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What You missed LAST Week     
                                                                                                         

                                                                                        FOMC MEETS for the Quarter Point Hike the STREET AWAITS, &
                                                                                                 that’s not even half the story, cause so do the ECB & BoJ!


June 11—15, 2018 Trump meeting with the North Korean dictator on the 12th, the FOMC meeting Quarter point hike expected on the 13th, everything else on both ends of those two days likely to be more noise than substance. Yes, last week’s break out took me by the surprise but the coming rate hike is likely to stall out the rally—no matter how well anticipated it is in advance. Jerome Powell’s 2nd post-Meeting press conference is also Wednesday.

The Signature event of the week is Goldman Sach’s 39th Global Healthcare Conference, starting Tuesday, never mind it’s a sector so well covered with I-bank meetings, already, this year. The Goldman event is the book end to JPMorgan’s Jan. event, which kicked off the year. Last week, former FOMC chief Bernanke predicted stocks could fall 50%. This week, Janet Yellen is the headliner for Stifel’s Cross Sector Insights Conference, expected on Wednesday in what’s being referred to as a "fireside chat" with Stifel’s leader.

Economic Data ramps up also, with May CPI on Tuesday, PPI on Wednesday. Also Tuesday, the federal court is expected to release its opinion on the AT&T merger with Time Warner that the DoJ sought to block. A couple of observers found the judge to seem skeptical of the administration’s position in blocking the combination. But the judge might be trying to find a way to buck the administration without suffering a fuselage of tweets from the President who may still be in Singapore. On Thursday, the Dept of Justice Inspector General is supposed to release its report on the investigation into the DoJ & FBI’s investigation into Hillary Clinton’s use of a personal server for email—email she still denies ever contained classified information. Then, again, I don’t imagine Hillary expected that any of her emails would show up on the laptop of a man who can’t keep his hands off himself, who liked to email photos of the job he does on himself, to underage girls. Well, maybe not the first time he was slammed for doing so but certainly after that, donchya think? Is covered in the IG’s report should be the conduct of former FBI director James Comey who announced a new investigation into Hillary Clinton’s emails 11 days before the elections, in 2016, only to say never mind, 8 days later—too late for even some fans to vote for Hillary.

Trading on Monday, June 11th, could be a bit wild, given it’s the first day of trading after FTSE Russell published preliminary lists of changes to its indices to come at the end of the month. It’s also the first day of trades after Quadruple Witching—the expiration of options & futures on stocks & indices+commodities, respectively. The June 11th Deutsche Bank dbAccess Caterer’s Day & French Food Retail Investor Trip (Paris FR) sounds ridiculous until it’s connected to the Global Consumer Conference, also in Paris, starting the following day. I don’t know what Credit Suisse was thinking, naming its conference starting on Wednesday the US West Coast Yankee Bank Conference & Investor Day (San Francisco). There’s not a Yankee bank—or even a US bank—amongst those presenting, which are all European banks. At least Piper Jaffray’s Heartland Conference is all about presenting companies based in the heartland—and many of those healthcare, to boot!

If you missed it, last Thursday, the Feds & FDIC announced the schedule of releases of the mega-bank & mega-holding company Stress Tests & Comprehensive Capital Analysis & Review, otherwise known as CCAR. The Stress tests will be out after the close on June 21st. The CCAR is coming on the 28th, both at 4:30pm, right in time to influence the weekly options that expire the day after both of those Thursdays. But, then, we warned you last week to take into consideration the release of those items when buying any options expiring in June.

On June 12th E3 Expo opens the video game starring turn, producers like EA & Activision at levels never seen, only dreamed of back in the late 90’s. EA, alone, already sent out 6 press releases, touting its games to come, and the dates of release. And don’t forget, the White House has promised to unveil its list of $50B worth of Chinese products on which the US will slap new tariffs. That’s why the Earnings Calendar’s two solar power reports are not highlighted. They’re already under tariffs, and there’s probably more to come.

So, it promises to be one very busy week, Every mid-year index change creates stronger volume and more active trades in everything expiring at the end of the week but rarely does the Quad Witch arrive so early in the month, and rarely—if ever—with an FOMC meeting that promises a rate hike, a US leader in North Korea (that’s never happened before but Trump’s desire to win a Nobel prize knows no bounds). But add to that, the previous FOMC leader speaking on the same day the current one is holding a post-Meeting press conference, with the DoJ’s IG report to come, and a Federal Court deciding whether the US can go ahead and block the merger of a telco with a content company. Whew! Even just writing about it all is exhausting, and that’s before we have any idea what the latest dot-plots (SEP) will look like—whether 2 hikes look more likely after the 2nd hike of the year arrives on Wednesday. If the week were a mystery book gathering all the suspects for the big reveal, it couldn’t be any more suspenseful than the one ahead. Be careful out there! Wednesday could mark a near term top, trade the rest of the week to a downside the markets act like they don’t expect, after Wednesday’s hike. Then, again, the rally could gather another leg if the dot-plots still anticipate only 3 hikes this year, leaving only one after Wednesday’s near certain quarter point addition. And to think, we've got all this going on even as the ECB and BoJ meet this week, as well, with Dragh's press conference flowing into the US morning on Thursday.

ECONOMIC: (Highlights, only, below. Full International Economic Calendar is here)
SUNDAY, 06/10
    OVERNIGHT into US Mon. a.m. et:
        China May Money Supply & New Yuan Loans
        UK May NIESR GDP Estimate, April Manufacturing & Industrial Production

MONDAY, 06/11
US Treasury Auctions $48B 3-, & $42B 6-month Bills (11:30am et)
US Treasury Auctions $32B 3-yr & $22B reopened 10-year Notes (1pm et)
    OVERNIGHT into US Tues. a.m. et:
        UK May Jobless Claims, ILO Unemployment Rate/Change,
Apr. wkly Earnings
        Pres. Trump Negotiating with No.Korea’s Kim Jung-un on Denuclearization (Singapore)

TUESDAY, 06/12
FOMC 2-day Meeting Starts
NFIB June Small Business Optimism Index (6am)
US May CPI (8:30am et)
US Treasury Auctions $14B reopened 30-year Bonds (1pm et)
US May Treasury Budget Statement (Deficit or Surplus? 2pm et)
Expected Court Decision on AT&T (T)’s Buy of Time Warner (TWX)
Trump staying in Singapore, or on the way home?
    OVERNIGHT into US Wed. a.m. et:
        UK May CPI, RPI (Retail Price), PPI, April House Price Index
        Eurozone Q1 Employment,
April Industrial Production
        Bk of Iceland releases Monetary Policy Statement

WEDNESDAY 06/13
MBA weekly Mortgage/Refinance Applications (rates dipped last week)
Janet Yellen, former FOMC Chief, "Chat" & Presentation @Stifel Cross Sector Insight (Boston)
US May PPI-Final Demand
Canadian Teranet/National Bank May Home Price Index
EIA weekly Petroleum/Gasoline/Distillate Status (w/e 06/08)
SEC "Investing in America" Town Hall (Atlanta GA 2pm—4pm)
FOMC Statement with Rate Decision, Updated Member Forecasts (SEP) (2pm)
FOMC Chief Powell’s Press Conference (2:30pm et)
    OVERNIGHT into US Thurs. a.m. et:
        UK RICS May House Price Balance
        China May Jobless Rate, Retail Sales, Industrial Production
, Fixed Assets
        Japan April (F) Industrial Production/capacity Utilization
        German May CPI
        UK Retail Sales
       ECB MPC Provides Rate Decision, Economic Forecast, QE Intentions +
       ECB Chief Draghi post-Meeting Press Conference
(06/14 local time)

THURSDAY, 06/14
US weekly Jobless Applications
Canada April New Housing Price Index
US May Retail Sales
US May Import/Export Prices
DoJ Inspector General releases investigation into DoJ & FBI’s investigation of Hillary Clinton’s personal Email server (and Comey’s press conference 11 days prior to election)
US Business (Wholesale & Retailer) Inventories (10am et)
EIA weekly Natural Gas Report (10:30am et w/e/ 06/08)
SEC Investor Advisory Committee (IAC) first-ever meeting outside D.C. (Atlanta GA)
US Treasury Refunding Announcement
Fed weekly Balance Sheet + US Money Supply (4:30pm et)
    OVERNIGHT into US Fri. a.m .et:
        BoJ MPC Rate & QE decision
(06/15 local time)
        China May New Home Prices
        EU 25 May New Car Registrations
        Eurozone April Trade Balance & May CPI

FRIDAY, 06/15
US May Industrial Production/Capacity Utilization
Canada April International Transactions & Manufacturing Sales, May Existing Home Sales
Empire State, NY Fed Manufacturing Survey
U.M. (P) June Consumer Sentiment/Expectations
Fed’s Kaplan speaks to Leaders in Business @Ft Worth Chamber of Commerce (11:30am)
White House names the $50B in Chinese Products to be Assessed Tariffs
Baker-Hughes weekly US/North American Rig Count (w/e 06/08)
US Quadruple Witch—Options & Futures Expire

        WEEKS AHEAD: 06/18 DoJ’s Inspector General offered to testify before the Senate Judiciary Cmte, on his investigation into DoJ & FBI related to Clinton’s Email server report today
                                   06/21 Feds Release Stress Test Results of Major Banks/Hldg Co.
                                            BoE MPC Meets
                                            SNB MPC Meets
                                            Norges Bank MPC Meets
                                            Bk of Mexico MPC Meets
                                   06/28 Feds Release Results of CCAR—Capital Adequecy

EARNINGS: (We no longer separate pre-market from after-hours release times. We embolden those tickers we expect to attract the most attention from traders, analysts &/or media, whether we think the company is priceless or worthless and, sometimes, because we want to bring readers’ attention to an overlooked name. Occasionally, it’s to remind ourselves that we’re watching the name. Any company that didn’t confirm, at least, the reporting day, by noon, 06/08, is not included. On the other hand, we do rely on 3rd parties to provide a minimum amount of information, accurately, which sometimes doesn’t happen. Other times, the date is released, and then rescheduled, that last news not getting to us. We ignore "the" in a company name unless it’s integral to the ticker symbol. We cover only the major money center banks and largest regionals, along with larger foreign banks traded in the US as ADRs.)

MONDAY, 06/11: PLAY, JASO, KMG, LMNR, RH, SBLK

TUESDAY, 06/12: HRB, CASY, APPS, JW.A, LE, OXM, SAIC

WEDNESDAY 06/13: BITA, KFY, TLRD, YGE

THURSDAY, 06/14: ADBE, FNSR, FRED, JBL, MIK

FRIDAY, 06/15: AZRE, GOOS, TNP

EVENTS:
CONTINUING SUNDAY, 06/10
ASM: Am. Society for Microbiology Microbe Meeting Co-located with
ICAAC Interscience Conf. on Antimicrobial Agents & Chemotherapy (Atlanta DA thru 11th)
Nascore Coffee Fest (Denver CO)
EA (EA) Play Fan Fest (Hollywood CA)
CMA Music Fest (Nashville TN)

STARTING SUNDAY, 06/10
FAME + MODA Fashion Week (NY thru 12th)
Microsoft (MSFT) VS Live! (Boston MA thru 14th
Tony Awards (celebrates Broadway theater; NY & CBS (CBS) TV)

MONDAY, 06/11
1st Trades after Russell Published Preliminary Index Reconstitution Lists
1st Trades after Quadruple Witch
Stifel Cross Sector Insight Conference (Boston thru 13th)
JPMorgan 2018 Global Leaders 1x1 Forum (Toronto ON Canada)
DockerCon (San Francisco thru 15th)
Biomarkers & Immuno-Oncology Summit + GTC Stem Cell World (Boston thru 13th)
Gartner Enterprise Architecture & Tech Innovation Summit (Nat’l Harbor MD thru 12th)
WEAR Summit (Smart Fabrics & Wearable Tech: NY thru 13th)
North American Business of Airports (Portland OR thru 13th)
ACE18 American Water Works Conference/Expo (Las Vegas NV thru 14th)
Search Marketing Expo--SMX Advanced (Seattle WA thru 13th)
NFPA Americas Fire & Security Expo/Fire Rescue (Las Vegas thru 14th)
Macquarie Emerging Leaders Corporate Day (London thru 12th)
NYSE Euronext Fund Forum International (Berlin Germany thru 13th)
31st ICAR—Int’l Conference on Antiviral Research (Porto Portugal thru 15th)
Deutsche Bank dbAccess Caterer’s Day & French Food Retail Investor Trip (Paris FR)
AGC: America’s Growth Partners European Technology Growth Conference (London)
IoT Week: Internet of Things Int’l Forum (London thru 17th)
IBC MedTech Summit (Brussels Belgium thru 15th)
CeBIT Global (Hannover Germany thru 13th)
UBS Asia TMT Conference (Hong Kong thru 15th)
Daiwa Discovery Conference: Pan-Asia Small & Mid-Caps (Hong Kong thru 12th)
Brileyfbr Permian Basin Tour (Texas)
Masco Corp (MAS) B Riley FBR takes clients for Hdqtr visit (MI)
Legg Mason Inc (LM) visiting Strategas clients (Cleveland,, Columbus)
Morningstar (MORN) Investment Conference (Chicago IL thru 13th)
RBB Bancorp (RBB) visiting Stephens clients (Baltimore, DC, Chicago thru 12th)

TUESDAY, 06/12
Goldman Sachs 39th Global Healthcare Conference (Rancho Palos Verdes CA thru 14th)
Morgan Stanley Financials Conference (NY thru 14th)
Credit Suisse Basic Materials Conference (Boston thru 13th)
Wells Fargo West Coast Energy Conference (San Francisco thru 13th)
Wm Blair & Co 38th Annual Growth Stock Conference (Chicago thru 14th)
ScotiaBank LatAm Utilities & Infrastructure Forum (NY thru 13th)
E3 Expo (Los Angeles thru 14th)
Private Equity Int’l Investor Relations & Communications (NY thru 13th)
NextGen Protein Therapeutics & Bioconjugates (San Francisco thru 14th)
ICX (Interactive Customer) Summit (Dallas TX thru 14th)
OMTEC: Orthopaedic Manufacturing & Technology Expo (Chicago)
JPMorgan European Auto Conference (London)
NASDAQ + Jefferies 36th Investor Program (London)
The A.I. Summit (London thru 14th)
Deutsche Bank dbAccess Global Consumer Conference (Paris FR thru 14th)
JP Morgan Southern Cone & Andean Opportunities Conf.(Buenos Aires Argentina thru 14th)
CES Asia (Shanghai China thru 15th)
Angacom (Broadband meets Content -Cologne Germany thru 14th)
Amazon (AMZN) Alexa Dev Day (Washington DC)
AT&T (T) & Time Warner (TWX) could hear the Federal Court’s decision on the merger the gov’t sought to block
Calavo Growers (CVGW) Stephens Clients visit (Santa Paula 1:30pm pt)
Cordis (CAH) INCRAFT AAA Stent Graft System for infra-renal abdominal aortic aneurysms in patients with appropriate anatomy reviewed by FDA Circulatory System Device Panel
Francesca’s Holdings (FRAN)
B Riley FBR clients visit (CA)
Legg Mason (LM) visiting clients of Strategas (Detroit)
(The) Marcus Corp (MCS) visits with B Riley FBR clients (Milwaukee MN)
National CineMedia Inc (NCMI) visiting B Riely FBR clients (Md-Atlantic)
Red Lion Hotels Corp (RLH) visiting B Riley FBR clients in Boston, CT, NY & Dallas (thru 14th)
Salesforce.com (CRM)
Connections (Chicago thru 14th)
Spectrum Brands Holdings Inc (SPB) meeting with Strategas clients (Kansas City)

WEDNESDAY 06/13
FOMC Statement with Rate Decision, Updated Member Forecasts (SEP)

FOMC Chief Powell’s Press Conference
UBS Global Industrials & Transportation Conference (NY thru 14th)
Macquarie TMT Corporate Day (NY)
Piper Jaffray Heartland Summit (Minneapolis MN thru 14th)
Credit Suisse 3rd US West Coast Yankee Bank Conf. & Investor Day (San Francisco thru 14th)
Fairchild Live/WWD Retail 20/20 (NY)
Stephens Boston Software Bus Tour (AKAM, CYBR, LOGM, RPD --Boston thru 14th)
Scotiabank TMT Conference (Toronto)
East Coast Gaming Congress & NexGen Gaming Forum (Atlantic City NJ thru 14th)
GTR No. Am. Trade & Working Capital Conf from Global Trade Review Magazine (Chicago)
HiMSS Big Data & Healthcare Analytics Forum (San Francisco thru 14th)
World Congress of Bronchology & Interventional Pulmonology (Rochester MN thru 16th)
Deutsche Bank 22nd Annual European Leveraged Finance Conference (London thru 14th)
JPMorgan Cazenove Materials Conference (London)
Berenberg Design Software Conference (London )
ISMICS Minimally Invasive Cardiothoracic Surgical Techniques (Vancouver thru 16th)
BMO 13th Annual Women in FICC Industry Forum (Toronto)
Credit Suisse 5th Annual Australian Energy Conference (Sydney thru 14th)
CES Asia (Shanghai China thru 15th)
25th InterOP Japan (Tokyo thru 15th)

THURSDAY, 06/14
Credit Suisse Semi Supply Chain (Boston)
Drexel Hamilton Aerospace & Defense Conference (NY)
D.A. Davidson Brands, Channels & the Changing Consumer (Chicago)
BMO 7th Annual Fixed Income Insurance Conference (Toronto)
CIBC Canadian Liquids Alts Conference (NY)
NABD Alliance of Buy Here Pay Here Dealers Nat’l Conf. (Orlando thru 21st)
BRExpo (Builder Remodeler) Conference/Expo (Nashville TN thru 15th)
Vertical Research Ptnrs Materials Conference (Westbrook CT)
JPMorgan Cazenove European Capital Goods CEO Conference (Surrey UK thru 15th)
Berenberg Satellite Conference (London)
Citi Geopolitical & Economic View of the World from Edinburgh (Scotland)
Cataract & Advanced Eye Care (Rome Italy thru 16th)
Myriad Genetics (MYGN) hosting Stephens clients at Genesight/Assurex
RingCentral (RNG) Investor Day (NY 1:30pm start)
Spectrum Brands Holdings (SPB) visiting Strategas clients (Denver)
21st FIFA World Cup down to 32 in Moscow (Luzhniki Stadium thru 07/14)

FRIDAY, 06/15
Cancer Treatment
Update (NY)
3rd New Horizons in Immunotherapy for Head & Neck Cancer (Pittsburgh PA thru 16th)
Citi Hong Kong & China Corporate Day (Conglomerates, Gaming & Lodging Macau)
China’s A-Shares added to MSCI Emerging Markets Indices (On Market Close)
Russell Indices Updated Reconstitution Lists after market close
Honeywell (HON) Users Group UpTech (thru 22nd)
Melco Crown (MLCO) opens the Morpheus Hotel to public (Macau)
MOVIES OPENING: "Incredibles 2," from Walt Disney’s (DIS) Pixar," with voices from Craig T. Nelson, Holly Hunter, Samuel L Jackson, Sophia Bush, Isabella Rossellini, and more, 14 years after the original proved a rousing success. And perhaps as important, "Incredibles 2" is being paired with a Disney Pixar short film, "Bao," the first, ever, Disney movie, of any length, directed by a woman, shown prior to showings of "Incredibles 2." "Tag" about a group of former high school classmates meeting annually for a game of tag, that began, improbably, as a lifestyle piece in the Wall Street Journal, about the guys who’ve been traveling the world, once a year, for thirty years, to keep the game going. "Tag" stars Isla Fisher, Annabelle Wallis, Jon Hamm, Jeremy Renner, Ed Helm, Brian Dennehy, and Rashida Jones, distributed by Warner Bros (TWX). The guys whose story is being portrayed have bit parts in the film, the most surprising part of all was the WSJ (NWS) author learning the Journal has its own agent to negotiate film rights which, given their shared parentage, 21st Century Fox (FOXA) should have won the right to distribute but didn’t. "SuperFly," a remake of the "1972 blaxploitation film ‘SuperFly’" starring Trevor Jackson, Jason Mitchell, Lex Scott Davis, via Sony Pictures (SNE). To make it contemporary, instead of a NY cocaine dealer, the Youngblood Priest now runs his ‘hood in Atlanta, laundering cryptocurrency. "Gotti" the biography of mob boss John "Dapper Don" Gotti Sr, played by John Travolta, in roll that many believe will snag him awards. His wife Kelly Preston plays Victoria Gotti, his daughter Ella Bleu playing Angel Gotti. Kevin Connolly directed the film originally slated to premiere in Dec 2017 but was pushed out when Lionsgate Premiere (LGF.A) sold the film back to its producers, who signed a deal in April 2018, for it to be distributed by Vertical Entertainment & Sunrider Productions, both new to us. They’re the ones who decided to take it to theaters, while Lionsgate’s plan was, originally, to send it straight to VOD. The film was based on a book by John A Gotti, "Shadow of My Father." It’s a big weekend for outlaws, a Columbian drug dealer the subject of "Loving Pablo," as in Pablo Escobar, about the love affair struck with a journalist sent to cover his deals. Javier Bardem plays Escobar, his wife Penelope Cruz plays the journalist, Virginia Vallejo, also with Peter Sarsgaard & Julieth Restrepo, produced, incredibly, by Escobar Films, based on the memoir "Loving Pablo, Hating Escobar," by Virginia Vallejo (journalist).

SATURDAY, 06/16
European Human Genetics Conference (Milan Italy thru 19th)     EARLIER 2018 OUTLOOKS Here

Sandi Lynne 2018 Nothing contained in this commentary should be construed as a recommendation to buy or sell any security. The opinions expressed are the author’s, alone, and should be just one factor in more complete due diligence.    

                                                                           Enjoy last week's highlights. I'm retired, now, and prepare what I like, when I want,

Regards
  Sandi Lynne

       (c) 1998--2018 Sandi Lynne