Meaningless Monday Market Movement – Time for Earnings

It's Monday so we must be up in the Futures, right?

Monday mornings have market the high for the week in 3 of the past 4 weeks (last week being the exception but it was low-volume, holiday training), so we're not taking today's open too seriously, especially at the start of a data-heavy week that gives us Consumer Credit this afternoon, Small Business Confidence and Job Openings tomorrow morning, PPI on Wednesday along with a likely disappointing Petroleum Status Report, CPI on Thursday and Friday, not only do we have Import and Export Prices and the Michigan Sentiment Survey but we'll have earnings from 5 big banks to kick off the season (C, FRC, JPM, PNC & WFC).

So far, the markets seem to be unconcerned about the opening round of the Trade Wars though shots have been fired with the US imposing $34Bn worth of 25% tariffs (taxes) on flat-screen TVs, aircraft parts and medical devices and China has fired back with $34Bn worth of tariffs on US goods including soybeans, Autos and lobsters.  Another $16Bn from each side is expected to be announce Thursday, as Trump heads off to Europe to fight with NATO.