Monday Market Movement – Trump has his First Debriefing

President Trump is meeting his handler this morning.

It's a private meeting, of course, and whatever goes on from there we will only know from what Trump and Putin say about it but, fortunately, both men are well-known for giving the public faithful accounts of their actions behind closed doors, right?  According to protocols, however, Putin at least should have a report and maybe one day we'll get to see it.

Futile though it's been, we're taking another whack at shorting the Futures this morning as noted in my 7:21 note to our Members:

On the whole, I still like the short side and we'll be looking to cash a lot of positions in our portfolio reviews.  /NQ below 7,400 (tight stops above for all) is good as is, /YM 25,000, /ES 2,800 and /RTY 1,690 – 3 below and short the laggard is the safest way to play but I'm hoping NFLX disappoints and hurts the Nasdaq and, of course, it's time for negative AAPL rumors!  

Powell testifies before Congress for the first time tomorrow – that's a biggie.  June Retail Sales this morning, Industrial Production tomorrow, Housing Wednesday and the Beige Book and NY and Philly Feds this week too!  So plenty of data to chew over.

TIME (ET) REPORT PERIOD ACTUAL FORECAST PREVIOUS
MONDAY, JULY 16
8:30 am Retail sales June   0.5% 0.8%
8:30 am Retail sales ex-autos June   0.3% 0.9%
8:30 am Empire state index July   -- 25.0
10 am Business inventories May   -- 0.3%
TUESDAY, JULY 17
9:15 am Industrial production June   0.6% -0.1%
9:15 am Capacity utilization June   78.3% 77.9%


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