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Entrepreneur
Kurra Bewarse
Username: Entrepreneur

Post Number: 3436
Registered: 05-2011
Posted From: 65.35.45.47

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Posted on Monday, March 15, 2021 - 1:57 pm:   

A slow start to the week. Keep airlines on the radar as major domestics are presenting at the J.P. Morgan Industrial Conference today. The group is coming into key resistance as these comments cross wires. I am watching JETS for a possible trade. I expect a slow start to the week. The big event is Wednesday when the Fed updates its economic outlook and Powell addresses the markets and this rise in the 10-year. I will have more to say on this event as we get closer. Overall, I think the markets will drift in a tight range until the headline risk passes.

Yellen on taxes- Ms. Yellen said that the Administration would consider the merits of a wealth tax. She was clear that the Administration did not propose such a tax. Yellen said that the Administration would take steps to address the mounting debt. The assumption is she is referencing corporate taxes. I will be on at 11am ET with Policy Analyst Carmine Atteo to discuss.
JETS- Watch airlines this morning as UAL, AAL, and DAL present at the J.P. Morgan Industrial Conference today. The three companies make up approximately 30% of the JETS ETF. Many airlines prepare to test key resistance levels. Comments on the trends will determine if this group can move above resistance as vaccine roll outs continue.
U.S. Global created the JETS ETF. The top four domestic airlines (above plus LUV) is 42% of the weighting which is by design. LUV is the fourth 10%+ name. This morning it stated that it continues to experience significant negative impacts to passenger demand and bookings due to the COVID-19 pandemic; performed in-line with the co's expectations in February 2021.
China Econ Data- China's Jan-Feb Industrial Production 35.1% yr/yr (expected 30.0%; last 7.3%); Jan-Feb Retail Sales 33.8% yr/yr (expected 32.0%; last 4.6%); Jan-Feb Fixed Asset Investment 35.0% yr/yr (expected 40.0%; last 2.9%); February Unemployment Rate 5.5% (last 5.2%); February House Prices 4.3% (last 3.9%). We see the impact of the easier y/y comps. Overall the data was mixed which reflects some of the price action we are seeing in markets.
German Elections- Watching this play out as we prepare for Angela Merkel to step down. The CDU lost elections in regional contests due in part reportedly to anger about the pace of vaccine rollout, raising questions about the CDU retaining the Chancellor position come the September elections. The CDU lost the Baden-Wurttemberg region, a major industrial powerhouse, and the Rhineland Palatinate regions. German National elections are in September when Angela Merkel steps down from her chancellorship after a 16-year run.
Goldman was out with a note that stocks would be able to handle a 10-year yield around 2%.
DKNG- DraftKings announces its intention to offer $1 billion aggregate principal amount of convertible senior notes due 2028. Stock gives up some of its gains from last week. I would look to add on any weakness.
Empire Manufacturing- A small beat in the Empire. A big week on the sentiment front. The major story will be the Fed on Wednesday.

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