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Blue Line Futures

August 19, 2019

FX Rundown: August 19th, 2019

Fundamentals: The Euro secured its fifth straight losing session after Eurozone CPI was soft and the German Bundesbank warned of a recession in its latest Monthly Report this morning. Although Michigan Consumer data in the U.S missed on Friday, broadly stronger data throughout the week helped fuel the Dollar Index to the highest level since August 1st, the day after the Fed cut. Uncertainties tied to Italy and the ongoing Brexit have also dragged on the Euro of late. Today, Boston Fed President Rosengren who is known to be a hawk advised against additional rate cuts. The debate will heat up in the back half of the week as the Fed releases the Minutes from their July rate-cut meeting Wednesday and the Jackson Hole symposium kicks off Thursday with the keynote speech from Fed Chair Powell Friday.
Technicals: Price action slipped below support at 1.1201 midweek last week and has continued to slide. In fact, Friday was a new front-month settlement low by half a tick and today’s was lower. The Euro is now below key support at 1.11265-1.1149 and there does not seem to be much technically in the way between where it is now and a direct test into … Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and actionable bias and levels.

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J.P. Morgan Asset Management

August 19, 2019

Economic Update: August 19, 2019

The first estimate for 2Q19 real GDP growth came in at 2.1%, a little stronger than the consensus expectation of 1.9%. Real government spending and real consumer spending were positive contributors to growth, while a decline in business fixed investment, slower inventory growth and weaker trade detracted. Looking forward to the third quarter, inventory growth should decline further while consumer spending and government spending will likely grow at a more moderate pace and trade numbers should continue to be weak.

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Briefing.com

August 19, 2019

Twin Engines Giving Stock Market Some Lift

The stock market staged a rebound rally on Friday, which apparently isn’t done yet. That rally is set to resume at today’s opening bell, as clearly indicated by the futures market. Currently, the S&P futures are up 30 points and are trading 1.1% above fair value. The Nasdaq 100 futures are up 102 points and are trading 1.3% above fair value. The Dow Jones Industrial Average futures are up 279 points and are trading 1.2% above fair value.

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Benzinga

August 19, 2019

Don’t Ignore This Low Volatility ETF

Low volatility exchange traded funds are getting plenty of attention (and assets) from investors these, but the ones on the receiving end of the most adulation are, not surprisingly, large-cap funds like the Invesco S&P 500 Low Volatility ETF SPLV. As is often the case, low volatility or otherwise, mid-cap stocks and ETFs are going overlooked.

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Finimize

August 19, 2019

Deere Oh Deere

On Friday, agricultural equipment-maker Deere lowered its annual earnings outlook for the second time this year, while reporting quarterly results that stumbled short of investors’ expectations.

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Edison

August 19, 2019

UK Sparks: Mitie Group Sells Catering Arm For Up To £85m

Outsourcing company Mitie Group has confirmed that it is selling its catering and hospitality arm to specialist caterer CH&CO for up to £85m in cash. The disposal of Mitie Catering will be accompanied by the formation of a new strategic partnership between Mitie and CH&CO, ensuring that the Gather & Gather catering offer remains exclusive to Mitie clients.

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Finimize

August 16, 2019

The Blues Brothers

Global stocks have taken a bath in recent days, but there’s at least one investor “buying the dip”. News broke late on Wednesday that billionaire Bill Ackman’s investment firm had taken a large stake in that of another billionaire – Warren Buffett’s Berkshire Hathaway.

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Benzinga

August 16, 2019

Another Way To Play Declining Interest Rates

With Treasury yields on a seemingly unabated decline in the U.S. and market participants expecting more interest rate cuts by the Federal Reserve, there is plenty of chatter about investment strategies for a low rate environment. At the industry level, one of the prime beneficiaries of lower interest rates are homebuilders stocks.

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Franklin Templeton

August 16, 2019

US Market Volatility and Sleepless Summertime Nights

The summer of 2019 has given equity investors a lot of things to worry about. Yet, Franklin Equity Group’s Grant Bowers says the health of the US equity bull market shouldn’t be one of them—at least not now. He discusses the biggest growth driver for both the US and global economy and explains why he likes the long-term prospects for select companies in the health care and technology sectors.

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Morningstar

August 16, 2019

Macy’s Deflates, and Now It’s Even More Undervalued

Macy’s (M) share price dropped after the company reported second-quarter results and reduced its outlook for the rest of the year. We view the shares as attractive at current levels and believe the retailer won’t cut its current annual dividend of $1.51, which is yielding 9.3%. As we forecast Macy’s 2019 free cash flow at more than $1 billion, we think its annual dividend cost of less than $500 million is manageable.

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Edison

August 16, 2019

UK Sparks: Ultra Electronics Wins US Navy Contract; EN+ Earnings Slump

The US Navy awarded Ultra Electronics and its joint venture partner Sparton DeLeon Springs a contract worth up to $1.04bn to manufacture sonobuoys for at least five years. Ultra Electronics CEO Simon Pryce said the “important” contract reflects the US focus on anti-submarine warfare. A sonobuoy is a portable electronic sensor that can detect underwater sounds.

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