Equities aren’t kicking off the week on a positive note, and if this morning’s earnings report from Caterpillar (CAT) is any indication, the busiest week of earnings season could be a long one. CAT had its biggest earnings miss in ten years this morning. It was also the first time that the company missed EPS and revenue forecasts as well as lowered guidance in the same report for the first time since October 2013. Read today’s Bespoke Morning Lineup for more on what’s driving the markets this morning.
While equities are poised to open the week on a negative note, this year it all comes down to the actual trading day. As shown in our updated chart comparing the S&P 500’s intraday pattern in the period from 9/20 through 12/24 to the days since then, the last 21 trading days have been characterized by steady buying throughout the trading day, especially during the last hour of trading. Can the last hour bail out the bulls again today?
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