Big Picture

Today is the first day of a two-day FOMC meeting.  As a gentle reminder, there are S&P 500 (SPX) options expiring on the close tomorrow which are perfect for expressing an opinion about the potential market reaction (or lack thereof) to the FOMC announcement tomorrow afternoon.  Also, the earnings calendar is so heavy for the next three days it should be on a weight loss reality show.

Overnight / Pre-Market

Japanese stocks were slightly lower overnight.  Both the EuroStoxx 50 and FTSE 100 are up about 0.80%.  VSTOXX is around 13.50, down on the session but over 2 points above 2017 lows.  In non-US hours VIX is down 0.26 to 9.17.  The all-time closing low for VIX is 9.31.

Several earnings announcements are already out, stocks with Weeklys that have moved more than 1% (list is mostly higher)

Higher off earnings in early trading: AKS +1.5%, BIIB +5%, CAT +5%, FCX +2.2%, MCD +1%, PHM +2.4%, and UTX +1.5%

Only one stock of note lower in early trading: MMM -2%. 

FYI - MCD was discussed on What's Trading Yesterday - What's Trading Today MCD and More

Looking Forward

As mentioned there’s a very large list of stocks reporting next week.  Here’s the names for Today and Wednesday.

Tuesday Wednesday Earnings

 

The full list of these stocks can be found at http://www.cboe.com/blogs/options-hub/2017/07/21/earnings-week-of-7-24-2017---7-28-2017

Next week’s list should be published either late Wednesday or early Thursday.  We will tweet when it is available as well as note so it in this space.

On Friday, before the market open, we get the first look at second quarter GDP.  The expectation is for 2.7% growth, but this is the first of three looks and may be a bit volatile. 

 

CBOE Webcasts

July 26th at 3:30 Central – Dan Sheridan discusses The 15-Day Butterfly in SPX

August 2nd at 3:30 Central – Dan Passarelli discusses Tips and Tricks to Setting Up High Probability Option Trades

More information and registration at www.cboe.com/webcasts

 

Today in History

On this day in 306 AD Constantine is declared Roman emperor by his troops.  He introduced a gold coin (the bitcoin of his day?), known as the solidus, which became the standard for many currencies for more than 1000 years.  Not being modest he renamed Byzantium Constantinople.  Which was then renamed Istanbul.  So, why did Constantinople get the works?  That's nobody's business but the Turks'….

Constantinus