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                                       Here's What You missed LAST Week                                                                          

                                                                                            HIGH FLYERS USUALLY LAST TANK

June 12—16, 2017 Certain signals are developed over decades. One of those for me was always to look for a decline to bottom when the selling finally gets to the strongest, most resilient & reliable stocks. Friday, we saw the opposite, instead. The unrelenting rise in this era’s "Nifty 20," or so, had been so reliably strong it caused VIX to plumb new lows But that all changed Friday, when the biggest winners of the year were unceremoniously and suddenly dumped, wholesale. The weekend press concentrated on the losses in the FAANG stocks plus Microsoft but it was quite a bit more widespread than that. While financials, including property & life insurers, were seeing inflows, Friday, shareholders were dumping Visa & MasterCard. Also tossed overboard, the hoteliers who’d joined FAANG in a non-stoppable rise, Intercontinental (IHG) & Marriott (MAR), to name 2. Throw in Wynn Resorts & Boyd Gaming, plus Royal Caribbean cruises, and while we’re at it, Adobe, Maxim Integrated Devices, Lam Research (LRCX), Activision (ATVI) & Electronic Arts (EA), the latter 2 despite E3—The Electronic Entertainment Expo—opening its doors just hours later. nVdia (NVDA) also got slammed as did Applied Materials (AMAT) and Micron Technology (MU), and Texas Instruments (TXN). So, yes, in pure point terms Amazon (AMZN) & Alphabet’s Google (GOOGL) saw stunning declines, it was really all the big winners that got whacked at the knees. So what should we make of a signal that came at the beginning, rather than the end?

Perhaps it’s appropriate to put Friday’s shellacking in context. The UK voted its way into a "hung parliament," though Prime Minister May seemed sure the 10 Northern Irish DUP members voted into parliament would support her remaining at #10 Downing Street, forming a coalition government that will keep May where she is. This week we have an FOMC meeting at which it seems inevitable that interest rates will be raised another quarter of a point, even after a weak May employment report. And we’ll end the week with a rebalance in the Nasdaq 100, along with S&P Indices, part of Quadruple Witch this week, though Russell is waiting to execute its annual rebalance, already announced, until June 23rd. Plus, it’s the time of the quarter for earnings warnings to start arriving. So perhaps it was fair for holders to question whether their FAANG & NDX 100 shares had gotten too far ahead of fundamentals to comfortably continue holding into a big week that will, also, include BoE & BoJ meetings, along with some critical data out of China, even as North Korea is testing the limits of other world leaders’ patience, as "60 Minutes" made crystal clear, hours before this is posted.

There are a number of big events this week, including the continuing ADA—Diabetes Scientific Sessions & Headache Society meetings straddling this weekend, and the start of the EEI—Edison Electric Institute Annual Convention, which puts the spotlight on power providers, just started today, Sunday. Then, the I-bank conference calendar really picks up for a last fling before July, when the Wall Street meeting machine winds down for the summer. Take a look at both Tuesday & Wednesday’s schedules to get a fix on just how many I-bank meetings are scheduled. You’d think, after all the healthcare conferences already held, since JPMorgan kicked off the first in January, that they wouldn’t matter quite so much, now but that would be wrong. Goldman Sach’s 38th Annual Healthcare Conference, starting Tuesday, will generate plenty of news—some of its only recently freed for public discussion after all the recent Medical Societies that embargo clinical trial interim or final results until presented at their meetings. Piper’s "Heartland" summit sounds like it should be about farming but that, too, is healthcare, providers mostly. Financials? Yeah, I know, all the money center banks & brokers already warned at a recent I-bank conference but that doesn’t mean nothing will come out of Morgan Stanley’s Financials Conference, also starting Tuesday. Then there are the less frequently heard from sectors, whether that’s at RBC Capital’s Global Mining & materials Conference, starting Tuesday, or BAML’s Utilties & Renewables, or Credit Suisse’s Wednesday Basic Materials, or William Blair’s 37th Annual Growth Stock Conference.

But why stop there? On Thursday, Stifel hosts Industrials, Drexel Hamilton Aerospace & Defense, SNL Kagan Radio & TV Finance, and JP<organ European Capital Goods CEOs in the UK. Though in BMO Capital’s Annual Fixed Income Insurance, in Toronto, Barclays European Select Conference, in California wine country, NASDAQ’s Investor Program, also in London, RBC’s Media IR Investor Day, and HSBC’s 8th Annual Korea Discovery Forum, albeit in Hong Kong.

And there are even some notable industry conferences/expos, starting with E3, in Los Angeles, starting Tuesday, Medical Device & Manufacturing—aka MD&M-- which includes HBA Global Beauty Expo, ATX for Automation Technology, and East Pack and Pharmapack, all concurrent in New York. Realcomm Real Estate Technology will include some of the popular NASDAQ names. NIADA is for Nat’l Independent Auto Dealers Association Used Car Convention, and we all know that won’t be the most upbeat of meetings, given the slide in used car prices that hasn’t alleviated a glut of used cars, many returning 36 months after leases were signed, not holding their value as well as the lease contracts anticipated.

If you think the FOMC meeting and post-Meeting Statement & Press Conference are the only items worth following this week, I’d beg to differ. If you believe Friday’s sharp sell off in the YTD biggest winners was nothing for the broader market to worry about, I’d say it’s too soon to say. Though, clearly, it was soothing to note how many spurned shares became suddenly popular, Friday, as TBW (The Biggest Winners) sold off, because it proved that money leaving the TBW’s didn’t walk away, straight into hiding under a mattress. No, it clearly looked like money leaving one group was finding its way into others, a healthy rotation if it holds up this week. A big IF, perhaps, but that’s exactly what traders will be waiting to see. While the big tech names didn’t really take off after the election, they certainly did as this year opened. So after a 6 month run, if it’s time for some money gained in those shares wind up in financials, or some transports, or energy, the rally still has legs. And I’ll bet, initially, the only question people are really contemplating is how soon is too soon to get back into Friday’s biggest losers. Something else it’s too soon to say. All in, a big dose of uncertainty, in a market that seemed extremely certain until Friday. Keep an eye on fund flows because they hold the answer to whether Friday was a blip without lasting impact.

ECONOMIC: (Highlights, only, below. Full International Economic Calendar here)
SUNDAY, 06/11
French vote on 577 seats in the country’s legislature, up for grabs in an election that will end on 6/18 with a final round of voting for any candidate who didn’t win 50% of registered voters, and at least 25% of all voters (largely seen as an impossible level to achieve)
    OVERNIGHT into US Mon. a.m. et:
        Japan May PPI, Corporate Goods Price Index,
April Core Machinery Orders

MONDAY, 06/12
US Treasury Auctions $39B 3-, & $33b 6-month Bills (11:30a, et)
US AG Sessions testifies at Senate on Comey, Russia & his contacts
US Treasury Auctions $24B 3-year Notes & $20B Reopened 10-year Notes (1pm et)
US May Treasury Budget Statement (2pm et)
Holidays in Australia & Russia
     OVERNIGHT into US Tues. a.m. et:
          China Manpower Q3 Survey
          French Q1 Non-Farm Payrolls
          UK May CPI, PPI, Retail Price Index,
Input & Output Prices, April House Prices
          German ZEW June Economic Assessments, Sentiment, Forecast Survey

TUESDAY, 06/13
IMF’s Lagarde & Bundesbank Pres Weidmann
speak at Bundesbank "Frontiers in Central Banking" Conference, (Frankfurt thru 14th)
FOMC 2-day Meeting Begins
NFIB Small Business Optimism Index
-Final Demand
US Senate Cmte looks at prescription drug prices
ECB’s Lautenschlager panelist on "Regulation" @2017 International Monetary Conference (London)
US Treasury Auctions $12B reopened 30-year Bonds
    OVERNIGHT into US Wed. a.m. et:
        China May Retail Sales, Fixed Asset Investments, Industrial Production/Capacity Utilization

        German May (F) CPI)
        UK ILO Q1 Unemployment Rate/Change, May Jobless Claims, Claimant Count, Avg Wkly Earnings
        Eurozone Q1 Unemployment/Change, & April Industrial Production

FOMC post-Meeting Statement & updated Forecasts
(SEP released 2pm est)
FOMC Chief Janet Yellen Post-meeting Press Conference (2:30pm est)
MBA weekly Mortgage/Refinance Applications
US May Retail Sales
US April Business Inventories
Canada—Teranet/Nat’l Bank May Home Price Index
EIA weekly Petroleum/Gasoline/Distillate Stats (w/e 06/09)
    OVERNIGHT into US Thurs. a.m. et:
        RBA Bulletin Published, Ass’t Gov Debelle Speaks
        BoJ starts 2-day meeting
        SNB (Swiss) MPC Issues Rate Decision, Assessment & Rates Range
(6/15 local time)
        SNB Financial Stability Report 2017
        Eurogroup Meets (Luxembourg)
        EU Economic & Financial Affairs Council meets (Luxembourg)
        EU FinMins Meet (Brussels, Brexit likely topic)
        UK May Retail Sales
        Eurozone April Trade Balance
        BoE MPC Interest Rate Decision, Assessment, QE Targets, Meeting Minutes
        ECB Chief Draghi
attends Eurogroup Meeting (Luxembourg)
        BoE Gov Carney and UK FinMin Hammond deliver annual Mansion House speeches

US weekly Jobless Applications
Philly Fed June Business Outlook Survey
Canada April Manufacturers Sales/Shipments
NY Fed June Empire State Manufacturing Survey
US May Import/Export Prices
US May Industrial Production/Capacity Utilization
Canada May Existing Home Sales
NAHB June Housing Market Index
EIA weekly Natural Gas Report
US Treasury Refunding Announcement
US April TICS (4pm et)
US weekly Fed Balance Sheet & money Supply
    OVERNIGHT into US Fri. a.m. et:
        China May FX Net Settlement
        BoJ MPC Interest Rate Decision, QE Targets
(06/16 local time)
        BoJ Chief Kuroda post-Meeting Press Conference
        Russian Central Bank June Interest Rate Decision
        EU 25 May new Car Registrations
        BoE Quarterly Bulletin
        Eurozone May CPI, & Q1 Labor Costs
+ FinMins meet (Brussels thru 16th)

FRIDAY, 06/16
Quadruple Equity & Index Futures & Options Expire
US May Housing Starts/Building Permits

Atlanta Fed Business Inflation Expectations
U.M. June (P) Consumer Sentiment (10am et)
Fed’s Kaplan speaks w/Q&A at Park Cities Rotary Club (12:45pm Dallas)
Baker-Hughes weekly US/North American Rig Count (1pm et w/e 06/09)
Quarterly Rebalance of S&P Indices on Close
Annual Rebalance of the Nasdaq 100 on close
Annual Rebalance of Russell Indices on close

Fed Reserve Releases Assets & Liabilities at Commercial Banks in the US

     WEEKS AHEAD: 07/04 US Markets Closed, Independence Day
                              07/05 Minutes of FOMC June 13—14th Meeting
                              07/10 US Consumer Credit
(3pm et)
                              07/12 Beige Book Released
                                       BoC (Canada) MPC Meets
                             07/20   ECB MPC Meets
                                       BoJ MPC Meets
                       07/25—26 FOMC 2-day Meeting

EARNINGS: (Any company that didn’t confirm by noon Thursday, 06/08 is not included. Emboldened tickers are those reports we expect to attract the most attention.)

MONDAY, 06/12: a.m. HLNE p.m. CVCO, DDC, SAIC, SOI, STRM

TUESDAY, 06/13: a.m. JW.A p.m. BPMX, CPST, HRB, ZDGE


THURSDAY, 06/15: a.m. BOBE, KR, LITB, SOL, YGE p.m. FNSR

FRIDAY, 06/16 ---


ADA 77th Diabetes Ass’n Scientific Sessions (San Diego CA thru 13th)
60th So. Atlantic Well Drillers Jubilee (Myrtle Beach SC thru 12th)
InfoComm IC17 (Orlando FL thru 16th)
AAMI Expo Healthcare Technology (Austin TX thru 12th)
NASCORE Coffee Fest (Chicago IL)
NEAAHP Health Advisors (Philadelphia PA)
SNM Society for Nuclear Medicine & Molecular Imaging Annual (Denver CO thru 14th)
59th Int’l AHS: Headache Society (Boston MA)
Citi China Materials Trip (Heber/Tianajin, Hangzhou, Xinjiang thru 13th)
Newly Reopened Brookfield Place (lower Manhattan, NYC) will live stream the French Open Finals on mega screens
EA (EA) Play Fan Fest 2017 (Hollywood CA thru 12th)

EEI (Edison Electric Institute) Annual
Convention (Boston MA thru 14th)
American Water Works ACE (Philadelphia PA thru 14th)
FMI Food Marketing Institute Future Leaders Xperience+Fresh Foods Leaders’ Council (Chicago thru 13th)
ANS American Nuclear Society Annual (San Francisco thru 15th)
TONY AWARDS celebrating Broadway & Off-Broadway theater (CBS live from NY 8pm et)

MONDAY, 06/12
1st day to trade on Russell’s Announced Index Rebalancing though not effective until 6/23
Citi Industrials Conference (Boston thru 14th)
Credit Suisse Semiconductor Supply Chain Conference (Boston MA thru 13th)
KBW US Regional Bank Leaders Conferences (London)
Citi Leveraged Finance Leadership Conference (Park City UT)
NIADA Nat’l Independent Auto Dealers Ass’n Used Car Convention (Las Vegas thru 15th)
Digital Banking Summit (Austin TX thru 14th)
Equilar Executive Compensation Summit (Chicago thru 14th)
9th Annual Super Return US (Boston thru 15th)
FTTH Fiber to the Home Council Conference/Expo (Orlando thru 14th)
WEAR Summit: "Smart Fabrics Wearable Technology" (San Francisco thru 14th)
GFX Government Fleet Expo (San Antonio TX thru 15th)
Rutberg & Co Future Mobile (Half Moon Bay CA thru 14th)
eMERGE Americas (Miami Beach FL thru 13th)
Search Marketing Expo (SMX Advanced—Seattle WA thru 14th)
Snack Food Legislative Summit (Washington DC thru 14th)
Macquarie Emerging Leaders Corporate Day (London thru 13th)
Citi Colombia Day-UK (London Repeats in NY on 6/15) 
NYSE Euronext (ICE) Fund Forum International (Berlin Germany thru 14th)
IoT Week: Internet of Things Int’l Forum (London thru 16th)
Daiwa Korea Corporate Day (Singapore)
Advaxis Inc (ADXS) Investor & Analyst Day (NY 1pm est)
Novo-Nordisk A/X (NVO) Analyst Event at ADA (San Diego CA 7:30pm pst)
Salesforce.com (CRM) Xchange EMEA (Copenhagen Denmark thru 14th)
SAP (SAP) SuccessConnect (London thru 14th)
2017 MLB Draft (1st round pick to Minnesota Twins, followed by Cinci Reds)

TUESDAY, 06/13
Goldman Sachs 38th Annual Healthcare Conference (Rancho Palos Verdes CA thru 14th)
Morgan Stanley Financials Conference (NY thru 14th)
JPMorgan 7th Cloud & Beyond Conference (NY)
Piper Jaffray 37th Annual Consumer Conference (NY thru 14th)
RBC Capital Global Mining & Materials Conference (Boston thru 14th)
William Blair 37th Annual Growth Stock Conference (Chicago thru 15th)
E3 Electronic Entertainment Expo (Los Angeles CA thru 15th)
BAC/MER Utilities & Renewables Conference (London thru 14th)
JPMorgan European Automotive Conference (London)
Goldman Sachs Cable & Convergence Conference (London)
JPMorgan 2017 Global Leaders 1x1 Forum (Toronto Canada)
HBA Global Beauty Expo & Conference (NY thru 15th)
ATX Automation Technology (includes Robots NY thru 14th)
East Pack & MD&M (NY thru 15th)
Medical Device Manufacturing (MD&M) Summit (NY thru 15th)
MedTechWorld & Pharmapack @MD&M (NY thru 15th)
Variety Tune In! TV Summit (Beverly Hills CA)
United Fresh (Chicago thru 15th)
ESX Electronic Security (Nashville TN thru 16th)
INPEX (Invention Product) Expo (Pittsburgh PA thru 15th)
Neuroplasticity, Neuroregeneration & Brain Repair (NY thru 14th)
Global Petroleum Show (Calgary Canada thru 15th)
Deutsche Bank dbAccess Global Consumer Conference (Paris France thru 15th)
Berenberg Madrid Seminar (Madrid Spain)
AppsWorld Evolution (London thru 15th)
Daiwa Korea Corporate Day (Hong Kong)
HSBC Asia Credit Conference (Hong Kong thru 14th)
Macquarie Residential Property Conference (Johannesburg So. Africa)
Advancing Alzheimer’s Research: Characterisation, Diagnosis & Treatment (webinar thru 15th)
Arthur J. Gallagher & Co (AJG) Investor Meeting (Rolling Meadows IL 8am cst)
GE Minds + Machines Europe (Berlin Germany thru 14th)
Sempre Energy (SRE) Mexican Division Infraestructura Energetica Nova S.A.B. de C.V. (BMV: IENova) Analyst Day (NY 9:30am est)
Pingtan Marine Enterprise Ltd (PME) Investor/Analyst Day (Fuzhou Hdqtrs)
Pure Storage (PSTG) Investor Day (1pm pst)
Renewable Energy Group Inc (REGI) Analyst/Investor Meeting (NYC 9am est)
Xerox (XRX) executes a 1:4 reverse stock split

FOMC Chief Yellen Press Conference
(2:30pm est)
Credit Suisse Basic Materials Conference (Boston thru 15th)
Wm. Blair & C0 37th Annual Growth Stock Conference (Chicago)
RBC Capital Financial Technology Investor Day (NY)
Int’l Society for Stem Cell Research (Boston thru 17th)
APIC Infection Prevention (Portland OR thru 16th)
FOCiS aka Immunology by the Bay (Chicago thru 17th)
Piper Jaffray Heartland Summit (healthcare, Minneapolis MN thru 15th)
RIS Annual Retail Executive Summit (Scottsdale AZ thru 16th)
Realcomm Real Estate Technology (San Diego thru 15th)
NCCR Emerge Consumer Financial Health Conference (Austin TX thru 16th)
Goldman Sachs 5th Annual European Payments Conference (London)
BMO Capital 12th Annual Women in Fixed Income Industry(Toronto)
Deutsche Bank 21st Annual European Leveraged Finance Conference (London thru 15th)
Berenberg Design Software Conference (London)
Credit Suisse Energy Private Company Conference (NY)
Xconomy’s ExOME: What’s Hot in Cancer Immunotherapy (Seattle WA)
Credit Suisse Nokia (Los Angeles thru 15th)
NYC Elder Abuse Planning & Prevention Conference (NY thru 15th)
Inside ETFs Conference (Paris France)
Exane BNP Paribas European CEO Conference (Paris France)
Credit Suisse 4th Annual Australian Energy Conference (Sydney Australia thru 15th)
Deustche Bank dbAccess China Auto, Auto Tech & Electric Vehicles Corporate Day (Hong Kong)
Daiwa Korea Corporate Day (Hong Kong)
IGBA Int’l Generic & Biosimilar Medicines Ass’n for Europe (Portugal thru 16th)
AACR Int’l Conference on Malignant Lymphoma (ICML) (Lugano Switzerland thru 17th)
Bk of New York Mellon (BK) Pershing INSITE Financial Solutions Conference (San Diego thru 16th)
Canadian National Railway (CNI) Investor Day (Montreal Canada 7:15am est)
Cutera Inc (CUTR) Analyst/Investor Day (Brisbane CA Hdqtrs 10am pst)
Deutsche Boerse AG (BOER.DE) Investor Day (London 10:30am gmt)
Mattel Inc (MAT) Investor Day (NYC 1pm est)
Vocus Group (VOC.AU) Institutional Investor Day (Australia)

Stifel Industrials Conference (NY)
Drexel Hamilton Aerospace & Defense Conference (NY)
SNL Kagan Radio & TV Finance Summit (NY)
JPMorgan European Capital Goods CEO Conference (Surrey UK thru 16th)
BMO Capital 6th Annual Fixed Income Insurance Conference (Toronto)
Barclays European Select Conference (Sonoma CA thru 16th)
NASDAQ 36th Investor Program (London)
RBC Media IR Investor Day (NY)
Citi Colombia Day (NY repeat of UK Colombia on 6/12)
HSBC 8th Annual Korea Discovery Forum (Hong Kong)
EU-28 Outlaws Roaming Charges, today, via law passed in 2015
Int’l Congress on Neuropathic Pain (Gotenburg Sweden thru 18th)
Cisco (CSCO) Tech Talk One Software hosted by Oppenheimer (111am et)
Compass Diversified Holdings (CODI) Investor Day (NY 12:15pm est)
Hormel Foods Corp (HRL) Investor Day (8:25am est)
Informa Plc (INF.GB) Investor Day (UK)
Kroger (KR) & Walmart (WMT) face new competition as 10 US Lidl stores open today (Mid-Atlantic)
ONEX Corp (CDN: ONEX) Investor Day (10am est)
Toshiba to announce winner of its Chip Division (WDC one bidder)

FRIDAY, 06/16
Quarterly Futures & Options Expire today, a Quad Witch plus S&P & Russell, as well as NAZ 100 Rebalance on close today

Pain Annual Scientific Meeting (Orlando thru 18th)
HSBC 8th Annual Korea Discovery Forum (Singapore)
Centence Corp (CNC) 15th Annual Investor Day (NY 8:30am est)
American Express (AXP) 26th Annual Restaurant Trade Program (Aspen CO thru 18th)
Corning Inc (GLW) Investor Meeting (NY 8am et)
Johnson & Johnson (JNJ) Intends to complete buy of Actelion assets, today
Walt Disney (DIS) 1st Anniversary of the Opening of Shanghai Disney
MOVIES OPENING: "Cars 3" from Walt Disney’s (DIS) Pixar, with Owen Wilson, Cristela Alonzo, Chris Cooper, Nathan Fillion. "Rough Night" with Scarlett Johansson, Zoe Kravitz, Kate McKinnon, Demi Moore, from Sony Pictures (SNE). Tupar Shakur’s story told in "All Eyez on Me," with Demetrius Shipp Jr Danai Gurira, Kat Graham, distributed by Lionsgate Entertainment (LGF). "47 Meters Down," 2 sisters trapped in a shark cage encircled by sharks with less than an hour of oxygen, with Mandy Moore, Claire Holt, Matthew Modine, distributed by Entertainment Studios, which has a multi-year output deal with Netflix (NFLX), and recently closed an output deal with Anchor Bay/Starz (LGF). "The Book of Henry," starring Jacob Tremblay, Lee Pace, Naomi Watts, Sarah Silverman, distributed by Focus Features (CMCSA). "Maudie," with Ethan Hawke, Sally Hawkins, Kari Matchett, Zachary Bennett, distributed by Sony Pictures Classics (SNE). Sinn Fein‘s Martin McGuinness & Democratic Unionist Party Leader Ian Paisley, warring parties in Ireland, reached a decision that changed the course of history while forced to ride in a vehicle, together. The result is, "The Journey," directed by Nick Hamm & written by Colin Bateman, distributed by IFC Films in the US.

ECCO—ACCR Jt workshop on Methods in Clinical Cancer Research (Zeist Netherlands)
IBMS/ANZBMS Conference on Osteoporosis & Bone Research (Brisbane Australia)
Cannes Lions Innovation Summit (Nice Fr thru 24th)    EARLIER 2017 COMMENTS HERE

Sandi Lynne 2017 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,

  Sandi Lynne

       (c) 1998--2017 Sandi Lynne