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Equity Roundup: Bullish Conditions Reinforced For Moment

US STOCKS
Stock indexes trading mixed, at/near session highs at midday, Dow lagging. While Tsys hold weaker/near lows following SF Fed Pres Daly stating the Fed's "work is far from done" and Chicago Fed Evans leaving door open for possible 75bp hike in September, stocks trade higher as geopol tension over House speaker Pelosi visit to Asia ease slightly as she lands safely in Taiwan.
  • As far as mkts go, risk-off absent despite China defense officials calling for military drills around Taiwan during Sp Pelosi visit). Currently, SPX eminis trade +21 (0.51%) at 4141.25; DJIA -32.49 (-0.1%) at 32764.41; Nasdaq +124.8 (1%) at 12492.82.
  • Flood of earnings releases continues: Caterpillar (CAT) beat: $3.18 vs. $3.026 est, Marathon Petroleum (MPC) beat: $10.61 vs. $8.723 est, Marriott (MAR) beat: $1.80 vs. $1.571 est, Uber miss: -$0.51 vs. -0.254.
  • After the close: Gilead Sciences (GILD) $1.511 est, Pioneer Natural Resources (PXD) $8.856 est, Advanced Micro Devices (AMD) $1.045 est, Occidental Petroleum (OXY) $3.071 est, Chesapeake Energy (CHK) $3.823 est, Starbucks (SBUX) $0.759 est.
  • Technicals: Bounce off lows reinforcing bullish conditions. This maintains the current bullish price sequence of higher highs and higher lows. Potential is for a climb towards 4204.75 next, the May 31 high and the next key resistance. On the downside, initial trend support has been defined at 3913.25, the Jul 26 low. A break would highlight a possible early reversal signal.
  • SPX leading/lagging sectors: Consumer Discretionary (+0.91) as autos outpace consumer services and retailing, Communication Services (+0.87%), Utilities (0.83%). Laggers: Consumer Stales (-0.04%), Industrials (+0.12%) and Financials (+0.16%).
  • Dow Industrials Leaders/Laggers: Recovering some ground after Tue's sell-off United Health (UNH) +3.62 at 539.0, Travelers (TRV) +2.68 at 158.95, Salesforce.COM (CRM) +1.30 at 184.29. Laggers: Caterpillar (CAT) -6.52 at 188.34, Visa (V) -3.51 at 207.85.
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