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SPY

SPDR S&P 500 ETF Trust

$218.68

-0.31 (-0.14%)

, SPX

S&P 500

$2,183.86

-3.26 (-0.15%)

14:11
11/18/16
11/18
14:11
11/18/16
14:11

On The Fly: Weekly technical notes for S&P 500

Nothing beats flow. As we head into the end of the first full week post-elections, it is clear that there has been a marked shift in terms of flows of funds. Bonds of all types have been hit hard, and the rotation of money out of bond funds has benefited equities. But those flows have not been distributed equally. Domestic small cap stocks are receiving the lion's share of fund flows as seen by the stellar outperformance of the Russell 2000 (RUT), with relatively weaker flows into the S&P 500 (SPX). This is unlikely to be a one-week phenomenon. While some sell-side firms have tried to generate enthusiasm for "FANG" names, they were not heading lower solely because of "Trump Tantrum" fears. It's worth remembering that earnings and outlook in some of the "FANG" names were less than stellar. However, the Street does not turn entirely on a dime. Old favorites that have been reliable go-to names tend to keep getting positive bumps, even when - as in the case of Apple (AAPL) - they've long ago stopped outperforming in the longer-term. It is worth noting that the S&P 500, the index with the heaviest dependence on "FANG" names, has been the underperformer for the last two weeks and the only major index not to hit a new life high. This is a sea change that needs to be paid attention to. For the past week, sectors such as Technology (XLK), Financials (XLF), and Consumer Discretionary (XLY) were the beneficiaries of positive flow. But that boost in tech and consumer discretionary came largely from the "FANG" name resurrection. Traders need to be wary of sectors that have very uneven returns-distribution among names, where only a handful of the heavily-weighted and most-owned are doing all the work. Levels to watch on the S&P 500 are at the life high of 2193.81 as resistance. Support based on the current price near 2183 is at 2175.30.

SPY

SPDR S&P 500 ETF Trust

$218.68

-0.31 (-0.14%)

SPX

S&P 500

$2,183.86

-3.26 (-0.15%)

RUT

Russell 2000 Index

AAPL

Apple

$109.95

-0.04 (-0.04%)

XLF

Financial Select Sector

$22.22

0.06 (0.27%)

XLY

Consumer Discretionary Sector SPDR

$81.25

-0.205 (-0.25%)

XLK

Technology Select Sector SPDR

$47.38

-0.025 (-0.05%)

SPY SPDR S&P 500 ETF Trust
$218.68

-0.31 (-0.14%)

08/01/16
GSCO
08/01/16
NO CHANGE
GSCO
Equities downgraded to Underweight over 3 months at Goldman
Goldman analyst led by Christian Mueller-Glissmann downgraded tactically to Underweight over 3 months, but remain Neutral over 12 months, and remains Overweight cash and would look for a reset lower in equities to add positions. The analyst said equities remain expensive and earnings growth is poor, in said equities are now just at the upper end of their 'fat and flat' range.
11/01/16
11/01/16
NO CHANGE

S&P 500 breaks support at 2100
The index was last at 2098.91, down over 1.2% on the day. At current price next support is at 2091.75. Resistance is at the 2110 area. A prior note had an incorrect support level of 1991.68, which this note corrects.
SPX S&P 500
$2,183.86

-3.26 (-0.15%)

05/18/16
05/18/16
NO CHANGE

Goldman downgrades Equities to Neutral
Goldman Portfolio Strategy Research analysts led by Christian Mueller-Glissmann downgraded equities to Neutral over 12 months on growth and valuation concerns. Equities do not look attractive until earnings growth can be sustained, the analyst wrote in a report. He expects a stronger dollar and the prospect of less negative equity/foreign exchange correlations and remains Overweight cash on a 3-month basis given higher cross-asset volatility.
09/06/16
MSCO
09/06/16
NO CHANGE
MSCO
S&P 500 price target raised to 2,300 from 2,200 at Morgan Stanley
Morgan Stanley analysts led by Adam Parker raised its 12 month price target on the S&P 500 to 2,300 from 2,200, bull case to 2,500 from 2,400, and bear case to 1,800 from 1,600.
RUT Russell 2000 Index

AAPL Apple
$109.95

-0.04 (-0.04%)

11/04/16
NEED
11/04/16
NO CHANGE
Target $84
NEED
Buy
Skyworks price target raised to $84 from $73 at Needham
Needham analyst N. Quinn Bolton raised his price target for Skyworks (SWKS) to $84 from $73 after the company reported "strong" beat and raise results in Q4. The analyst believes the company is poised to see future revenue growth as well with Apple (AAPL) nearing full digestion of excess iPhone 6S components and Skyworks' shipments ramp up to match consumption. Further, he believes this dynamic sets the company up for better than seasonal results in Q2. Bolton reiterates a Buy rating on Skyworks' shares.
11/11/16
UBSW
11/11/16
NO CHANGE
Target $127
UBSW
Buy
Apple rest-of-world growth needs lift if China falters, says UBS
UBS analyst Steven Milunovich analyzed how much rest-of-world growth Apple needs if China iPhone growth declines in 2017. The analyst speculates that if China units are down 5% in 2017, the rest of the world needs to grow 10% to reach his growth estimate of 6%. Although it is not easy, it is not impossible, said Milunovich, who reiterated his Buy rating and $127 price target on Apple shares.
11/17/16
PIPR
11/17/16
NO CHANGE
PIPR
Piper sees Trump-related Internet selloff as 'rare opportunity'
Piper Jaffray analyst Gene Munster says he would be "buying the fear" priced into Internet mega-caps. Concerns of President-Elect Trump's impact on tech companies are being largely extrapolated from sound bites that are unlikely to manifest during Trump's presidency, Munster tells investors in a research note. The selloff in "best-in-class" large cap internet stocks Apple (AAPL), Amazon.com (AMZN), Alphabet (GOOG), Facebook (FB) and Netflix (NFLX) presents a "rare opportunity," Munster writes. He believes Trump's threats towards Amazon are without merit and that net neutrality is unlikely to be reversed. He finds the valuations for each of the mega-caps "very attractive."
11/18/16
PIPR
11/18/16
NO CHANGE
Target $155
PIPR
Overweight
Piper says iPhone 7 inventory remains tight
Piper Jaffray checked with 134 Apple Stores in the U.S. for in-store iPhone 7 availability and found that 47% of the models were available for in-store pickup compared to 40% a month ago, analyst Gene Munster tells investors in a research note. By comparison, last year the iPhone 6S was at 100% availability at this time, he adds. The vast majority of available devices remained iPhone 7 versus the iPhone 7 Plus, Munster notes. He finds it unlikely that iPhone reaches supply/demand equilibrium by the end of the December quarter. The analyst remains comfortable with his estimate of 3% iPhone growth in the December quarter. Munster remains positive on Apple shares with an Overweight rating and $155 price target.
XLF Financial Select Sector
$22.22

0.06 (0.27%)

XLY Consumer Discretionary Sector SPDR
$81.25

-0.205 (-0.25%)

XLK Technology Select Sector SPDR
$47.38

-0.025 (-0.05%)

08/22/16
JEFF
08/22/16
NO CHANGE
JEFF
Jefferies ups SMID-cap Technology to Overweight, cuts REITs to Market Weight
Jefferies Equity Strategist Steven DeSanctis said that in terms of its SMID-cap sector strategy the firm is moving to an Overweight on Technology, citing Tech's "very strong" earnings season, reasonable valuations in the group and expectations for the recent M&A trend to continue. Also, the firm is moving Real Estate to Market Weight from Overweight, citing the belief that investors are shifting their preference towards growth and away from yield.

TODAY'S FREE FLY STORIES

HRTX

Heron Therapeutics

$21.40

-0.25 (-1.15%)

, TSRO

Tesaro

$69.59

-2.07 (-2.89%)

08:41
01/16/18
01/16
08:41
01/16/18
08:41
Recommendations
Heron Therapeutics, Tesaro analyst commentary  »

Cinvanti competitor…

HRTX

Heron Therapeutics

$21.40

-0.25 (-1.15%)

TSRO

Tesaro

$69.59

-2.07 (-2.89%)

03/08/13
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QCOM

Qualcomm

$65.38

-0.05 (-0.08%)

, AAPL

Apple

$177.09

1.81 (1.03%)

08:41
01/16/18
01/16
08:41
01/16/18
08:41
Hot Stocks
Qualcomm announces plan for new $1B cost reduction program »

As previously reported,…

QCOM

Qualcomm

$65.38

-0.05 (-0.08%)

AAPL

Apple

$177.09

1.81 (1.03%)

AVGO

Broadcom

$264.29

0.79 (0.30%)

NXPI

NXP Semiconductors

$119.58

0.33 (0.28%)

03/08/13
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03/06/13
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  • 01

    Feb

  • 06

    Mar

AAPL

Apple

$177.09

1.81 (1.03%)

08:41
01/16/18
01/16
08:41
01/16/18
08:41
Periodicals
House Republicans call on Apple to address iPhone slowdowns, Reuters reports »

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  • 01

    Feb

CIEN

Ciena

$21.94

0.06 (0.27%)

08:41
01/16/18
01/16
08:41
01/16/18
08:41
Upgrade
Ciena rating change  »

Ciena upgraded to Buy on…

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ADTN

Adtran

08:41
01/16/18
01/16
08:41
01/16/18
08:41
Upgrade
Adtran rating change  »

Adtran upgraded to…

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  • 17

    Jan

  • 17

    Jan

FNSR

Finisar

$22.74

0.48 (2.16%)

08:41
01/16/18
01/16
08:41
01/16/18
08:41
Downgrade
Finisar rating change  »

Finisar downgraded to…

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QCOM

Qualcomm

$65.38

-0.05 (-0.08%)

, AVGO

Broadcom

$264.29

0.79 (0.30%)

08:38
01/16/18
01/16
08:38
01/16/18
08:38
Earnings
Qualcomm 'firmly committed' to FY19 adjusted EPS target of $6.75-$7.50 »

As previously reported,…

QCOM

Qualcomm

$65.38

-0.05 (-0.08%)

AVGO

Broadcom

$264.29

0.79 (0.30%)

NXPI

NXP Semiconductors

$119.58

0.33 (0.28%)

03/08/13
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03/06/13
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03/06/13
Barclays

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  • 06

    Mar

MTN

Vail Resorts

$222.31

3.37 (1.54%)

08:38
01/16/18
01/16
08:38
01/16/18
08:38
Recommendations
Vail Resorts analyst commentary  »

Vail Resorts price target…

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MU

Micron

$42.81

-0.01 (-0.02%)

, INTC

Intel

$43.24

-0.17 (-0.39%)

08:37
01/16/18
01/16
08:37
01/16/18
08:37
Recommendations
Micron, Intel analyst commentary  »

Micron pullback a buying…

MU

Micron

$42.81

-0.01 (-0.02%)

INTC

Intel

$43.24

-0.17 (-0.39%)

03/08/13
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03/06/13
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  • 17

    Jan

  • 24

    Jan

  • 25

    Jan

  • 26

    Mar

ATTU

Attunity

$6.71

-0.061 (-0.90%)

08:37
01/16/18
01/16
08:37
01/16/18
08:37
Hot Stocks
Attunity wins $1.2M in additional business with Fortune 100 company »

Attunity announced that…

03/08/13
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  • 17

    Jan

OTIV

On Track Innovations

$1.37

-0.01 (-0.72%)

08:37
01/16/18
01/16
08:37
01/16/18
08:37
Hot Stocks
On Track Innovations announces additional order of 10,000 cashless readers »

On Track Innovations…

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SYF

Synchrony

$39.37

-0.39 (-0.98%)

08:37
01/16/18
01/16
08:37
01/16/18
08:37
Hot Stocks
Synchrony reports December charge-off rate 4.94% vs. 5.03% last month »

Reports December 30-plus…

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  • 19

    Jan

F

Ford

$13.23

0.07 (0.53%)

08:37
01/16/18
01/16
08:37
01/16/18
08:37
Periodicals
Ford sees savings in 'every part' of business, FT reports »

Ford will have to make…

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  • 16

    Jan

  • 24

    Jan

MDXG

MiMedx

$13.86

-0.08 (-0.57%)

08:36
01/16/18
01/16
08:36
01/16/18
08:36
Hot Stocks
MiMedx: First patients enrolled in Phase 3 clinical trial of AmnioFix Injectable »

MiMedx Group announced…

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  • 18

    Jan

UCTT

Ultra Clean

$23.22

0.47 (2.07%)

08:36
01/16/18
01/16
08:36
01/16/18
08:36
Hot Stocks
Ultra Clean sees Q1 revenue up from Q4 »

The company said…

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  • 17

    Jan

LBCC

Long Blockchain Corp.

$5.02

-0.48 (-8.73%)

08:35
01/16/18
01/16
08:35
01/16/18
08:35
Hot Stocks
Breaking Hot Stocks news story on Long Blockchain Corp. »

Long Blockchain…

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CRAY

Cray

08:35
01/16/18
01/16
08:35
01/16/18
08:35
Earnings
Cray sees FY17 revenue about $390M, consensus $399.96M »

Cray announced selected…

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  • 17

    Jan

LNG

Cheniere Energy

$54.73

0.29 (0.53%)

08:34
01/16/18
01/16
08:34
01/16/18
08:34
Hot Stocks
Cheniere Energy, Trafigura sign 15-year LNG sale and purchase agreement »

Cheniere Energy announced…

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  • 25

    Jun

UCTT

Ultra Clean

$23.22

0.47 (2.07%)

08:34
01/16/18
01/16
08:34
01/16/18
08:34
Earnings
Ultra Clean reaffirms Q4 revenue view $240.0M-$250M, consensus $244.32M »

Sees Q4 operating margins…

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  • 17

    Jan

PX

Praxair

$164.15

0.34 (0.21%)

08:34
01/16/18
01/16
08:34
01/16/18
08:34
Hot Stocks
Praxair expands hydrogen supply to Motiva Port Arthur, Texas refinery »

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  • 25

    Jan

CNCE

Concert Pharmaceuticals

$20.15

-7.53 (-27.20%)

, INCY

Incyte

$94.07

1.01 (1.09%)

08:33
01/16/18
01/16
08:33
01/16/18
08:33
Downgrade
Concert Pharmaceuticals, Incyte rating change  »

Concert Pharmaceuticals…

CNCE

Concert Pharmaceuticals

$20.15

-7.53 (-27.20%)

INCY

Incyte

$94.07

1.01 (1.09%)

03/08/13
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  • 18

    Jan

MGM

MGM Resorts

$35.03

-0.08 (-0.23%)

, LVS

Las Vegas Sands

$71.02

0.39 (0.55%)

08:33
01/16/18
01/16
08:33
01/16/18
08:33
Recommendations
MGM Resorts, Las Vegas Sands, Wynn Resorts, Melco Resorts & Entertainment analyst commentary  »

Morgan Stanley raises…

MGM

MGM Resorts

$35.03

-0.08 (-0.23%)

LVS

Las Vegas Sands

$71.02

0.39 (0.55%)

WYNN

Wynn Resorts

$165.54

3.04 (1.87%)

MLCO

Melco Resorts & Entertainment

$27.01

-0.21 (-0.77%)

03/08/13
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03/06/13
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03/06/13
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IRWD

Ironwood

$15.12

0.02 (0.13%)

, AGN

Allergan

$176.05

-1.07 (-0.60%)

08:33
01/16/18
01/16
08:33
01/16/18
08:33
Hot Stocks
Ironwood, Allergan announce settlement with Sun Pharma over LINZESS »

Ironwood Pharmaceuticals…

IRWD

Ironwood

$15.12

0.02 (0.13%)

AGN

Allergan

$176.05

-1.07 (-0.60%)

03/08/13
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03/06/13
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03/06/13
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  • 06

    Feb

  • 16

    Feb

  • 25

    Mar

YUMC

Yum China

$45.86

2.06 (4.70%)

08:32
01/16/18
01/16
08:32
01/16/18
08:32
Hot Stocks
Yum China sees one-time tax expense of approximately $160M in Q4 »

Yum China Holdings is…

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  • 07

    Feb

IO

ION Geophysical

$21.35

-2.7 (-11.23%)

08:32
01/16/18
01/16
08:32
01/16/18
08:32
Hot Stocks
ION Geophysical announces Supreme Court granted certiorari »

ION Geophysical announced…

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