a good set up? 



  24. FCX/Pat – Getting killed by trade war and low copper prices so you are betting on both but that's why I liked ABX when they were down – has to come back one day (probably).  Still, if we hit a global recession, that day could be years from now.   

    At the moment, I would just sell the FCX 2021 $8 puts for $1.40 as that's net $6.60 so 20% back on the risk of ownership from just selling the puts is a good way to start.

    • Toyota (TM +2.4%), Honda (HMC +2.2%), Nissan (OTCPK:NSANY +0.6%) and Mazda (OTCPK:MZDAY) trade higher in the U.S. after the Trump Administration and Japan worked out a trade deal in principle.
    • It's a reversal of sorts as the group fell earlier in the day during the Tokyo session as investors focused on the lack of any changes to auto tariff rates.
    • The proposed changes to the Volcker rule, which aim to streamline and improve the efficacy of requirements first adopted in 2013, could "potentially encourage some banks to take greater risks, a credit negative," said Ana Arsov, managing director at Moody's Investor Services.
    • She points out that these changes, which look likely to be approved by the relevant government agencies, are coming at a time when lower interest rates are putting pressure on bank net interest margins.

  25. Market up again on putrid SPY volume 40,645,430 and Trump verbal shenanigans.

  26. A G-7 Fiasco to Remember

  27. AGNC/Phil,

    Phil, What is your read on AGNC? I bought it when it dipped to 17.35 but has been under severe pressure for the past few weeks.  Dump it here or hold it or double down?


  28. AGNC/Rookie – I'm in no hurry to DD on anything in this iffy market.  The sell-off was somewhat justified as they paid their usual 0.54 dividend and they also took an 0.65/share write off which, in turn, decreased their Tangible Net Book Value to $16.58 from $18.41 so, PRESTO!, $2 sell-off.  So, in addition to being down with the sector they simply have less actual value than they did last Q and, even if they re-invest, margins are not what they were on new CMOs.  

    What is attractive about AGNC is they have options out to 2021, which means you can get $2 for selling the 2021 $15 puts for $2, which is about 3/4 of the potential dividend if you bought them without all the hassle and only net $13 if you get assigned.  

    In your case, if you own it at $17.35 and didn't cover (for shame!), then the same sale drops your net to $15.35 now and obligates you to DD at $13 for net $14.175 on the downside.  

    No weak bounce on /ES yet and RUT right on the long.

  29. "Rally" petering out into the close.  

    BYND and KFC (YUM) teaming up for fried "chicken" thing.  

    I guess they can't do it at Taco Bell because it isn't meat in the first place!  cool

    Notice how YUM's increase in price has nothing at all to do with better earnings:

    Year End 31st Dec 2013 2014 2015 2016 2017 2018 TTM 2019E 2020E CAGR / Avg
    Revenue $m 13,084 6,587 6,418 6,356 5,878 5,688 5,513 5,566 5,799 -15.3%
    Operating Profit $m 1,798 1,517 1,434 1,682 2,761 2,296 2,198     +5.0%
    Net Profit $m 1,091 1,051 1,283 1,643 1,340 1,542 1,339 1,211 1,282 +7.2%
    EPS Reported $ 2.37 2.22 2.09 2.55 5.00 4.49 4.09     +13.6%
    EPS Normalised $ 3.87 2.22 2.17 2.26 1.24 2.56 2.80 3.88 4.25 -7.9%
    EPS Growth % +13.4 -42.7 -2.1 +4.1 -45.1 +106.7 +50.3 +51.3 +9.75  
    PE Ratio x           45.0 41.1 29.7 27.1  
    PEG x           0.88 0.80 3.05 2.40

    That's true for so many stocks in this rally – just multiple expansions across the board.

    That's why I like PSW Investments, we're hedging by actually buying some companies and let them get insane valuations we can cash in on….

  30. Speaking of chickens – this is freaky:

    Related image

    And whatever it is they give the chickens is what we're ultimately consuming ourselves.  

    Image result for ordered 4 fried chickens animated gif

  31. Popping back to about 1% into the close – all is well…

  32. ULTA. Looks great for a 5 months trade….

  33. ULTA/Advill – I've looked at them as my kids like those stores but they went up too fast after going on sale in Dec and never came back down ($240) so $330 is a little too rich for my blood.  

    Growth is good but $330 is $19.3Bn on $660M in earnings currently.

    Year End 02nd Feb 2014 2015 2016 2017 2018 2019 TTM 2020E 2021E CAGR / Avg
    Revenue $m 2,671 3,241 3,924 4,855 5,885 6,717 6,916 7,540 8,338 +20.3%
    Operating Profit $m 327.6 410.4 506.3 654.8 785.3 854.1 881.8     +21.1%
    Net Profit $m 202.8 257.1 320 409.8 555.2 658.6 686.4 754.5 843.5 +26.6%
    EPS Reported $ 3.15 3.98 4.98 6.52 9.58 10.9 11.5     +28.3%
    EPS Normalised $ 3.15 3.98 4.98 6.52 9.58 10.9 11.5 13.0 15.0 +28.3%
    EPS Growth % +17.4 +26.5 +25.1 +30.9 +46.9 +14.3 +12.3 +18.6 +15.4  
    PE Ratio x           29.4 28.0 24.8 21.5  
    PEG x           1.58 1.51 1.61 1.42

    Like any momo stocks, they are priced like they can just keep growing +10% forever and nothing will ever, ever go wrong along the way.  And why is is they can have 1,200 retail stores but no one flinches at the massive valuation in the retail space?  

    JNJ ordered to pay $572M to Oklahoma for opioid fund.  JNJ makes $15Bn a year so they can afford it but not if every state starts going after them.  Stock is up though as it's not as bad as expected – but it's still bad. 

    We'll see if TEVA is relieved too:

  34. Manic Monday Indexes up over 1% on SPY volume of 72,154,315. Nonsense

  35. And with a 0.50% move in the last 15 minutes!

  36. Philip Morris-Altria merger talk makes the rounds

    Wells Fargo updates on the unusual drop in shares of Philip Morris International (PM-4%) on a day that Altria (NYSE:MO) is showing a cool 1.45% gain.

    Analyst Bonnie Herzog: "While we haven't heard any specific news to explain the moves, we believe it could have to do with renewed speculation about a PM/MO combo – a call we first made in December 2016 and we still very much believe will happen especially considering MO's stake in JUUL and iQOS. Also, we find it curious that PM recently announced they will no longer be presenting at the upcoming Barclays consumer conference next week."

    Neither company has commented on today's action and chatter despite media coverage.


  37. Thank you, good analysis.

  38. Group of 7, Minus Trump

  39. What Elizabeth Warren’s massive crowds tell us

  40. Iraq coalition calls Israeli strikes a ‘declaration of war’

  41. No action Monday  SPY  43,377,625   Weak finish