Market Recon Tuesday

Good Morning,
                        Our planet of equities has been painted green in overnight trading, led by European shares.  The Stoxx Europe 600, like the S&P 500 did yesterday..saw gains in all sectors.  This advance does include US futures markets, although we still do have to have through some inflation data, and a couple of key quarterly earnings reports before we get to the opening bell at 11 Wall Street.
                       We have obviously bounced, but we still skate on thin ice.  Protecting your longer term investments will cost you some dough, but not springing for that peace of mind may seem foolish on the day you need it.  On top of that…got a gut feel ??  Fair enough.  Limited shots that stress risk management over potentially screaming gains will allow you to participate in the party AND sleep at night.
                      …….and never, ever forget that there’s always enough on your plate to ruin your day.  Stay focused.  Now, go get ’em, gang.
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What Might Ruin Your Day
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          Domestically, the macro moves back to center stage today, after having taken a powder yesterday.  All sentient creatures love the macro……except maybe…. Hi Mark !!
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08:30 ET
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CPI (October):  We all know how important consumer level inflation is to the FOMC.  Today, we get a look at Janet Yellen’s less favorite measure.  I don’t know if it’s like ice cream, where vanilla is still pretty darn good if chocolate is your favorite, but this one is a whole lot closer (1.9%) to the Fed’s goal on a year over year basis than is the PCE.  Today, we look for a month over month increase of 0.2% both at the headline, and at the core.  If so, this would be the first month in three that headline CPI printed in positive territory, but he second straight month of +0.2% m/m for the Core number.  The futures market will likely react to this one.
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08:55 ET
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Redbook (Weekly):  Guess we better pay attention to this one heading into the holiday season, and with us smack-dab in the middle of “Retail Earnings Season”.  Last week, this item cooled it’s pace to a 1.1% y/y print from 1.9% the week before.
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09:15 ET
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Industrial Production (October):  October is the tenth month of the year.  Industrial Production has shown month over month contraction seven time already in 2015.  Let that sink in for a sec.  No worries here though.  Consensus today is for whopping growth of 0.1% m/m, which would make October the second best month of the year in this space.  Yikes.
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Capacity Utilization (October): Last month (for September), this item printed at 77.5%, which…for those of you keeping score at home…was the worst print for Cap. Ut. in four years.  Today, expectations (hopes) are that we hold the line at 77.5%.  Oh joy.
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10:00 ET
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NAHB Housing Market Index (November):  Well, at least the homebuilders are an optimistic bunch.  Last month’s print, and this month’s projections are for a 64 tag, which (also for those of you keeping score at home) was the best print in this space since log cabins, and thatched roofs were popular.  Thought that one was rooves.  Thank goodness for spell check.
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12:35 ET
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Fed Speaker:  Federal Reserve Gov. Jerome Powell speaks in New York.  One thing about Federal Reserve Governors.  They tend to hide in the shadows of semi-anonymity.  The Fed goofs, the regional Fed Presidents take the heat.  The Fed does right (LOL), the Presidents get the credit.  These guys ARE voting members of the FOMC, just sayin’.
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15:30 ET
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Fed Speaker:  Just when you thought it was safe.  Fed Res Gov. Daniel Tarullo speaks from Washington, DC.
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16:00 ET
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TIC (September):  Lets us know if we need folks to buy our debt more than they need us to be able to service our debt.  Kinda sorta maybe.  Important in the grand scheme of things, but not for today’s trade.
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Tuesday’s Earnings Highlights
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Before the Open: DKS (.46), HD (1.32), TJX (.84), WMT (.98)
After the Close: Nothing got me fired up.
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Sarge’s TRADING LEVELS
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SPX: 2068, 2062, 2055, 2044, 2035, 2026
RUT: 1170, 1164, 1159, 1155, 1149, 1141