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“When you see only problems, you’re not seeing clearly.” – Phil Knight, Shoe Dog
US equities are set up to close out the week on a down note with S&P 500 futures slightly lower but well off their overnight lows. The economic calendar is light today. On the earnings front, we’ve already had reports from Darden (DRI) and Winnebago (WGO), and the only remaining report of any consequence is Nike (NKE) which will be reporting after the close today. Friday afternoon earnings reports are very uncommon, so it will be interesting to see if the company has any notable news to announce when they report.
Be sure to check out today’s Morning Lineup for updates on the latest market news and events, a recap of economic data out of Asia and Europe, policy actions by the PBoC, an update on the latest national and international COVID trends, and much more.
Heading into the weekend, equities have had a positive run over the last five days. Small caps have been leading the way with gains of close to 3%, while large caps are up to a smaller degree. A case in point is the Dow ETF (DIA), which is the only major US index ETF that is not up over 1% over the last five trading days. At these levels, all of the index ETFs in our screen are trading at overbought levels with neutral timing scores.