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Kevin O’Neill: Tom’s and Kevin’s Excellent Adventure

July 20, 2017


Overview

If you listened to the show on Wednesday, July 19th, you know that Tom and I have embarked on an ambitious project. We’re going to design our version of a healthcare bill over the course of several shows. Why? Because nobody else has been able to craft something acceptable… and because both of us have a perverse idea of what’s fun. What do we plan to do with our proposal when we’re done? We’re going to make it the basis for saying “I told you so” for years to come.

Anti-Trust Law

For openers, we discussed anti-trust law and how it applies to health care… or to be more precise, how it isn’t applied to health care. For example, section 8.2 (e) of the Clayton Act says:

(e) Furnishing services or facilities for processing, handling, etc.

It shall be unlawful for any person to discriminate in favor of one purchaser against another purchaser or purchasers of a commodity bought for resale, with or without processing, by contracting to furnish or furnishing, or by contributing to the furnishing of, any services or facilities connected with the processing, handling, sale, or offering for sale of such commodity so purchased upon terms not accorded to all purchasers on proportionally equal terms.

In other words, the Clayton Act says charging different prices for the same service to insurance network purchasers vs individuals paying in cash is “unlawful,” yet that’s routine practice in the health care business.

The Clayton Act is but one example of common health care economics being at odds with anti-trust law, and these practices have become so common over the years that they have become accepted as standard. Can the mold be broken at this point? It can be broken. It is being broken. Check these organizations as examples:

Atlas MD

Surgery Center of Oklahoma

Both organizations have a published prices for their services that apply to everyone whether insured or not, Atlas for routine care and Surgery Center for major medical procedures. If you take a few minutes to browse their websites, you will find that health care pricing does not need to be a mystery that only a medical records and billing professional can decipher.

As we consider principles that underlie our proposal, expect following the law to make the cut.

Goals

Today we agreed on the following goals, the big, broad, issues we want to address. The goals have a “mom and apple pie” tenor; but they are important because anything we propose must address each one.

The goals are:

  1. Provide access to quality health care for all.
  2. Put downward pressure on the cost of routine care.
  3. Put downward pressure on insurance premium prices.
  4. Address the pre-existing conditions issue.

Have we missed anything?

Principles

We’re going to discuss principles next. Principles are the boundaries. Once we agree on them, all aspects of the solution must stay in bounds. This is my opening list of principles. Tom is likely to add a few of his own; and, despite the obvious brilliance behind each principle, he might object to a few of them. Tune in on Friday for the debate.

  1. Purchasing insurance is a choice, but paying for medical care is a responsibility.
  2. Contrary to the belief of too many elected officials, most people are not too stupid to manage their affairs. People who sign leases, purchase homes, buy cars, feed their families on tight budgets, and perform dozens of other important tasks every day are eminently capable of managing their health insurance and health care.
  3. Uncoupling insurance from employment allows consumers to keep their policies as long as they pay premiums.
  4. Individual insurance plans can be tailored to life circumstances.
  5. Group insurance plans are, in most cases, economical.
  6. Poor people should have the same kinds of choices everyone else has.
  7. Non-insurance solutions (like Atlas MD) should be part of the solution.
  8. Healthy lifestyles can and should be rewarded.
  9. Nobody will be forced to buy or provide any products or services they consider unethical.
  10. Competition is good. Therefore all laws that protect competition (antitrust and related) must be followed.
  11. If there are restrictions or mandates, they must apply to Congress too.
  12. Design the solution for the benefit of most (percentage TBD) and deal with those who don’t fit as one-offs.

Tweet or post me your additions to the principles. We’ll include them if we like them, and we’ll make fun of you if we don’t.

 

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Frank Fahey: Market News for the Prepared Mind: 7.17-7.24.2017

July 17, 2017


“Chance favors the Prepared Mind.” – Louis Pasteur

“I don’t necessarily agree with everything that I say.” – Marshall McLuhan

“The more injuries you get, the smarter you get.” –  Mikhail Baryshnikov

” Smooth seas do not make skillful sailors” – African Proverb

 

This weekend’s financial headlines were not encouraging – “Summer Swoon?”, “Workers squeezed as inflation outstrips wage growth,” “Dangers of a Record Dow,” and  “Stocks Continue their Long and Eerie Ascent.”   These alarms are raised on a quarterly basis as the markets reach new heights.  Further compounding the concern is the extend period we have gone without a correction.

Successful options traders look at risk first. I have added an additional adjective – “surviving.”  There is a camaraderie among market-makers who stood in the pits during the market meltdown in 1987.  The survivors share the stories and, most importantly, share the lessons.  I learned to always look at my dollar risk first. If  I can control risk, rewards should naturally follow.  Be wary.

Here is an overview of the US market behavior last week and for 2017:

Data Source: OptionVue8

The VIX close was the lowest since 1993.  The July future (VXN7), which goes of the board on the market open on Wednesday, traded as high 13.00.  The CBOE history for non-VIX SPX related indexes goes back until 2007-2008.  The VXST, VXMT, and VXV each made all-time lows.  The VIX closed at an all-time non-holiday low.  Two previous lower VIX lows included multiple three day weekends.  Three day weekends and holidays all have a negative impact on the VIX.

Here is an overview of last week for the VIX and related products:

Data Source: OptionVue8

All eyes will be on the housing sector.  Optimism in the home has been an important factor in consumer confidence levels.  Housing starts and permits have not reflected this confidence.  The Housing Market Index will be released on Tuesday, while Housing Starts and Building Permits will be released on Wednesday.  Both were weaker than expected in April and May.  Continued weakness would require analysts to reevaluate the contribution of Housing to Q2 and Q3 GDPs.

It is earnings season! The traditional start of a quarterly earnings season is the earnings announcement by Alcoa (NYSE:AA).  This announcement will take place after the market close on Wednesday, July 19, 2017.  You do not have to wait until Wednesday to trade significant earnings announcements. Earnings highlights for the coming week include Charles Schwab, Blackrock, Kinder Morgan, Lockheed martin, IBM, Bank of America, Goldman Sachs, UnitedHealth, Johnson&Johnson, Morgan Stanley, Qualcomm, WW Grainger, Abbott Labs, eBay, Visa, Intuitive Surgical, Sherwin Williams, Microsoft, Bank of New York Mellon, PPG, Capital one, General Electric, Honeywell, Schlumberger, and Colgate-Palmolive. Confirm the date and time of any company’s earnings announcement before trading any earnings announcement strategy.  The most accurate source of this information is the company’s investor relations website.

Advice to stimulate your imagination:

 

“Don’t wait. The time will never be just right.” – Napoleon Hill

“Always go too far, because that’s where you’ll find the truth” – Albert Camus

“A point of view can be a dangerous luxury when substituted for insight and understanding.” – Marshall McLuhan

“I’ve met enough KGB colonels in my life.” –  Garry Kasparov

 

Monday, July 17:

Economic:  Empire State Manufacturing Survey – 8:30.

International Economic: No major announcements.

Earnings:

 

Tuesday, July 18:

Economic:  Import and Export Prices – 8:30, Redbook – 8:55, Housing Market Index – 10:00.

International:  Great Britain CPI and PPI – 4:30AM.

Other:  Last day of trading for July VIX (VXN7) and associated options.

Earnings:

 

Wednesday, July 19:

Economic:  MBA Mortgage Applications – 7:00, Housing Starts – 8:30, EIA Petroleum Status Report – 10:30.

International Economic:  Japan All Industry Index – 1:30AM.

Other:  July VIX settles on opening.

Earnings:

 

Thursday, July 20:

Economic:  Weekly Jobless Claims – 8:30, Philadelphia Fed Business Outlook Survey – 8:30, Bloomberg Consumer Comfort Index – 9:45, Leading Indicators – 10:00, EIA Natural Gas Report – 10:30, Money Supply – 4:30.

International Economic:  China Merchandise Trade Balance – 2:00AM, Germany PPI – 2:00Am, Great Britain Retail Sales – 4:30AM.

Other:  European Central Bank Announcement – 7:45AM.

Earnings:

 

Friday, July 21:

Economic:  Baker Hughes Rig Count – 1:00.

International Economic:  No major announcements.

Earnings:

 

Monday, July 24:

Economic:  PMI Composite Flash – 8:30, Existing Home Sales – 10:00.

International Economic: Germany PMI Composite Flash – 3:30AM, Eurozone Composite Flash – 4:00AM.

Other:  Bank of Japan Minutes – 7:50PM.

Earnings:

 

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Frank Fahey: Market News for the Prepared Mind: 7.10-7.17.2017

July 10, 2017


“Chance favors the Prepared Mind.” – Louis Pasteur

“I don’t necessarily agree with everything that I say.” – Marshall McLuhan

“There are things known and there are things unknown, and in between are the doors of perception.” – Aldous Huxley

“There’s nothing I hate more than nothing. Nothing keeps me up at night. I toss and turn over nothing. Nothing could cause a great big fight.” – Edie Brickell

 

The shortened trading week was marginally positive. The movement in equity indexes was perhaps better described as less than nothing. Intra-day volatility gave rise to the hope that maybe something would happen in the equity markets.  These hopes were dashed with a return to nothing.

Korean ICBMs, stagnant wage growth, no inflation, Central bank interest increasing, great job numbers and nothing happens.  Is there anybody out there?

Here is an overview of the US market behavior last week and for 2017:

Data Source: OptionVue8

The VIX continues the theme of nothing.  Managed a significant gain on Thursday, yet it ended the week higher by 0.01. The disconnect for the week was a gain in the VIX futures.  This disconnect is apparent when the CBOE Short-term Volatility Index (VXST) loss is compared to gains in the longer term CBOE volatility indexes (VXV and VXMT.)  This disparity may be an early harbinger of a pause in the bull market.  It will be interesting to see if this volatility relationship continues next week.

Here is an overview of last week for the VIX and related products:

Data Source: OptionVue8

The beginning of the week will be spent waiting for Janet Yellen’s testimony before Congress on Wednesday and Thursday.  Inflation will take the lead on Friday with the release the Consumer Price Index.  A lack of growth in wages and consumer spending could lead policy makers to second guess curtailing economic stimulus.

Earnings will start in earnest this week, with major financial entities reporting at the end of the week, The traditional start of a quarterly earnings season is the earnings announcement by Alcoa (NYSE:AA).  This announcement will take place after the market close on  Wednesday, July 19, 2017. Confirm the date and time of any company’s earnings announcement before trading any earnings announcement strategy.  The most accurate source of this information is the company’s investor relations website.  Earnings highlights for the coming week include Helen of Troy, WD 40, YUM! Brands, AAR, Pepsico, Fastenal, Delta Air Lines. Wells Fargo, Citigroup, JPMorgan Chase, and PNC Financial Services.

 

Advice to stimulate your imagination:

“Don’t wait. The time will never be just right.” – Napoleon Hill

“Always go too far, because that’s where you’ll find the truth” – Albert Camus

“A point of view can be a dangerous luxury when substituted for insight and understanding.” – Marshall McLuhan

“If you spend more than 13 minutes analyzing economic and market forecasts, you’ve wasted 10 minutes” Peter Lynch

 

Monday, July 10:

Economic:  Labor Market Condition Index – 10:00, TD Ameritrade IMX – 12:30.

International Economic: Germany Merchandise Trade – 2:00AM.

Other: San Francisco Federal Reserve Bank President John C. Williams to speak about “Speed Limits and Stall Speeds: Fostering Sustainable Growth in the United States” in Sydney, New South Wales, with audience Q&A – 11:05PM.

Earnings: None meeting criteria.

 

Tuesday, July 11:

Economic:  NFIB Small Business Optimism Index – 8:00, Redbook – 8:55, JOLTS – 10:00, Wholesale Trade – 10:00.

International:  Japan PPI = 7:50PM.

Other:  Federal Reserve Governor Lael Brainard to be the keynote speaker at the Conference on Normalizing Central Banks’ Balance Sheets in New York City – 12:30PM, Minneapolis Federal Reserve Bank President Neel Kashkari will be speaking at a moderated Q&A at the Minnesota Women’s Economic Roundtable event in Minneapolis, with audience Q&A – 1:20PM.

Earnings:

 

Wednesday, July 12:

Economic:  MBA Mortgage Applications – 7:00, Atlanta Fed Business Inflation Expectations – 10:00, EIA Petroleum Status Report – 10:30, Beige Book – 2:00PM.

International Economic: Japan tertiary Index – 12;30AM, Great Britain Labour Market Report – 4:30AM, Eurozone Industrial Production – 5:00AM, China Merchandise Trade Balance – 10:00PM.

Other:  Federal Reserve Chair Janet Yellen opening statement for her testimony to the House Financial Services Committee will be released in Washington – 8:30AM, Federal Reserve Chairman Federal Reserve Chair Janet Yellen will give her semiannual monetary policy testimony before the House Financial Services Committee – 10:00AM, Kansas City Federal Reserve Bank President Esther George to deliver a speech on the economic outlook and the Federal Reserve’s balance sheet in Denver, with audience Q&A – 2:15PM.

Earnings:

 

Thursday, July 13:

Economic:  Weekly Jobless Claims – 8:30, PPI-FD – 8:30, Bloomberg Consumer Comfort Index – 9:45, EIA Natural Gas Report – 10:30, Money Supply – 4:30.

International Economic:  Germany CPI – 2:00, China Producer and Import Price Index – 3:15AM.

Other:  Federal Reserve Chair Janet Yellen to testify before the Senate Banking Committee in Washington – 10:00AM, Chicago Federal Reserve Bank President Charles Evans will deliver the keynote address and speak about current economic conditions or monetary policy at the Ninth Annual Rocky Mountain Economic Summit in Victor, Idaho, with audience and media Q&A – 11:30AM,

Earnings:

 

Friday, July 14:

Economic:  Consumer Price Index – 8:30, Retail Sales – 8:30, Industrial Production – 9:15, Business Inventories – 10:00, Consumer Sentiment – 10:00, Baker Hughes Rig Count – 1:00.

International Economic:  Eurozone Merchandise Trade – 5:00Am,

Other: Dallas Federal Reserve Bank President Robert Kaplan to speak at a moderated Q&A session at the Conference on the Federal Reserve and monetary policy hosted by the Center for Economic Studies of the Private Sector in Mexico City, with audience and media Q&A – 9:30AM.

Earnings:

 

Monday, July 17:

Economic:  Empire State Manufacturing Survey – 8:30AM

International Economic: No major announcements.

Earnings:

 

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Frank Fahey: Market News for the Prepared Mind: 7.3-7.10.2017

July 3, 2017


“Chance favors the Prepared Mind.” – Louis Pasteur

“Experienced traders control risk, inexperienced traders chase gains.”  – Alan Farley

“You weren’t thinking and you weren’t paying attention, either. People who don’t pay attention often get stuck in the Doldrums.”  – Norman Juster

“A free press can, of course, be good or bad, but, most certainly without freedom, the press will never be anything but bad.” – Albert Camus

 

A shortened trading week and a shortened blog.

The story for the first half of the year is very simple.  All major world equity markets, except for Canada, were up.  For the week, stocks were down in Europe and the U.S., but mixed in Asia.

Here is an overview of the U.S. market behavior last week and for 2017:

Data Source: OptionVue8

The VIX was above 15 for a moment this past week.  It reached this level while the S&P 500 flirted with 2400. The start performer for the week was the VXST which was up 18.50% for the week.  Generally, the VIX and related products show weakness before a holiday shortened trading week.  This past Friday was an aberration.

Here is an overview of last week for the VIX and related products:

It will be a short trading week.  U.S. markets will be closed on Tuesday July 4.  The abbreviated trading week brings reports on factory orders as well as the Employment Situation.   The week includes the release of the minutes of the last Fed meeting.  The wild card Will be the meeting G20 industrialized nations starting on Friday in Hamburg, Germany.

This one of the quietest earnings weeks of the year.   The traditional start of a quarterly earnings season is the earnings announcement by Alcoa (NYSE:AA).  This announcement will take place after the market close on  Wednesday, July 19, 2017. Confirm the date and time of any company’s earnings announcement before trading any earnings announcement strategy.  The most accurate source of this information is the company’s investor relations website.  Earnings highlights for the coming week include International Speedway, Herman Miller and AZZ Inc.

 

Advice to stimulate your imagination:

“Don’t wait. The time will never be just right.” – Napoleon Hill

“Inflation is the crabgrass in your savings.” – Robert Orben

“A point of view can be a dangerous luxury when substituted for insight and understanding.” – Marshall McLuhan

“If you spend more than 13 minutes analyzing economic and market forecasts, you’ve wasted 10 minutes” Peter Lynch

 

Monday, July 3:

Economic:  Motor Vehicle Sales, Gallup Consumer Spending Measure – 8:30, PMI Manufacturing Index – 9:45, ISM Manufacturing Index – 10:00, Construction Spending – 10:00.

International Economic: Germany PMI Manufacturing – 3:55AM, Eurozone PMI Manufacturing Index – 4:00AM, Eurozone Unemployment Rate – 5:00AM.

Other: St. Louis Federal Reserve Bank President James Bullard to deliver the keynote address at the Applications of Behavioural Economics, and Multiple Equilibrium Models to Macroeconomic Policy Conference in London – 4:35Am.

Earnings: None meeting criteria.

 

Tuesday, July 4:

Independence Day – All U.S. Markets Closed

International – Eurozone – PPI – 5:00AM, China – General Service PMI – 9:45.

 

Wednesday, July 5:

Economic:  MBA Mortgage Applications – 7:00, Gallup US Job Creation Index – 8:30, Redbook – 8:55, Factory Orders – 10:00, Gallup US ECI – 2:00.

International Economic: Germany PMI Composite – 3:55AM, Eurozone PMI Composite – 3:55, Eurozone – Retail Sales – 5:00AM,

Other:  FOMC Minutes – 2:00.

Earnings:

 

Thursday, July 6:

Economic:  Chain Store Sales, Challenger Job-Cut Report – 7:30. ADP Employment Report – 8:15, International Trade – 8:30, Weekly Jobless Claims – 8:30, Gallup Good Jobs Rate – 8:30, Bloomberg Consumer Comfort Index – 9:45, PMI Services Index – 9:45, ISM Non-Manufacturing Index – 10:00, EIA Petroleum Status Report – 11:00, Money Supply – 4:30.

International Economic:  Germany Manufacturers’ Orders – 2:00AM.  Chia CPI and PPI at 9:30PM on Sunday, July 9.

Earnings: None meeting criteria.

 

Friday, July 7:

Economic:  Employment Situation – 8:30, EIA Natural Gas Report – 10:30, Baker Hughes Rig Count – 1:00.

International Economic:  No major announcements.

Earnings:  None meeting criteria.

 

Monday, July 10:

Economic:  Labor Market Condition Index  – 10:00, TD Ameritrade IMX – 12:30.

International Economic: No major announcements.

Earnings: None meeting criteria.

 

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Frank Fahey: Market News for the Prepared Mind: 6.26-7.3.2017

June 26, 2017


“Chance favors the Prepared Mind.” – Louis Pasteur

“Experience traders control risk, inexperienced traders chase gains.”  – Alan Farley

“You weren’t thinking and you weren’t paying attention either. People who don’t pay attention often get stuck in the Doldrums.”  – Norman Juster

“Nothing is a waste of time if you use the experience wisely.” – Auguste Rodin

 

Most of the market has embraced this past Wednesday’s start of summer.  The Dow Jones Industrials and the S&P 500 hovered around unchanged.  The SPX was up 0.2%, while the DJIA was up only 0.05%.  The tech laden NASDAQ 100 was up 2.14%.  The stellar performer for the week was healthcare.  This sector was up 3.7% in response to Senate and House healthcare plans that would limit regulation of the sector.

Here is an overview of the US market behavior last week and for 2017:

 Data Source: OptionVue8

VIX Futures and associated Indexes were down for the week.  The sole exception was the CBOE Short-term Volatility Index (VXST) which show a minuscule gain of 0.60%.  CBOE VIX guru Russell Rhoads trades of the week show some traders are still looking for a pop in the VIX.   Both trades involved the sale of an out-of-the-money put combined with the purchase of an out-of-the-money call vertical.  The first trade was the sale of VIX Jul 26th 10.50 Puts at 0.21, the purchase of  VIX Jul 26th 17.00 Calls for 0.54 and the sale of VIX Jul 26th 30.00 Calls at 0.15 which results in a net cost (without commissions)  of 0.18.  The second trade was  The other trade sold the VIX Jul 26th 11.00 Puts at 0.45, purchased the VIX Jul 26th 15 Calls for 0.68, and selling the VIX Jul 26th 30 Calls at 0.09 which results in a cost of 0.14.

I do not know if these trades are speculative or for protection.    I use a variant of the strategy to protect my index broke wing iron butterflies against a downside move. This strategy is very common in the VIX pit.  The inherent assumption by most of the traders is support between 10.50 and 11.00 for the VIX at expiration settlement.

Here is an overview of last week for the VIX and related products:

Data Source: OptionVue8

The focus for the coming week will focus on economy.  The releases of Durable Goods Orders on Monday, International Trade on Wednesday, and Personal Income and Outlays on Friday will help in setting expectations for second quarter GDP.  Analysts are interested if the release of Pending Home Sales on Wednesday will show a rebound after two months of reported declines.  On Wednesday, President Trump meets with South Korean Prime Minister, Lee Nak-Yon.

It will be an interesting week for earnings.   Nike’s announcement is garnering the most interest.  Confirm the date and time of any company’s earnings announcement before trading any earnings announcement strategy.  The most accurate source of this information is the company’s investor relations website.  Earnings highlights include HB Fuller, Factset Research, Darden Restaurants, KB Home, General Mills, Paychex, Monsanto, Nike, Micron Technology, Acuity Brands, Constellation Brands, McCormick &Co, and Conagra Brands.

Advice to stimulate your imagination:

 

“Don’t wait. The time will never be just right.” – Napoleon Hill

“Inflation is the crabgrass in your savings.” – Robert Orben

“A point of view can be a dangerous luxury when substituted for insight and understanding.” – Marshall McLuhan

“If you spend more than 13 minutes analyzing economic and market forecasts, you’ve wasted 10 minutes” Peter Lynch

 

 

Monday, June 26:

Economic:  Durable Goods Orders – 8:30, Chicago Fed National Activity Index – 8:30, Dallas Fed Manufacturing Survey – 10:30.

International Economic: No major announcements.

Other: San Francisco Federal Reserve Bank President John C. Williams to speak about “Speed Limits and Stall Speeds: Fostering Sustainable Growth in the United States” at the University of Sydney in Ultimo, New South Wales, with audience Q&A – 1:10AM

Earnings:  None meeting criteria.

 

Tuesday, June 27:

Economic:  Redbook – 8:55, S&P Corelogic Case-Shiller HPI – 9:00, Consumer Confidence – 10:00, Richmond Fed Manufacturing Index – 10:00, State Street Investor Confidence – 10:00.

International Economic: No major announcements.

Other:  San Francisco Federal Reserve Bank President John C. Williams to speak at The Economic Association of Australia, Eminent Speaker Series 2017 on “The Global Growth Slump: Causes and Consequences” in Sydney, New South Wales, with audience Q&A – 4:05AM, Philadelphia Federal Reserve Bank President Patrick Harker to speak on the economic outlook and international trade at the European Economics & Financial Centre, Distinguished Speakers Seminar in London, with audience Q&A – 11:15AM, Minneapolis Federal Reserve Bank President Neel Kashkari to participate in a townhall in Houghton, Michigan, with audience Q&A – 5:30PM.

Earnings:

 

Wednesday, June 28:

Economic:  MBA Mortgage Applications – 7:00, International Trade in Goods – 8:30, Pending Homes Sales Index – 10:00, EIA Petroleum Status Report – 10:30.

International Economic: Japan Retail Sales – 7:50PM.

Other:  San Francisco Federal Reserve Bank President John C. Williams to speak about The Global Growth Slump: Causes and Consequences at the The Economic Association of Australia, Eminent Speaker Series 2017 in Canberra, ACT, with audience Q&A – 3:30AM.

Earnings:

 

Thursday, June 29:

Economic:  GDP – 8:30, Weekly Jobless Claims – 8:30, Corporate Profits – 8:30, EIA Natural Gas Report – 10:30, Money Supply – 4:30.

International Economic:  Eurozone Economic Sentiment – 5:00Am, Germany – CPI – 8:00AM, Japan Household Spending, Unemployment Rate & CPI – 7:30PM, Japan Industrial Production – 7:50PM, China CFLP Manufacturing PMI – 9:00PM.

Other:  President Trump meets with South Korean Prime Minister, Lee Nak-Yon.

Earnings:

 

Friday, June 30:

Economic:  Personal Income and Outlays – 8:30, Chicago PMI – 9:45, Consumer Sentiment – 10:00, Baker Hughes Rig Count – 1:00.

International Economic:  No major announcements.

Earnings:  None meeting criteria.

 

Monday, July 3:

Economic:  Gallup Consumer Spending Measure – 8:30, PMI Manufacturing Index – 9:45, ISM Manufacturing Index – 10:00, Construction Spending – 10:00.

International Economic: Germany PMI Manufacturing – 3:55AM, Eurozone PMI Manufacturing Index – 4:00AM, Eurozone Unemployment Rate – 5:00AM.

Earnings: None meeting criteria.

 

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