Market Sentiment Watch: No economic data today or tomorrow from the States but China surprised to the upside last night with a 15.3% YoY gain for exports (and the second highest level on record for oil imports). In energy land, all eyes remain on oil which is focused squarely on the sound bites coming out of OPEC ministers who for the most part are taking the approach that they are not concerned about falling oil prices. Sure they're not. Our sense is that the E&P and Service beat downs are now well overdone even if oil prices test $80 (not necessarily something that's in the cards in our view). Analysts are in the process of marking down oil prices for the rest of this year and next and taking down targets commensurately but with the group drop we've already seen the reductions leave the names largely as Buys. At the end of the week, we get the first of the Oil Service Company reports from SLB. In today's post please find The Week That Was (not a lot of news last week) and a number of questions addressed in the Subscriber Mailbag watch.
- Columbus Day – no economic releases scheduled, equity markets open.
The Week Ahead:
- Tuesday 10/14: No economic releases scheduled.
- Wednesday 10/15: Retail sales, PPI, Empire State, Business Inventories, Beige Book,
- Thursday 10/16: Jobless claims, industrial production, capacity utilization, home builders' index, Philly Fed,
- Friday 10/17: Housing Starts, Consumer Sentiment.
In Today’s Post:
- Holdings Watch
- Commodity Watch
- The Week That Was
- Stuff We Care About Today – Subscriber Mailbag
- Odds & Ends
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