Good morning y’all. It’s been a quiet morning in the markets as S&P futures have traded in a tight range, staying flat to down 2 points or so for most of the overnight session. International markets are mixed, with European indices showing red virtually across the board while some Asian indices are advancing, including the Nikkei. US weekly mortgage application data came in light with applications falling -.4% versus a more than 2% rise last week, though there seems to be little reaction to those numbers in US markets. We also saw Australian GDP posted slightly better-than-expected growth in the second quarter, an economy that has been in disrepair.
There isn’t a ton of company news out there this morning. LinkedIn $LNKD made some news with a $1 billion equity offering after the bell yesterday, and Apple $AAPL sent out invitations for its September 10th unveiling of the iPhone 5S and 5C, and the stock is ripping near $500 this morning after it was unable to sustain its rally yesterday. In the meantime, we will be curious to see the new products Samsung has to offer at today’s event, including what is believed to be the company’s foray into the smart watch market. Early chatter is that this device may have been rushed to market in an effort to be the first mover in the space ahead of Apple, but that remains to be seen.
It will important once again to be nimble today as the market has shown an unwillingness to commit to a general direction in recent sessions. $FCEL reports earnings after the bell, which we will be watching closely as we expect record revenues and potential breakeven on the bottom line as the street is calling for EPS of -$.03. Keep an eye on names that have held strong in recent sessions including technology bellwethers such as $FB, $NFLX, the 3D printers ($DDD in particular), the casinos, and perhaps $GOOG, which reclaimed its 8 EMA yesterday but has looked particularly weak since earnings.