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ANSWERS: Mastering engineer Alain Paul (Tommy Four Seven, Paula Temple) responds to your AMAs

Back in May, I posted the AMA for mastering engineer and producer Alain Paul. Since Alain isn't on social media, we collaborated together offline to compile his responses to all your questions. Here are his answers, and there are some real nuggets of truth hidden here. I highly recommend you read through them all if you are at all interested in techno production or mastering in general.
What traits would you consider important for a person, independently of his (production) skills? What would be one of the best skills/traits to have as a person which can be passed on to your production mindset and your overall sound quality? (via maka (Discord))
Someone who wants to be a mastering engineer should have the personality of a robot. The more like a robot you are the more tracks you can master. For me, not being a robot, I struggle to work on tracks in a conveyor belt fashion and absolutely need to take lots of breaks and days off so my capacity is far lower than some other engineers who I know who sit there 8 hours a day and bosh tracks out like machines. But that’s mastering. If you are asking about creativity, I find that the opposite is important. Don’t be a robot. Be weird, wonderful, unpredictable, arrogant and all the things your average employer doesn’t want to hear….. but you need consistency and perseverance otherwise you will never make it. Most guys I know who have success have been going at it for many years.
When it comes to techno, what steps do you usually follow to master a track and are there issues we should consider that most tracks have? (via Caen83)
Often the kick isn’t strong enough. Hats are too loud. Stereo imaging is not mono compatible. They are the main problems I see on a routine basis.
What are the top 3 most common mix critique fixes you give, excluding simple balancing (hat too loud etc) and too hot mixes (peaks too high/clipping)? (via Arry_Propah)
Well, hats too loud is probably the third most common. Hats could also mean in this context shakers or any kind of high perc which is not sitting in the mix. Mostly that is just levels but it can also be EQ. Often people will try and view their mix in pigeon holes. They want the kick to occupy a certain frequency range, the top line to be in another frequency range and the hats to be in another etc. But the end result of this method of mixing is very often an over-EQed sound and I will usually get the stems and try make the frequency response of the sounds more balanced again and bring back some of the detail lost in the mix by this style of over EQing. Second most frequent thing hat got to be weird stereo imaging / mono compatibility issues. Especially with less experienced artists, there is a tendency to put ultra stereo widening stuff on all the sounds or even on the whole mix. This is one of the worst things you can do while mixing and I reject a lot of mixes because of this. It is far better to mix completely mono than mix “over wide”. But of course the best way is to mix with a strong mono image with supplementary stereo effects to make it sound nicer, but going crazy with the stereo invariably kills the mix. And in first place, by far the most common one is not getting the kick to sit right in the mix. And that isn’t just a level thing. Over the years I had to deal with a lot of kick problems and find a lot of different solutions, anywhere from EQ to gating to sample triggering. The kick is the most important part of most dance tracks so it has to sound right.
Is there any approach we can do during mixing that would make master EQing come out better? Things we should avoid or things we can push (via brucereyne)
Every track is different and everyone’s mixing tastes are different but some general rules do apply especially to techno or electronic dance music generally, such as: the kick is often the foundation of the track, if any other element of the mix is significantly louder than the kick, or the kick seems quiet, you should probably reconsider or at least be aware that this choice is unusual. HiHats should not be too loud. If you turn the mix up loud and the hats hurt your ears then they are too loud. If you have some kind of sub bass or bass line, this should generally not be louder either in terms of perception or peak level than the kick drum. If it is, the bass might be too loud or your kick might be too quiet. Jungle / Drum and Bass can have exceptions to the kick / bass ratio but techno can rarely have a feeble kick and still sound great.
whats the biggest advantage and disadvantage of a multiband compressor vs a single band compressor as a main "glue" compressor in the master chain. (via gombocrec)
I find the biggest disadvantage of using a multi band compressor on the sum is that it generally will just add huge amounts of mush and transient degradation and significantly decrease the quality of the mix, so I generally will stay away. But the advantage is that it can sometimes save a poor mix where the session has been lost and there aren’t any stems, if there is some weird sound that jumps out etc. Using it as some type of “glue” though is generally a bad idea in my eyes and I see a lot of inexperienced people doing this with bad results. Just because you can get things louder it doesn’t mean it is better. Very rarely is multi band on the sum a desirable thing in professional mastering.
What would be your number one tip for creating a sparkly high end that isn't harsh? Is it simply a case of some choice eq moves? Is a very focused compression band on the high end a good idea? (via Willlockyear)
I think this question is a compositional question disguised as a technical question. Let me explain…. Go and switch on a 909 or equivalent, software or hardware it doesn’t really matter, run your finger across all the steps on the hihat channel and press play and listen loud to the constant 16th note hats. After a very short amount of time it should start to fatigue your ears an insane amount. You might feel your ears “compressing” or just feel like you don’t want to listen to this because it is unpleasant. Now, if you dial in a very loud, long, full, bassy 4/4 kick, the hats will hurt your ears much less because you aren’t just getting blasted in one frequency range. The difference is huge and you haven’t used any EQ, compression or studio tricks, it is simply compositional. Back to mastering…. I will sometimes get a mix where the artist thinks the top end is harsh, then I listen to the mix and it has constant loud hats. Well it is not even about the mastering or mixing process, constant loud hats with no variation are just simply harsh. And it made worse if you have a very short, tight kick and not that much bass going on in the track generally because there is no frequencies from the bass balancing the high frequency assault of the hats. So rather than thinking about reaching for a compressor or EQ, try to change it compositionally by using side chaning on the hats or making the kick fuller or longer, or adding a thicker bassline, or sparsen out the hats a bit. When you have a great sounding mix in terms of composition, then it is much easier to get a great sounding mix technically and much less work is needed in mastering. But if you’ve done all than and are still looking for a super crisp top end, there are some tricks. Either using stuff like shimmery reverbs on your pads etc or try bussing some of the percussion sounds to two busses. A wet bus and a dry bus. On the wet bus you can boost the high frequency EQ a lot into a distortion. Then turn down the wet bus very low in the mix and feed it in until it thickens the highs but doesn’t become obvious.
What are some more creative techniques for gluing a track together besides reverb and compression (i.e. if you want to keep a track as dry as possible)? (via rorykoehler)
You say besides compression…. Well I totally get that it is all too common to slap an expensive compressor across the sum and fool yourself into thinking it sounds better because it is expensive. The more someone pays for a hardware compressor or the more shiny the plugin interface, the more people tend to hear magical “glue” properties. I personally think much of that is nonsense. Simply running everything through a stereo compressor isn’t the solution to sticking your mix together. The solution is crafting a nice mix and more importantly the compositional process itself. But this is exactly where compression comes in. If you aren’t using side chain compression, or using your modular system or Ableton modulation sources to really create dynamics and interplay between sounds then your mix won’t sound glued together because the elements in your tune aren’t vibing together. If you use side chain compression, gate dynamics, VCA and VCF modulation with LFOs and subtle envelopes from loads of triggers, your going to create a huge amount of dynamics as part of the compositional process and this will serve to glue everything together as part of the compositional process. And you will never want more glue as part of the mix because the tune will already vibe. In the mastering process, if a tune needs more glue, I will never run it though a stereo compressor or feed in reverb or whatever tricks other people reckon create glue. Generally I am going to be asking for stems and I will add some dynamics and interplay between the sounds using whatever modulations are appropriate for the tune.
The biggest thing I struggle with is lack of visibility below <50Hz (with my nearfields) and how that impacts my productions. Given the importance of these frequencies in techno it feels like painting with a blindfold. Other than cross referencing with headphones/subpac is there any other advice you could offer? (via MrSkruff)
You just need decent headphones. Don’t try and look at the sound on an FFT. I know some mastering engineers who religiously look at their FFTs to understand what is happening at lower frequencies but this is a total amateur mistake unless they are using very specialist software. This is because each bar on a spectrum analysis chart represents one “bin”. And if you switch to a line graph, you don’t get any more detail, it is still just the same bins but with a line drawn between each. The amount of bins are determined by your window size… it is not uncommon to use 1024 bins across the spectrum analyser. Think about that, only a thousand data points across all audio frequencies. Mostly commonly the accuracy is linear. This means, to cut a long technical story short, you only have a few data points under 50Hz. Maybe you might have only two data points, it depends on the window size. So what are you going to find out with two data points? Basically it tells you almost nothing. It is totally useless. So you might think, OK well then why don’t I ramp up the window size to get more accuracy? You can do that, you could have a window size of a million. The problem is, it will take a million samples of audio playback before you have a reading so you will have an unusably slow spectrum analyser. So there is a huge tradeoff between speed and accuracy. Either the FFT is so slow you can’t use it, or it is so inaccurate that you can’t use it. Either way you can’t use it for low frequencies. So get some decent headphones. If you are on a budget, get some medium price Sony ear buds and you can at least use them to listen to music on the train. If budget, size and weight is less important, grab a pair of Audeze LCD2 - and I’d check out the closed back version too - or other good planar magnetic headphones.
On the mastering chain, do you cut/roll off frequencies below 20hz? On the mastering chain or kick/bass groups, do you mono the low frequencies? For example, I often use the 'Utility' in Ableton to make <100-150hz mono. (via zimoofficial)
In mastering there is nothing that you do just because “you are supposed to always do it this way”. So I do not cut frequencies below 20hz as a routine thing. But if there is a DC offset, which seems to be more common with my house / disco clients as they run their mixes through all sorts of weird and wonderful vintage gear, I will use low shelving or high passing to get rid of unwanted stuff outside of the intended audio band. Narrowing the stereo image in the bass frequencies is something I do a lot of when artists have an unfocused stereo field. There is little benefit to having “wide stereo bass”. You struggle to cut it to vinyl, it leads to unpredictable results in clubs and in my opinion it doesn’t even sound good anyway. I generally try not to have a “sound” as a mastering engineer, other than well balanced and professional, but one thing I will happily accept as a characteristic of any “sound” I might have, would be you don’t get swirly, murky mud bass with my masters. No mud shall pass.
How often are you EQing to correct something in a mix as oppose to EQing just for tone? In regards to EQing for tone- if this is something done often- are there certain frequencies that you adjust/accentuate based on the genre you’re working with or based on an individual song basis? For example- many modern songs have the “smiley face curve” on the analyzer - bumped lows, scooped mids, bumped highs (via brucereyne)
Generally if there is something wrong in the mix, I will request stems or give mix feedback. I will only be very invasive with EQ if the client has lost the original session and it sounds bad and I need to be heavy handed to save a bad mix. The sound I shoot for in terms of tone, I am always looking for a balanced sound. I never EQ with a deliberate smiley curve just because that is “somehow supposed to be good”, because if you do this you lose the power and details of the mids. If you always EQ bright then you lose the warmth of the lows. If you always add lots of bass you lose the clarity of the highs. The only way which I think sounds good is to have a balanced sound. However, if you look at different genres on a spectrum analyser you might notice different kinds of general patterns but the variation is too big between songs in each genre to have that as any useful indicator of the way you should master a track. So stuff like EQ matching is all pretty much just nonsense in my opinion.
Different styles and subgenres have varying tonal and dynamic characteristics. How do you as a mastering engineer account fojudge this in determining whether a submitted track is within parameters of a "good mix"? E.g. Harsh Mentor - Salve is quite different from Tommy Four Seven - Dead Ocean. (via BedsitAudio)
Some mastering engineers do what I call “genre curving” and I used to be guilty of this myself when I first started out with mastering before I really knew what I was doing. When I first started out I was using Izotope Ozone back when it was quite new, I’m pretty sure it was version 3. Anyway you could take “snapshots” of tracks and I took a bunch of snapshots of reference house and techno tracks and figured out that they were very similar how they looked. So I just used to match the curve of the track I was attempting to master, to the reference. And that was it. This is how I started off around about 15 years ago trying to understand how to master stuff but obviously this is not very professional. Sooner or later I realised that if a track had a longer kick drum it would have more bass on the curve than if it had a shorter kick drum, which lead me to reduce the bass too much on the long kick drums and boost the bass too much with the short kick drums and then it would either sound feeble or distort easily, and I wouldn’t get the right volume and it didn’t sound very balanced. So then I felt like I had no more reference point and no benchmark to achieve any consistency….. as my attempt to achieve consistency ironically just ended up making things sound even less consistent! The solution is that you need to listen to a ton of music critically and you slowly develop an ear for what a balanced track sounds like. It’s like trying to ride a bike. At first it seems hard and you don’t really know what you are doing, but once you have developed the feel for it, you are able to do it. But just because you can ride a bike it doesn’t mean you are going to be good enough to ride a halfpipe. For that you need lots and lots of practice and there is absolutely no shortcut. If you try and drop in on a huge halfpipe first time because you have read a book on BMX, then you will just hurt yourself. Same with mastering. There is no technical knowledge or trick you can use, it is all just lots of practise.
What do you believe are the biggest trends in techno production and mastering right now? Where are we heading? (via teegeeteegeeteegee)
Mastering is all over the place in techno because you have a mixture of engineers. People sending their stuff to professional mastering studios and getting a proper job done but also artists trying to do it themselves and ending up with weird results. When working with someone new, they might send me a badly mastered track as a reference and say “I want this loudness” and also send me a professionally mastered track and say “but I want the richness and clarity of this track”. And I have to explain that the loud one is distorting and sounds like someone throwing a bag of spanners down the stairs whereas the professionally mastered one is slightly quieter but actually sounds great. Anyone can make anything sound loud by smashing it through a distortion plugin and boosting the high frequencies but that isn’t the way to make something sound great. The problem is, when DJs play a mixture of unpro mastered tracks with professional tracks, either they have to use the gain knobs (which of course any good DJ would normally do) or the unpro mastered tracks will sound louder. There is a tendency to hear a louder track as sounding better just because it is louder (this is the classic mastering loudness war thing) but the issue in techno is that it is possible to just run an entire track through a distortion unit whereas more other genres you can’t. So there is a practical limit of common sense in most other genres but in techno, especially with the tougher stuff, there is seemingly no need for common sense in certain parts of the scene when people think the clipping and insane distortion sound good. There isn’t anything necessarily wrong with listening to a square wave if that is your thing, but you just cannot expect to get a richer more complex dynamic track to sound equally loud. Most decent artists absolutely understand this though and don’t care about the extra loudness when it comes at the cost of sacrificing everything else
Given that modern techno requires such a cohesive sound, do you recommend producers work with comp/limiting on the master channel pre mastering? Does you have artists that give you looser mixes to allow you to do higher quality comp/limiting in the mastering stage? (via teegeeteegeeteegee)
Most artists I work with use a limiter (or just straight clipping) on the sum while they are composing and mixing the track. You can go as crazy as you want with limiting while working on your music. But the second you send it to be mastered you need to bounce the tracks with the limiter turned off and any compressor or saturation you have on the sum need to definitely be turned off otherwise I will reject the mixes. Sometimes the artist will send a reference with a limiter and it might even be louder than my master. But the artist can pretty much always hear that my master sounds better and more balanced and so I do not try and “beat the loudness” of their demo masters. Everyone I work with values a high quality end result more than a crap result which is extremely loud. And I know this because I refuse to work with artists that only want loud. But sure, when you are composing feel free to use limiting and I actually do recommend working with or at least checking your mix with a loud limiter setting because you can often pick up very quickly on soggy sounding kicks or unreasonably loud bass etc.
Do techno producers these days tend to cut too much low end in their mixes? What tips would you give us for tighter low end that would work in a club setting? (via sonicloophole)
There is not one trend in the mixes I receive. I’d say that over half the mixes are too dull and a very large amount are too bright. It is the vast minority which have perfect tonality. Some significant and increasing portion of the mixes I receive have nonsensical stereo widening and out-of-phase elements. The increase in use of stereo widening plugins is causing issues for people’s ability to mix nicely. The best bet is to uninstall any stereo widening plugins you have. If it sounds “super wide”, it is probably just out of phase and will disappear when played in mono leading to a low quality feeble mix. Always check mono.
What is your all-time favourite techno track production wise (if it's more than one that's also fine ofc). (via Dr_eyebrow)
There are so many tracks out there which just sound perfect in terms of their technical presentation / sound quality. This has been made very easy by artists using pristine quality sample library sounds in their music and the increasingly easy to use DAWs like Ableton. But when I listen to music, especially techno, it’s not the technical presentation which makes a track become one of my favourite, it is the creativity of the track and how it makes me feel. That’s why when I make my own music, I step well outside of the zone of being a mastering engineer and write stuff which doesn’t necessarily have the best sound quality but makes me feel something (like SHARDS - Three - A2). So my taste in techno in terms of my favourite tracks follow the same idea…. So for example I remember when Tommy Four Seven made Armed 3 a decade ago and I heard it in Berghain, that was something new for me and the track stuck with me as being this weird and brilliant anomaly of techno before anyone else was really doing that kind of sound. Or when Szare released Scored, that was a real favourite of mine at the time, whether you can call that strictly techno or not. Like stuff which you can’t work out if it is pretending to be techno but really isn’t or if it is actually techno but is just an anomaly. Who is to say? Ancient methods - Drop Out was the coolest thing when I first heard that. SØS Gunver Ryberg makes some crazy material. SNTS and Headless Horseman make some of my favourite dark rolling tracks. Maybe I’m just influenced by the fact that I’ve worked with those artists but I will often hear one track somewhere and immediately fall in love with the creativity amid a cloud of good sounding average tracks. Making your track sound good in a technical way is important, but the creativity to make something which breaks the mould is much cooler.
What techno genre is hardest to master? Industrial techno has harsh transients, melodic techno has a larger dynamic range, etc. (via dangayle)
To me everything is the same difficulty to master in terms of subgenres. It isn’t really the style of music it is the specific track which might be difficult and it generally has more to do with the person who composed and mixed the track. A pro melodic techno producer will submit an equally good quality mix to a pro industrial sounding producer. It is generally the inexperienced producer which create more of a challenge.
Is it easieharder to master tracks that were created fully in the box vs tracks that come from modular or other live performances? (via dangayle)
Not really, it really depends on the material. Actually modular setups can sometimes create weird frequencies and be harder to manage than purely digital in the box sourced sounds. Also you can get a higher noise floor with modular gear to the point of it being really problematic. Despite this I am a huge fan of eurorack.
What is the best book on mixing and mastering? Old or new. Analog and digital. Thank you. (via MILOFUZZ1)
Books don't teach you how to mix, an internship in a decent studio does. I've done a bunch of unpaid internships in my time and by the time I joined Calyx Mastering in 2014 I thought I was pretty good, up to that point I had been earning a living from Mastering for around 6 years and out of the many applicants and after their very difficult job application mastering test, I was the one that got the job. Then the first day I started working there I had my ego deflated and suddenly felt like a complete amateur with the super high quality expectations there. By that time I already knew all the theoretical stuff you'd read in a book - it was the experience of working in a team of elite engineers which taught me the biggest lessons, not the theoretical stuff.
How do you feel about using the following on the master buss: Saturation, Stereo widening, Mono-izing low frequencies, Low cuts between 10-50 Hz, Hight cuts between 15-20+ kHz, Using AD style clipper at the end, Multiband or standard compression for glu, (via fukinay)
Saturation: generally a bad idea unless it is in parallel Stereo widening: disaster, don’t do this Mono bass: generally a good idea Low cuts: generally not necessary unless you have a DC offset or problematic stuff High cuts: not generally necessary unless you have TV frequencies Clipping: bad idea Multiband compressor: bad idea Stereo compressor: generally a bad idea unless in parallel
In a untreated room, while using sonarworks or ik multimedia Arc2, how accurate can the mix and mastering be? (via Sonictrade)
Speaker correction does just that, it corrects the speakers. It doesn’t correct the room. Stuff which claims that it is room correction is generally a gimmick. This is because a poorly treated bad sounding room has problems in both the frequency domain and more importantly time domain. So you set your mic up to measure the response at your listening position and you do the sweeps and come up with a correction curve. Great, you have corrected the frequency response if you head is exactly where the mic was. Move a bit to the left or right, or back or forwards and you lose the sweet spot. Now sitting in the new position you might have a worse (deeper valley or higher peak) than you had with the room correction turned off because you may have moved out of a high pressure standing wave into low pressure in respect to those frequencies. So where you sit is very important in determining whether you are going to get the “flat” frequency response or a completely messed up one. In practise, if you stay generally in the right position the frequency response might possibly be good enough to work with but then you have a whole new problem which can be even worse than having an uneven frequency response… that is the problem of resonances. Especially in the lower and lower mid frequencies. This makes certain notes sound longer than they are. If you have a resonance around 50-60Hz you will always have a completely inaccurate understanding of how your kick sounds and when you play your mix elsewhere it is possible that your kick sounds very short and feeble whereas it sounded huge and beefy in your studio room. This is why speaker correction solutions should be seen as supplements to room treatment and second in line, not first in line. Getting some bass traps and basic acoustic treatment doesn’t cost huge amounts… if you have a modular system you can probably afford to treat your room. But if you are on a budget it is very easy to make DIY solutions using rockwool based DIY traps. Just make sure to use a mask and a very thin layer of plastic under the fabric to keep the fibres from escaping through the fabric and being breathed in.
Kind of curious the theory behind why one of my mixes that hits at -8 LUFS sounding softer than another mix at roughly the same LUFS. Is there an element in my mix that is hitting harder, say my kick, that is louder in one and taking up more of my headroom? (via Dudemanbro88)
LUFS is not an accurate determiner of loudness despite the fact that it was designed specifically to do just that and everyone now seems to think it is a more accurate determiner of loudness than their own ears. It is actually quite difficult to create a calculated number to say how loud humans will perceive sound. Traditionally everyone has used RMS but it is well know that RMS is very bass influenced. That is, if you have a very bassy recording and a very trebbly recording and then normalised them to the same RMS value, the bassy recording would sound much quieter. So the broadcast industry experts came up with a solution using the K weighting system to deemphasise the influence of bass frequencies on the meter readings. And this is what LUFS is. It isn’t a perfect system and it doesn’t even come close to resembling Fletcher Munson curves. I personally don’t care all that much about LUFS. It is useful in broadcast standards but not so useful in mastering for club music, at least not yet.
Any tips to avoid the dreaded "mud" when trying to put together an extremely bass heavy track? I really seem to like tracks that have a lot going on around that 40hz mark, but its a very hard area to monitor and mix properly! (via NothingSuss1)
40Hz is a bit too low to reproduce well on many club systems. People think that club systems are big and powerful and can rumble strongly at any frequency they throw at it. The truth is, while club PA systems are generally very big and powerful, it takes a crazy amount of power and also good room acoustics to successfully reproduce frequencies in the 30-40Hz range with visceral loudness and low distortion. If you test drive your tracks regularly in clubs you will see that staying closer to the 50Hz - 65Hz range for kick frequencies is often a safer bet. You need to turn those very low frequencies up loudly in your mix to get them to cut through and then you end up with mud. So it is less of a mix thing and more of a compositional thing to create a mix with low amounts of mud. Or you could also celebrate the mud. Maybe listen to some Sunn 0))).
What is your opinion whether mastering process should influence how well and pleasant the music sounds, or only and exclusively affect the loudness and conformance to standards? (via fourthtuna)
I generally work with the artist to achieve the best possible sound, whatever that takes, but I will not intervene in the creative / compositional process. If you think that it is maybe sort of unfair that some people get external help in making their tracks sound better, then I’d say that, although having a professional mix and mastering job is very beneficial, if the actual tune isn’t good in terms of artistry, then no amount of mastering is going to make it a decent track.
Is analog mastering better than digital? (via Caen83)
Today there is no such thing as analogue mastering. There is mastering exclusively with hardware…. In which case you might use a hardware limiter such as the Waves L2 but this is digital not analogue. Then you have to convert it back to digital at some point if you want to release the music digitally anyway. If you take analogue mastering to mean analogue EQ and compression, then what happens if you don’t need to use compression? Then all you mean by analogue mastering is analogue EQ. In which case, is analogue EQ better than digital? I’d say not necessarily. I do use analogue EQ but I don’t know of any analogue EQ that can be used as a ganged stereo dynamic EQ. So limiting yourself to using only analogue EQ would be a huge downgrade. In short, in modern times, analogue mastering (whatever that is taken to mean) is generally worse in my opinion than a hybrid or fully digital approach.
With plug-ins becoming more and more powerful, Acustica emulating high end tube EQs, and even Softube with the 1:1 Weiss EQ and Compressor, do you think mastering will ever change from analog to hybrid, with just converters and plug-ins? (via secus_official)
It already changed years ago. Very few people do 100% analogue mastering because the limiters are pretty much always going to be digital and the end format is pretty much always digital too. You only generally get all-analogue mastering for speciality projects, like recording to tape and then mastering from tape to vinyl with no digital gear. So in this sense, the whole mastering industry had already gone hybrid many years ago. In 2020 I’d hazard a guess at saying that there are more digital mastering engineers than there are people using analogue EQ. The Weiss gear by the way is, and always was, digital. If what you mean is not analogue but “hardware”. Well I don’t really know how meaningful that is. If you have the L2 or the Weiss stuff running in a box in a rack or on your computer if it is the same code processing the digital signal. In fact many engineers sold their hardware L2s because the newer plugins sounded better.
What are some of your favourite tracks you mastered and can you tell what exactly you like hearing in them and mastering them. (via arneleadk)
Tommy Four Seven’s album Veer was an especially cool album to master. To me that album is an obvious landmark in modern techno. Because of the complexity of the production and the massive amount of layers and detail Tommy likes to use in his tracks it was a big challenge to get sounding as weighty as it needed to be whilst preserving all of the details, clearing some of the mud caused by the complexity in the low end, getting the optimal stereo image to sound wide and full but at the same time be very mono compatible. It had to be loud yet dynamic and hard hitting but graceful in the detail of the sounds. It had to do everything all at once which is the most difficult thing possible in mastering because mastering is normally a balancing act.
What is the difference between tracks you get from seasoned professionals (Paula Temple, T47) vs those you get from new producers? (via dangayle)
Generally the quality of the mixes are instantly recognisable and they don’t make common errors like having the hihats far too loud in the mix etc. Also they know what works in a club and what will cut through on the sound systems and they won’t compose tracks with sounds which don’t translate well in those environments. Beyond the music itself you can generally tell someone who is a pro by the lack of concern for control over the mastering process. When I get a track from one of my long term record labels or artists, a wetransfer email will turn up in my inbox with no note. I master whatever it is and send the masters back and invoice them. They pay the invoice within a week and that is the end of the process, no revisions. With new producers, the same kind of job will take 20 emails and maybe a revision or two after I have requested stems and given mix feedback.
From a mastering engineer's perspective, should producers have their tracks mastered before shopping them to labels, or should they leave that up to the label itself? (via dangayle)
Generally labels like to get their stuff mastered by their own preferred mastering guy and they could even suggest changes to the tracks before they signed them. So there is a reasonably high chance that you will not actually release the masters you pay to get done, and they will need to be redone. However, the question is whether having the tracks mastered so they sound their best, might actually have gotten the attention of the label… maybe if it had not been mastered and sounded a bit more rough, the label may have overlooked it. I would generally advise mastering your stuff if you are confident with the tracks and have the budget as it could be the edge which gets you the deal.
Do you master your own productions as Shards/These Hidden Hands, or are you too close to the music to be objective? (via dangayle)
I have mastered every Shards and THH record. Objectivity comes with time away from listening to the music. You cannot make a track and master it the same evening but you can make an album, have a two week holiday and come back and master it with an increased amount of objectivity, not optimal amounts but enough to do a pretty good job if you can focus. Generally the test is, listen back in a year and if you think “oh shit” then you should probably ask another engineer next time. But with Shards and THH I still think I did a good job looking back, in fact I use one of my Shards tracks as a calibration / reference track and I think that our second THH album, Vicarious Memories, is one of the best album masters I’ve done and I use the track The Telepath as one of my most important references for testing new monitors and headphones. It seems to work for me but some other mastering engineers insist on having other people masters their own music. I guess it would be interesting to get another engineer to master the next THH record and then compare it with my own master to see if my objectivity really is impeded… but then again, last time I did that with a Shards track which came out on another label, I had to end up submitting my own master because I hated the master their engineer came up with.
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I Can Make You Hot!: The Supermodel Diet (by Kelly Killoren Bensimon) -- Part Two

I hope you all have taken full advantage of the past 48 hours or so to regain some sense of normalcy after our adventures through Part 1 of Kelly Killoren Bensimon's I Can Make You Hot! Without further ado, Part Two:
I resume my journey through the truly incomprehensible mind of Kelly Bensimon with a chapter entitled, "Thursday: Tricks of My Trade." Now that we've learned about the basic building blocks of hotness, Kelly promises to share even more hard-earned advice to help us really kick things up a notch. And, as she reassures us:
I'm actually glad for the mistakes I've made because anyone who doesn't make mistakes doesn't learn, and if you don't learn, you're boring!
And if you're boring, you're not HOT! I think I'm starting to get the hang of this!
One of Kelly's most important life lessons came at her first horse show, when she made an unbelievably devastating misstep: "I decided to have an egg on a bagel from the food-service van." What kind of unimaginable ripple effects did this poor decision set off? I continue on to learn that Kelly "did all right in the competition." And…that's literally the whole story. Kelly legitimately refers to this as "one of my biggest lessons," as it taught her "to never eat more than I normally would." If life-changing breakthroughs were this easily sparked in my own life, I can't even begin to imagine how self-actualized I would be at this point.
At this point in my reading, I have reached the book's first insert, which contains about a dozen glossy color photos from various phases of Kelly's life. Unfortunately, I am far too preoccupied by this picture, in which a carefree, wind-swept Kelly clenches her infant daughter under one arm with all the grace of an NFL wide receiver, to pay the rest of the spread much mind.
We continue on as Kelly introduces new dimensions to the basic tips she's previously introduced. For example, you may have had some vague idea that water was important, but Kelly -- always there to help us learn and improve -- digs into the specifics to make sure we're up to date on the HOTtest tricks of the trade:
Staying hydrated is important no matter what you're doing, so I always try to drink eight glasses or about a liter of water a day. Soda isn't water. Coffee isn't water. Water is water. Drink throughout the day; don't try to get it all down at once. You wouldn't drown an orchid, so don't drown yourself.
I am putting in my formal request for a Public Service Announcement in this format, but using the last line of that passage. Also, Kelly clearly does not know how poorly I tend to my houseplants.
The next page informs us that, "hot isn't just caliente; it's also spicy and sultry." Kelly promptly launches into yet another list of miscellaneous grocery items, this time focused specifically on "red-hot foods." Except it includes entries like "popcorn with sugar and cinnamon," and "Mike and Ike candy," so I'm not convinced Kelly didn't just lose track of the thread entirely by the time we got a few items in. However, this does seem like an appropriate time to introduce this picture, from the book's second photo insert, which clearly depicts the sleep paralysis demon that has haunted my dreams for the past several nights. We're also treated to this chapter's first "hot button issue" panel, in which Kelly pulls back the curtain on the shadowy, pro-salt cabal trying to control us all with their anti-sodium legislative agenda:
We keep reading about how bad sodium is for our health, but if you eat fresh foods that you prepare yourself, you can determine and control the amount of salt you want to use. I, Kelly Killoren Bensimon, am perfectly capable of deciding how much salt I want to put on my food. I don't need anyone else to salt my food for me. I know that the amount of salt I choose to sprinkle on my food is not going to hurt me.
I read on to find a two-page spread in which Kelly expounds, in rhapsodic praise to rival that of Song of Solomon, upon her ardor for her beloved dehydrator -- "I though I was in love with coffee, but now I think my dehydrator is my truest love." Most of the passage is taken up by an unstructured list of the various things Kelly has attempted to dehydrate ("cucumber," "mangoes," "avocado") but she does manage to squeeze in a few infomercial-ready lines -- "Really, you should buy one; I promise you won't be sorry."
Since repetition is the key to reinforcing new concepts, I appreciate that Kelly's next list (of "a few more lean tricks I've learned along the way") repeats a note she originally relayed to us just a few pages ago:
Drink water throughout the day (not all at one sitting).
She's also been thoughtful enough to provide a list of resources for us to use as we soldier on along the perilous journey to HOT. After all, as Kelly says, "I don’t expect you to carry this book wherever you go -- as much as I would love that." As someone who has never before ventured into the wild world of cyberspace, I really appreciated Kelly introducing me to so many fun, useful websites that I might want to check out! In case you, too, just haven't figured out how to navigate this whole Internet thing, I've included a few examples below:
www.amazon.com
One-stop shopping for just about any book, periodical, or product you might want to read or buy in order to get HOT.

www.espn.com
Everything you need to know to stay up to date on any sport.

www.webmd.com
Useful, up-to-date, trustworthy information on medical and health issues.

www.yummly.com
Claims to have "every recipe in the world"
Can't wait to check these out later! That Amazon one sounds super cool!
I'm reminded quickly just how inelegant the transitions in this book are as we move directly from that list into the following:
I suggest that you take a picture of yourself every day…Some days when you're feeling your fattest, you may be surprised to see that you really look great.
Okay, so fat is NOT HOT. Except being comfortable in your body is HOT. And trying to be skinny is NOT HOT. But being skinny is HOT. Thank goodness I still have a few more chapters to go -- I clearly still have a ways to go before I truly understand the logic of HOTness. As it stands, I must admit that I'm a bit baffled.
Of course, returning to the previous bit of advice, Kelly doesn't actually have to worry about taking her own pictures like us plebeians -- "Having been photographed so often has provided me with a permanent retrospective catalogue of my life." The chapter closes with these words of wisdom:
The best kind of vanity is being vain about what you put in your body.
Friday's chapter promises to introduce us to the world of "Hot Couture," and I am excited to see what tips and tricks Kelly has managed to accrue over her lifetime in the cutthroat world of modeling . But first, we abruptly transition to a story about Kelly meeting Madonna shortly after both women had given birth. Kelly had "gained a healthy fifty pounds," which I am led to believe, from the context of the anecdote, is NOT HOT. Madonna, on the other hand, was "flat-stomached" and therefore "HOT and cool." Of course, Kelly reassures us hurriedly that she lost all the weight within the following six weeks and was "actually thinner than I'd been prepregnancy." I am at an utter loss as to what the point of this story could possibly be, but -- blessedly -- Kelly is gracious enough to explain:
So what's the lesson here? That Madonna had personal trainers and chefs to whip her back into shape, and I didn't -- and still don’t. I shouldn't have been comparing myself to her in the first place. My advice to you is: don’t compare yourself to anyone else, only to your own personal best.
This is a perfect example of something Kelly does throughout this book, which is to present a completely reasonable piece of advice (don’t compare yourself to others), but couched within such a bizarre and logically disorganized narrative that by the time I reach the ultimate moral of the story, my brain feels like it's been run through a series of meat grinders, and I'm reduced to just nodding along in bemused acceptance.
We get a "Kelly's Cardinal Rule" reminding us to "let your body be what your body is and be happy with what you've got." I'm starting to wonder if there is some sort of Dr. Jekyll / Mr. Hyde thing going on behind the scenes here, in which two versions of Kelly are frantically grappling over control of the book's body-positivity dial. I'm literally don't even have to flip the page to see Kelly commiserating with us that "we all have days or occasions when we feel fat" and quipping about her "go-to fat outfit." But also:
Stop praying for what you don't have and be grateful for what you've got.
This amount of cognitive dissonance is truly proof that Kelly contains multitudes. Or has recently acquired some sort of debilitating short-term amnesia. Nevertheless, we continue:
But whatever your shape, show it off. Don’t try to hide it. Hiding is not hot.
Kelly next walks us through figuring out which "season" we are, based on the wisdom extolled in "Color Me Beautiful, the groundbreaking book that was so wildly successful in the early 80s." It's no surprise to me that Kelly, who earlier encouraged us to make our lives easier by using our PDAs, finds this to be an exciting new trend to share. Also, in case you weren't aware, "hair color is also important. You can lighten it or darken it or cover the gray." Lighten it or darken it? The boundaries of my mental universe are truly expanding.
Some more fashion tidbits:
Scarves are hippie chic, cool, and always HOT.

If you're narrow, show off how narrow you are with a monochromatic palette.

Ankles are the new cleavage!
Narrow ankles only, I presume. Kelly's selfless, giving nature is highlighted yet again in the following passage, in which she explains:
All these celebrities have stylists who pull the clothes, accessories, and shoes that make them look the way they do. They charge a lot of money for what they do, so why not get some free advice based on my experience.
And what, pray tell, is this coveted advice that Kelly is so lovingly sharing with her readers, free of charge?
  1. Save sweatpants for the gym.
  2. Save PJs for the bedroom.
  3. Dress as if you were the boss.
  4. Remember what Carrie Bradshaw says: "Nothing is casual anymore, even when it says so on the invitation."
  5. Manolo Blahniks are a girl's best friend.
Okay, so far be it from me to complain about the quality of free advice. But. Out of the five pearls of wisdom that make up the "KKBStyle Rules," two of them are rudimentary instructions to wear somewhat-situationally-appropriate clothing, and the other three are the kind of cute sayings that you would find on a piece of poorly bedazzled wall art in the clearance aisle of your local TJMaxx. I'm not impressed.
Kelly next tells us how important it is to eat well and exercise, even "when you're premenstrual or having your period." That way, as she continues on, "you'll feel better because your endorphins will be flowing while your body is sloughing off unwanted endometrium and mucus." To be fair, Unwanted Endometrium does sound like a sick band name.
Thankfully, the mental image of Kelly's mucus slough is promptly booted from my mind by a careening diatribe about the color red (HOT!):
I even painted my nails red the minute I started writing this book. I wanted to see my short red nails tapping away on my Macbook Pro. Almost every red dress is smokin' HOT, and I've never met a guy who doesn't think a woman in a red dress isn't hot. He's a liar if he denies it.
To repeat, Kelly says she's "never met a guy who doesn’t think a woman in a red dress isn't hot." Poor dear got a bit carried away with her negatives, but I'm sure she'll redeem herself in no time:
When I was sitting in the front row of a Marc Jacobs fashion show a few years ago, I wore a full, red short skirt, a tight red sweater, and red open-toed shoes. One of the editors from The New York Times was sitting across from me, and as we were waiting for the show to begin I kept crossing and recrossing my legs to make him laugh.
Sure, Kelly. To make him laugh. I can only assume she must have written some kind of hilariously clever joke on the gusset of her underwear to have had this editor so tickled pink red.
It was a long wait and after a while some guy I didn't know who was at the other end of the row, leapt towards me and screamed that he was obsessed with my feet. How crazy is it that red open-toed shoes and red toenails could create such a reaction. Red is HOT, even stalker HOT. Yikes!
I'm not clear where "stalker HOT" fits into this whole complex web, but it's reassuring to know that a wise soul like Kelly has such a nuanced appreciation of all of the different ways to be hot. She also gives us some "HOT tips for heating up your image." Like,
Put on a pair of jeans and a white tee shirt.

Put your hair in a ponytail.

Put on a pair of hoop earrings.
And also
Wear your jeans a size smaller instead of a size larger.
For some reason not entirely clear to me at this moment, wearing jeans in your actual size does not seem to be an option.
The chapter continues with a reminder to "remember what's on top of your head!"
There's nothing hotter than a HOT head of hair (unless it's a hunky bald guy).
Kelly follows up by offering a list of what she calls "HOT healthy options." Based on the preceding paragraph, you might assume that these tips would have something to do with haircare and hair styling. However, you would be wrong. Instead, we're instructed to:
Enjoy as much watermelon as you like.

Pack a picnic lunch of dehydrated fruit, chamomile iced tea, and mini pizzas made with corn tortillas, cherry tomatoes, and mozzarella cheese. Eat your picnic in the park.

Come up with something fun you want to try and do it!
Personally, it seems like a bit of a cop-out to make one of the items on your list of fun things to do "make up your own fun thing to do." But who knows? Maybe cop-outs are HOT!
Before my faith in our fearless leader starts to waver, however, I read on through the end of the chapter, and my surety is promptly restored:
Besides my hair and my legs, the one thing people always ask me about the way I look is how I keep my teeth so white. And yes, that's also a matter of genetics. I'm blessed with the whitest teeth on the planet, and, no, I've never had them professionally bleached.
The weekend begins as I turn the page to the penultimate chapter -- "Saturday: Heat Up Your HOT Image with Healthy Options Today." Saturdays, as Kelly tells us, are for fun activities. For example:
If you're in the mall, go to different stores and figure out which looks will make you HOT. Ask other shoppers for advice.
Also:
Parks are great for people-watching. Who looks fit and healthy?
I sincerely hope that any and all of my friends would give me a stern talking-to if I informed them that my weekend plans consisted of going to a park and…pointing out people I think aren't healthy enough?
Kelly then warns us against overindulging on late-night snacks or alcoholic beverages, lest we wake up Sunday feeling "bloating, sluggish, and with deep regrets." Presumably, Kelly then proceeded to rail a massive line of cocaine and hammer out the following frenetic spiel:
You're not going to get fat from having a few drinks a week. You will get fat if your routine is to drink, eat late, and then lie around watching television the next day, eating and making bad food choices. Going out is fun, but when you sacrifice the next day, it's never fun enough. Don't have regrets; enjoy every day. This is a life plan, and yesterday isn't coming back ever again.
The chapter comes to a close with a reminder to "wrap up every day with a great big bow and be ready for your next adventure. But before we close out our week of HOT, we're provided with what I anticipate will be an incredibly useful reference material for us all, the "KKBfit HOT Quiz." If you'd like to take the quiz yourself, you can find it here. However, I'm not entirely sure I would classify it as a "quiz," since it seems to be mostly a set of questions followed by Kelly's feedback on various possible responses. For example:
  1. How Kelly Green are you?
I had a Kelly Green Juice -- Wasn't it yummy?
I had a smoothie from the health food store with a splash of spinach -- Great choice!
I had kale chips, spinach, and quinoa for dinner last night -- I bet you woke up feeling great this morning!
Other?
I presume that the lack of response after the "Other?" choice is supposed to represent Kelly staring at me in deranged disappointment for a few painfully protracted seconds. Some questions, like the one above, don't seem to have any wrong answers at all. In contrast, other questions have clear wrong answers, which Kelly wastes no time in making apparent:
  1. Are you getting enough protein? How many days did you eat chicken, fish, or meat for at least one meal?
I had a grilled chicken salad for dinner on three different days -- That's good, but I wish you'd get a little more adventurous in your choices.

  1. How KKBfit are you?
Haven't had a meal since last night, but I'm going to skip breakfast and go on a run. I won't eat anything until lunch. -- Sorry, but starving your body is not KKBfit.

  1. Are you drinking enough?
I drink when I'm exercising but that's about it -- Not good enough! Try harder next week.
The quiz ends, leaving me entirely unsure of whether or not I've actually made any forward progress towards my HOTness goals, but the next page does promise help for those who "still need more inspiration." Here, it seems that Kelly has compiled a loose assortment of quotes, most of which (I have a sneaking suspicion) were found by searching the keyword "hot" on BrainyQuote.com. Also, this masterpiece from Kelly's ex-husband, noted fashion photographer Gilles Bensimon:
HOT--
It is not about the look,
It is not only about the charm,
It is the perfect combination:
Sweet and tough,
Sexy and reserved,
Fragile and powerful,
And definitely smart.
-- Gilles Bensimon
Move over, Rupi Kaur! I hope with every fiber of my being that Gilles Bensimon has published his collected poetry in some kind of volume that I could purchase, read, and have, I'm sure, nothing but positive things to say about. After about a dozen similar quotations, Kelly continues:
Now, as you get ready for Sunday Funday, take a few minutes to think about how you define HOT. Has your definition changed or evolved since you started reading this book? If so, I'm doing my job.
In all honesty, my definition of HOT has definitely been…affected by this experience. So we'll call that a win! Kelly tells us a few stories about times when her friends and family members have come to her for guidance on how to be hot. She explains:
I'm not the food police, but I've made myself the Sven-arbiter (as opposed to Svengali) of what's HOT and what's not.
Case in point:
It's just not hot to belong to the clean plate club.
The chapter closes with a list titled "Why Don't You," which I believe is supposed to be a list of fun activities we can try during a Sunday Funday. Or possibly a list of terrible life hacks for stoned college freshmen:
Use an electric teapot as a clothing steamer.

Make grilled cheese sandwiches or press wraps using a hot clothes iron.
There are very few things sadder to me that imagining someone taking Kelly up on this last bit of advice as a fun way to liven up what must be the most preternaturally boring existence possible. If your idea of fun is white bread and Kraft Singles getting slowly warmed over on your clothing iron, I can only imagine the fit of hysterics that you'd be thrown into by a passable Minions meme.
And that brings us to the end of the week. But not -- lucky you! -- to the end of this book. Au contraire -- the remaining 100 pages or so of I Can Make You Hot! feature dozens of unique recipes from the culinary mind of none other than the indomitable Kelly Bensimon herself. In her intro, however, she makes it clear that
No one on earth would ever call me a chef.
Of course not, Kelly -- they'd call you a cook. Otherwise, it's creepy.
This portion of the book begins, reasonably enough, with Breakfasts. These include such thoughtfully named delicacies as "My Favorite Cereal" and "My Favorite Pancakes." The recipe for the latter begins with the following introduction:
I'm not the greatest pancake maker, and I probably never will be. But what I am very good at is thinking of unusual things and doing them.
Frankly, I can't argue with that. As she continues:
When in pancake doubt, have fun, add fruit, and see if pancakes can be a vehicle for creating great memories for your family.
Next time I'm in pancake doubt, I'll know just what to do! We move right along into the Soups and Salads section, and are promptly introduced to Kelly's "Jimmy Achoo's Chicken Soup." Which is apparently a play on Jimmy Choo and also described by Kelly as "filled with veggie exploitation," which sounds terrifying. Of the next recipe, "Rich and Skinny Cauliflower Soup with Kale Chips," Kelly reflects:
I adapted this recipe from one I found on the Internet. I wish I could tell you exactly where, but I can't.
The recipe calls for kale chips, which Kelly goes out of her way to inform us can be purchased "at health food stores and many well-stocked supermarkets." We also get a few general "HOT salad tips" that can be applied to many of the recipes throughout this book, such as
There are so many different types of lettuces available today! Try different ones to see which you like best
and
When you order a salad in a restaurant, ask for the dressing on the side. You're a grown-up and you should get to decide how much you want to use.
With that under our belts, the grown-ups among us move on to "Meat, Chicken, and Fish." In her recipe for "Grilled Rib Eye with Herbes de Provence", Kelly tells us about meeting the famous chef who inspired this dish:
When I met Eric, who was still in his thirties at the time, he still had dark hair. I was caught off guard because I thought all chefs were older, had gray hair, and smelled like garlic.
So perhaps Bethenny should have taken it as a compliment? Kelly continues,
He's since invited me many times to go into his kitchen and cook with him, but my fear of losing a finger by being overzealous has prohibited me from accepting.
It's unclear to me exactly what this means or why Kelly would even be particularly worried about this possibility. Does she have habit of excitedly snatching vegetables out from other people's knives? Does Eric have a reputation for slicing anyone who dares to get in his way? Before I make any headway with this particular mystery, we're introduced to the next recipe, the "Pencil-Thin Skirt Steak." As we learn, "Everyone looks slim in a pencil skirt, so it's only fitting that skirt steak is one of the leanest cuts of beef you can buy." We get a recipe for "Sultry Roast Chicken" in which Kelly shares with us that "in fact, chicken without ginger doesn't taste like chicken to me anymore." This would be more believable if we weren't, a mere two pages later, introduced to a notably ginger-free recipe for "Second-Chance Chicken." As Kelly explains,
I hate the idea of leftovers. To me, eating leftovers means you're too lazy to start over, and I've never wanted my girls to think that we weren't starting fresh.
In the introduction to the recipe for "Bad Girl Wings," Kelly gives us yet another poignant insight into her life as a mother:
These chicken wings are Sea's favorite. I'm sure she loves them because she knows I love wings (she's a cutie like that).
It would obviously be ludicrous to assume that Sea actually enjoys chicken wings authentically. Much more likely that she just loves them because Kelly does. HOT! In a segment labeled "hasta la vista taco bell," Kelly recounts a traumatic experience in which she "discovered that my favorite food choices [at Taco Bell] added up to 580 calories." To me, this seems like a perfectly reasonable amount of calories for one daily meal out of three, but according to Kelly, I am embarrassingly off the mark. Rather, she sighs, "I guess that means my Taco Bell days are over -- unless I decide to chance [sic] Sunday Funday into Fatso Food Day." Not HOT.
Kelly tells us about the creative process behind the development of the next recipe, "Spicy Sultry Shrimp and Mango Stir-Fry" (which, for the record, is the second recipe to have the word "sultry" in its title).
This was one of the first dishes I made when I started to cook -- as a science experiment. My "method" was to think of foods I loved and which ones I thought would go well together.
Fascinating! Think of ingredients you like and combine them into a dish that you will then likely also like! The next recipe, for "Kelly's Kalamari," features the following introduction:
I still love fried calamari, but it doesn't love me. Whenever I eat it, it goes right to my stomach and makes a little pooch -- eww!
As a reminder, this is the same Kelly Bensimon who told us that loving our bodies is HOT and dieting is die + t. But also, eww!
We trek along into the next portion of the recipe book, succinctly titled "Pizza, Pasta, Potatoes, Grains, Vegetables, and Sides." We get a recipe for "Pizzzzzzzza!," which instructs the reader to obtain pizza dough, pizza sauce, mozzerella cheese, salt and pepper. Spread out the dough, add sauce and cheese, and cook! This is yet another time I'm glad Kelly told us early on in this book to take detailed notes -- these kinds of nuanced culinary creations can only come from the mind of a true master.
The same kind of true master who would, as we soon learn, conceive of this particular travesty -- "Pink Pizza." Imagine with me, for a moment, that a dear friend invites you over to their house for dinner. I'm making pizza! they implore you. Come over -- we'll hang out, have a couple beers, catch up on old times! Excited for a chance to relive the glory days, you eagerly accept, only to be met -- upon your arrival -- with this abomination. I thought you said we were having pizza? you sputter nervously. This is pizza, your friend intones, as their eyes slowly fade to black and their hands reach out to wrap themselves around your throat.
Kelly goes on to share a recipe for an "Asian-flavored noodle dish" that she has christened (and it truly pains me to type this), "Me Love You Springtime Noodles." Somewhere, the last ember of hope for humanity quietly fizzles out.
The following recipe, for "Pasta with Oddkavodka Sauce" begins with a warning:
When you make this (especially for children) just be sure you cook off the alcohol so that you aren't serving vodka to minors or have to assign a designated driver for your guests.
This seems like reasonable and conscientious advice. Until I read on and learn that the recipe calls for 1/8 cup vodka, and makes four servings. If your guests need a designated driver after consuming a half-tablespoon of vodka each, I would strongly encourage them to seek medical advice forthwith.
I am reminded once again how different Kelly's and my worlds are with the following exclamation:
Try using quinoa in this recipe instead of the rice -- I call that having your cake and eating it too!
Oh, to live a life in which your most selfish indulgence was quinoa. I suppose this should have prepared me for a few pages later, when Kelly remarks:
Both hummus and guacamole make great toppings for steak or fish. They're my version of béarnaise sauce.
I love hummus. Hummus is great. But there is no possible existing parallel universe in which hummus and béarnaise sauce are interchangeable. One of the final recipes in this section is cryptically titled "Have an Impromptu Pepper Party" and instructs the reader to scoop out the insides of a bell pepper and stuff it with "whatever ingredients suit your fancy." Again, I feel like this fails to meet the definition of an actual recipe, per se, but it is supposedly "quick, fun, and satisfying."
We're nearing the book's end (for real this time) with a section on "Breads and Desserts." This includes an inspirational passage in which Kelly shares a personal anecdote:
On Season 4 of the Real Housewives of New York City, I made a mixed fruit pie for my kids with what was left over in the fruit bowl…Don't be afraid to try new things, make mistakes, and have fun doing it.
I can only hope to someday be brave enough and fearless enough to make a mixed fruit pie.
Blessedly, the final section , titled "Beverages", looks like it might have exactly what I need in the aftermath of finishing this book. The "GIN-Ginger Beertail," for example, which "was originally made with gin, but I don't like serving gin drinks because I think it makes people mean." We also get a recipe for something called "Babylove," which (thankfully) seems unrelated to another of my favorite reality TV cesspools.
It only seems appropriate to share the final recipe of I Can Make You Hot! with all of you. I will definitely be downing approximately seven of these tonight, and I hope some of you will be joining me in spirit. Cheers:
Gummi Bear Martini
If you don't have a paper umbrella handy, Gummi Bears are a great way to put more fun in your drink.
Makes 1 Drink
2 parts orange, grape, or other-flavored vodka
1 part Triple Sec
1 part white grape juice
Splash of cranberry juice
Gummi Bears, as many as you like
Combine the vodka, Triple Sec, grape juice, and cranberry juice in a tall glass. Add ice and fill the glass with Gummi Bears.
ETA: I am so disappointed in myself for forgetting to include that Kelly has a ceviche recipe that instructs you to marinate raw fish in lemon juice for exactly two minutes before serving. In the interest of food safety, perhaps it was for the best that this nugget momentarily slipped my mind, but sharing this information with you all is the burden I have been cursed to bear. 🙏🏼
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Professor BoneMaster here with 'rona-DD. Second wave will be brutal, but it's not coming any time soon.

TLDR: Second wave is coming, but not until in October. Models again are retarded as fuck. Bet against restaurants, bars, gyms, and cruises.
Deleted my other account for reasons, and you can't post unless your account is old (mods gay), so I had to bring this one back from the dead.
You might remember me from my last DD where I told you guys we were going to have well over 60k deaths in the US. If you took my advice, you didn't end up longing vol, because nobody gave a fuck when the IHME model was shown to be complete horseshit. People die, and as JC said the market don't give a fuck. Since we've now hit double that 60k figure today and I've been seeing a ton of COVID-related bullshit getting posted lately, I decided it's a good time to clear all this shit up. Let's get to it.
Second Wave in the US is an inevitability. It will be brutal.
First off, the uptick in cases we're seeing now is not the second wave. We've seen infection count doubling time decrease from like 4 weeks to 3 weeks and the media has been losing their fucking mind. This isn't ideal, but this is still well under where simple policy changes (i.e., localized lockdowns -- keep an eye out) can keep things in control. Recall in March the doubling times we saw in the US and Europe were on the order of 3-4 days. More later.
Secondly, the protests mean jack shit for a second wave. Scientist said "large-scale gatherings are probably not the best idea right now" and the media reported it as "EVERYONE AT A PROTEST WILL BE BRINGING HOME THE RONA!!". There is little to no evidence of wide-scale spread in outdoor environments. Full stop. Maybe there will be such evidence in a week or two, but don't hold your breath.
Regardless, a second wave is coming and coming hard. This is basic shit. Epidemiology 101. 1+1=2 kind of shit. Respiratory illnesses are insanely seasonal. Like, I'm talking death rates being an order-of-magnitude lower during June than e.g., February. Check this shit out yourself -- go to 'Request Form'->group by state and month->select some state->select some year->Cause of death J09->J11 (verified as flu).
Why: many reasons, but most likely it's three drivers:
  1. Physiology: Our immune systems are stronger and our lungs function 'better' in warm (sunny) weather.
  2. Behavior: we spend more time outside, eat on patios at restaurants, go golfing instead of bowling, don't have school, etc. We inherently limit the possibility for close-proximity exposure to infected people.
  3. Environment: Warm and sunny weather degrades viruses faster. Humid weather prevents viruses from being suspending in the air.
While incidence of flus and colds (including coronavirus colds) drop to almost nil in the summer, we're still seeing continued spread from COVID because it's a novel virus and a fuckton more contagious than most of those. We're seeing hundreds of daily deaths from COVID now and will only see a relative handful of deaths IN TOTAL directly from the flu over the summer. COVID is both several times more contagious and deadlier than the flu. However, most of the country is keeping infection rates relatively flat or flat enough that it doesn't matter (also see: BoneMaster effect). As the seasonal effects become more pronounced during July and August, I expect that this trend will hold, encouraging more politicians to further loosen lockdown restrictions.
But what the fuck do you think is going to happen in the Fall after we've removed the bulk of social distancing, we have hundreds of thousands of 'seed' infections spread to every goddamn town in the country ready to start massive clusters, and the conditions for spread of a respiratory illness become just right again?
Hint: shit won't be pretty, and anybody who isn't fucked in the head is well aware of what's coming.
Models are retarded, again.
Simply put, longer-term predictions are completely ignoring seasonality effects. Both the effects of warm weather AND cold weather. In other words, they're likely over-selling spread during the summer but VASTLY under-selling it in the Fall. See what has thus-far been the most accurate model, and how it shows infection rates essentially inversing seasonality. I re-reviewed the methodology for all of the major models, and the common theme is that seasonality is near-completely ignored. For a virus type that has multiple species with very well-established seasonality patterns. For a pandemic with a very strong historical precedence that had very strong seasonality patterns. shaking my fucking head
So how the fuck do we make money on this bullshit?
Restaurants, bars, gyms, and cruises are fucked. We know these are abso-fucking-lutely terrible for the spread of COVID. There is zero debate here. My prediction:
Seasonality effects will mitigate spread of COVID everywhere in the US in the coming months. The low spread will allow restaurants, bars, gyms, and possibly cruise ships to operate at increasing capacity and decreasing restrictions. Their stocks will continue to rebound. If they're operating under relative normalcy by October, they are fucked. Restrictions are NOT going to be pro-actively increased by politicians. There is going to be story after story of outbreaks showing up in the news directly attributable to these locations. Restrictions and shutdowns will be put in place, but I suspect it will just be for these There are very few infection clusters directly attributable from retail stores, and politicians will want to avoid another widespread economic shutdown while still doing 'something'. Although, the second wave will very likely be significant enough to overwhelm the healthcare system again in certain areas, so another full lockdown is very much not off the table.
Load your shorts (CCL, PLAY, PLNT, whatever the fuck else has exposure) throughout the summer. Buy very long-dated puts, as this is a longer-term play -- seasonality effects won't become apparent until October (maybe September) at the absolute earliest.
People (via the media) also seem to think that a second wave is coming soon, despite experts literally telling them it's not. When it actually does come in the Fall, this might be a surprise, despite every researcher saying to expect it. There is also the election, the lingering fallout from double digit unemployment, and whatever the fuck happens with 2nd/3rd quarter earnings and GDP numbers. This might all add up to one big shitshow, with several more months of nothing but shit news. This all together could move the broader market. But who the fuck knows?
Also, if someone knows how to short churches, please let me know.
Real TLDR: more bear porn for the boys. <3
submitted by SHEEPLE_ALARM_CLOCK to wallstreetbets [link] [comments]

Wall Street Week Ahead for the trading week beginning June 22nd, 2020

Good Saturday morning to all of you here on smallstreetbets. I hope everyone on this sub made out pretty nicely in the market this past week, and is ready for the new trading week ahead.
Here is everything you need to know to get you ready for the trading week beginning June 22nd, 2020.

The stock market is running out of steam with reopening trades fading and economic data ‘uneven’ - (Source)

Federal Reserve Chairman Jerome Powell is expected to reassure markets next week the central bank will do whatever it takes to help the economy heal. That should be enough to keep investors moving into stocks that benefit from an economic rebound and push the S&P 500 into the green for 2020.
The stock market, so eager to put the entire blow from the pandemic behind it, is now coming to terms that a “V-shaped” recovery might be too rosy a scenario.
With recent spikes in coronavirus cases and fluctuations in the economic data, the market seems to be stuck in a range amid elevated volatility. Market analysts said investors should expect more turbulence ahead because the economic recovery is most likely to be bumpy.
“The market was priced for a continuation of improvement and I think that’s overstating what’s going to happen,” said Brian Levitt, Invesco’s global market strategist. “We are going to have episodes of cases rising. We are going to have a very slow and uneven improvement in the jobs market.”
After soaring more than 40% from the March lows, the S&P 500 turned sideways in the past two weeks, trading at similar levels to early June. The market, which used to turn a blind eye to disastrous news on the thinking that the economy had already bottomed, has become more vulnerable to negative economic headlines as the data begins to give a read on the shape of the recovery.
Stocks came under pressure earlier this week after data showed weekly jobless claims rose more than expected last week, and the number stayed above 1 million for the 13th consecutive week.
And on the virus front, California, Texas, Florida and Arizona have reported an uptick in new infections and hospitalizations amid the reopening. Apple said Friday that it’s again closing some stores in Florida, North Carolina and Arizona due to the spikes in coronavirus cases, which sparked a sell-off in the market, especially among retail stocks.
“The economy is going to need more help to bounce back in months to come,” said Matt Miskin, co-chief investment strategist at John Hancock Investment Management. “For now, volatility and choppy markets remain our base case as an uneven economic recovery likely unfolds.”

‘Rolling Ws’

The rally in those popular reopening trades — airlines, cruise lines and hotels — is seemingly losing steam. Shares of American Airlines and Delta posted their second straight weekly losses. So did Carnival, Norwegian Cruise and MGM Resorts. Those stocks were once the high-beta leaders of the market comeback as investors bet that a successful reopening would take hold.
“Although the stock market was suggesting a V-shaped recovery, the more likely scenario is rolling Ws,” Liz Ann Sonders, chief investment strategist at Charles Schwab, said in a note.
A similar market pattern happened during the financial crisis, pointed out by Nicholas Colas, co-founder of DataTrek Research. After stocks rallied nearly 40% from the 2009 bottom, the market was range-bound for about seven weeks so the fundamentals could catch up, Colas noted.
From a technical perspective, Matthew Maley, chief market strategist at Miller Tabak, is watching if the S&P 500 can break above its recent high of 3,232 or drop below the 3,000 threshold or its 200-day moving average of 3,018 as of Friday.
“Whichever way it breaks...should be an very important development in trying to determine how this critical juncture in the stock market will be resolved,” Maley said in a note.

Fed can’t prevent volatility

While the flattening virus curve played a big role in the market rebound, it’s no denying that the Federal Reserve’s unprecedented stimulus has been a key driver in lifting stocks from the coronavirus slump. The central bank unleashed another weapon in its arsenal this week, saying it will start buying individual corporate bonds.
As comforting as it is to have the Fed’s support, the central bank can only do so much to ease investor fears.
“The Fed can’t prevent the volatility we’re seeing in stocks,” Lindsey Bell, chief investment strategist at Ally Invest, said in a note. “It will likely take years for the economy to fully recover and there remain other uncertainties on the path ahead. As such, investors may continue to struggle with this mismatch between markets and the economy before seeing the case for new highs.”
Fed Chairman Jerome Powell reminded investors again this week in his semiannual testimony before Congress that “significant uncertainty remains about the timing and strength of the recovery.”
Many on Wall Street have also warned that extended policy measures including injection of trillions of cheap money would lead to problems down the road such as hyperinflation.

This past week saw the following moves in the S&P:

(CLICK HERE FOR THE FULL S&P TREE MAP FOR THE PAST WEEK!)

Major Indices for this past week:

(CLICK HERE FOR THE MAJOR INDICES FOR THE PAST WEEK!)

Major Futures Markets as of Friday's close:

(CLICK HERE FOR THE MAJOR FUTURES INDICES AS OF FRIDAY!)

Economic Calendar for the Week Ahead:

(CLICK HERE FOR THE FULL ECONOMIC CALENDAR FOR THE WEEK AHEAD!)

Percentage Changes for the Major Indices, WTD, MTD, QTD, YTD as of Friday's close:

(CLICK HERE FOR THE CHART!)

S&P Sectors for the Past Week:

(CLICK HERE FOR THE CHART!)

Major Indices Pullback/Correction Levels as of Friday's close:

(CLICK HERE FOR THE CHART!

Major Indices Rally Levels as of Friday's close:

(CLICK HERE FOR THE CHART!)

Most Anticipated Earnings Releases for this week:

(CLICK HERE FOR THE CHART!)

Here are the upcoming IPO's for this week:

(CLICK HERE FOR THE CHART!)

Friday's Stock Analyst Upgrades & Downgrades:

(CLICK HERE FOR THE CHART LINK #1!)
(CLICK HERE FOR THE CHART LINK #2!)

100 Days

100 days ago today on March 11th, the WHO made it official and declared the COVID-19 outbreak a pandemic. Markets were already under a lot of pressure before the WHO declared the pandemic, but the 100 days since will probably go down as some of the craziest 100 days we'll ever experience, not only in the market but in general society as well. More than enough ink and pixels have been spent discussing the societal impact at large, so we'll spare you and just focus on the markets.
While much of the declines were already in the rearview mirror by the time the WHO made its announcement, equities still had a steep decline in the immediate aftermath. The large-cap Russell 1000, for example, fell another 19% to its March 23rd closing low, but after the rebound, the net change since the pandemic was officially declared > has been a gain of 14.3%.
(CLICK HERE FOR THE CHART!)
As impressive as the Russell 1000's gain has been in the face of the global pandemic, many stocks have done a lot better than that. The table below lists the 25 stocks in the index that have seen the biggest gains so far during this pandemic. Topping the list is Wayfair (W) which has rallied more than 350%. If there is one thing Americans must have realized while they were stuck at home under lockdown it was that they needed some new furniture! Behind Wayfair, two other stocks have more than tripled and both were beaten down stocks from the Energy sector that were trading at less than $2 per share on March 11th. A number of familiar names standout including Moderna (MRNA), Twilio (TWLO), DocuSign (DOCU), Beyond Meat (BYND), and Etsy (ETSY), but looking through the list, there's really a diverse group of names ranging from bombed-out stocks from the Energy sector (8 stocks), Consumer names (7 stocks), and the ever-popular software stocks from the Technology sector (6 stocks). It's definitely been a rocky road for the markets over the last 100 days, but for anyone who had these names in their portfolio, they aren't complaining. Click here to view Bespoke's premium membership options for access to our weekly Bespoke Report which includes an update to our Stocks for the COVID economy portfolio that was released on March 11th.
(CLICK HERE FOR THE CHART!)

S&P 500 Industry Group Breadth Remains Positive

Equity markets have become a bit wobbly in the last week or so, but breadth, in terms of large-cap industry groups, still remains pretty robust. Relative to their 50-DMAs, all 24 S&P 500 industry groups still have rising 50-DMAs. When you consider the fact that the 50-day window spans the period going back to early April, a period encompassing most of what was one of the strongest 50-day rallies on record, the fact that every industry group has a rising 50-DMA isn't all that surprising.
(CLICK HERE FOR THE CHART!)
Even though all their 50-DMAs are rising, not every industry group is currently trading above its 50-DMA. While the reading briefly reached 100% in late May and early June, two industry groups have since pulled back below their 50-DMAs, putting the percentage at a still impressive 91.7%.
(CLICK HERE FOR THE CHART!)
The table below summarizes industry group performance showing YTD performance, where each one is trading relative to its 50-DMA, as well as where the group is trading relative to its 52-week high.
As mentioned above, all but two groups (Drugs & Biotech and Food & Staples Retail) remain above their 50-DMAs, and another four are less than 2% above their 50-DMA. If Friday's sell-off deepens into next week, the percentage of industry groups above their 50-DMAs has the potential to quickly sink as low as 75%. Of the 22 industry groups that are above their 50-DMAs, Autos and Tech Hardware are the only two greater than 10% above.
On a YTD basis, the S&P 500 is down less than 4%, but for the vast majority of industry groups, performance has been worse than that. Of the 24 groups shown, 16 are down more than 4% YTD, including eleven that are down over 10%. The worst performers of these losers include Energy, Banks, and Autos. While Energy gets most of the attention for being so weak, Banks are essentially down just as much! On the upside, just two industry groups are up over 10% (Retailers, which is basically Amazon, and Software & Services). Retailing is also the one industry group that is within 1% of a 52-week high and one of seven that is within 4% of a 52-week high.
(CLICK HERE FOR THE CHART!)

Credit Market Reversals

We've noted in detail the massive reversals seen in global equities over the last three months, but outside of equities, we've also seen some other massive moves. One example is credit spreads between the yields of corporate and high yield bonds relative to Treasuries.
The top chart below shows the spread in yields between the B of A Corporate Index relative to Treasuries going back to 1997, and below that, we show the 50-day rate of change in the spread. Heading into the COVID-crash, spreads on corporate bonds were less than 100 basis points (bps), meaning the corporate bond index was yielding only 1 percentage point more than comparable Treasury yields. In the span of less than two months, though, spreads surged by more than 300 bps to over 400 bps. Not since the depths of the credit crisis in 2009 had we seen spreads widen out more than they did in March. Just as notable as the level is the fact that the speed with which spreads widened during the COVID-crash was similar to the pace during the credit crisis.
While spreads were quick to spike during both crises, they narrowed nearly as fast both times. Going back to 1997, the most corporate spreads have ever narrowed over a 50-day period was in June 2009. Coming in at a close second place, though, the 50-day period ending in early June was nearly as extreme.
(CLICK HERE FOR THE CHART!)
Similar to spreads on corporate bonds, the movement in spreads on high yield (junk) credit has been nearly as extreme. While spreads on the B of A High Yield Master Index widened out by only half as much during the COVID-crash as they did during the Financial Crisis, the 50-day move ending in late March was easily more extreme than any other period outside of the credit crisis.
(CLICK HERE FOR THE CHART!)
A shown in both charts above, the only time both corporate and high yield spreads narrowed by an amount anywhere close to the amount they narrowed from late March through early June was back in early June of 2009. The chart below of the S&P 500 shows that point from the perspective of the S&P 500. That period in June 2009 was right in the early stages of what turned out to be a multi-year bull market. Given the similar tightening in the credit market now versus back then, should we assume a similar move for equities going forward?
After the last five months, we'll be the first to say that anything is possible. However, while there are plenty of similarities between the moves in credit markets over the last three months versus the first half of 2009, there are also important distinctions. The most important of these has to do with where the S&P 500 is trading right now. The second chart below shows the historical levels the S&P 500 has traded at relative to its all-time high. Even after the initial narrowing of credit spreads from March through early June 2009, the S&P 500 was still more than 40% off its all-time highs, and therefore still had a lot of climbing to do to get out of the hole. Back in June 2009, to get back to its all-time high from October 2007, the S&P 500 still had to rally another 75%. Today, it's a much different picture as the S&P 500 is already within 10% of its February 2020 all-time high. Could we be in the earlier stages of what turns out to be another long-term bull market? Sure. Will the magnitude of the gains be anything like the gains early on in the bull market that began in 2009? It's unlikely.
(CLICK HERE FOR THE CHART!)

The Very Slow Recovery In Economic Activity Is Continuing

As economies around the country slowly recover from COVID-19 and reopenings proceed, economic activity is slowly recovering. For the hardest-hit sectors, though, the recovery is only inching forward. Security checkpoint volumes at US airports are still down 80% YoY, and the trend of improvement is only set to return travel activity to 50% of 2019 levels in September.
For restaurants, OpenTable data shows covers down by two-thirds from last year, though some of that is because many restaurants remain closed. Among reopened establishments, the number of seated customers are still down almost 40% YoY. About half of restaurants remain closed per the OpenTable data. We discussed this chart and other retail enthusiasm indicators in last night's Closer report, which is available to Bespoke Institutional members.
(CLICK HERE FOR THE CHART!)

Leading Indicators Turn Positive

Yesterday, The Conference Board released last month’s reading for its Leading Economic Index (LEI), a composite of leading data series, which showed a month-over-month increase of 2.8%. As seen in the LPL Chart of the Day, the return to positive territory follows three straight months of negative monthly growth.
”We noted that the pace of the LEI’s deterioration slowed in the April report, potentially suggesting a bottom forming in the US economy,” said LPL Financial Senior Market Strategist Ryan Detrick. “Yesterday’s print was one of several positive economic data surprises we’ve observed recently, bolstering our optimistic view for economic growth in the second half of the year.”
(CLICK HERE FOR THE CHART!)
While the economy still has a ways to go in order to recover from the damage of the prior three months, the composition of May’s LEI advance encourages us. We noted a disconnect in April’s readout in which the financial market indicators tended to be net positive contributors while the “real economy” indicators detracted. May’s release saw a reversal of that trend whereby the economic subindexes played catch-up. Seven of the 10 components were positive contributors led by an improvement in average weekly initial unemployment claims, average weekly manufacturing hours, and building permits. The three negative contributors were the Institute for Supply Management (ISM) New Orders Index, average consumer expectations for business conditions, and the Leading Credit Index.
The most recent LEI release reinforces our view that an economic bottom is likely behind us. Workers starting to return to jobs that they were unable to do remotely had material effects on May’s readout, and if that trend continues, a stock market trading at stretched valuations would have a stronger foundation under it.

3 Charts That Have Our Attention

Stocks have shaken off the 5.9% S&P 500 Index drop last Thursday by gaining three days in a row before yesterday’s modest weakness. While researching and reading this week, three charts stood out that tell us quite a good deal about how investors have reacted during this volatile market and what could be next.
“Incredibly, we saw nearly a third of all investors over 65 years old sell their full equity holdings,” explained LPL Financial Senior Market Strategist Ryan Detrick. “With stocks now back near highs, this is yet another reason to have a plan in place before trouble comes, as making decisions when under duress can lead to the exact wrong decision.”
As shown in the LPL Chart of the Day, according to data from Fidelity Investments, nearly 18% of all investors sold their full equity holdings between February and May, while a much higher percentage that were closer to retirement (or in retirement) sold. Some might have bought back in, but odds are that many are feeling quite upset with the record bounce back in stocks here.
(CLICK HERE FOR THE CHART!)
Along these same lines, investors have recently moved to cash at a record pace. In fact, there is now nearly $5 trillion in money market funds, almost twice the levels we saw this time only five years ago. Also, the past three months saw the largest three-month change ever, as investors ran to the safety of cash. If you were looking for a reason stocks could continue to go higher over the longer term, there really is a lot of cash on the sidelines right now.
(CLICK HERE FOR THE CHART!)
Last, we noted last week that the extreme overbought nature of stocks here is actually consistent with the start of a new bull run, not a bear market bounce, or the end of a bull market. Adding to this, the spread between the number of stocks above their 50-day moving average and 200-day moving average was near the highest level ever. Think about it; with the 45% bounce in the S&P 500, many stocks were above their 50-day moving average, but not nearly as many were above their 200-day moving average. So from a longer-term perspective, there could still be gains to be had.
Sure enough, looking at other times that had wide spreads, they took place near the start of major bull markets. Near-term the potential is there for a well-deserved pullback, but going out 6 to 12 months, stocks have consistently outperformed.
(CLICK HERE FOR THE CHART!)

Election Year July Performance Tepid

July historically is the best performing month of the third quarter however, the mostly negative results in August and September tend to make the comparison easy. Two “hot” Julys in 2009 and 2010 where DJIA and S&P 500 both gained greater than 6% and a strong performance in 2013 and 2018 have boosted July’s average gains since 1950 to 1.2% and 1.1% respectively. Such strength inevitability stirs talk of a “summer rally”, but beware the hype, as it has historically been the weakest rally of all seasons (page 74, Stock Trader’s Almanac 2020).
July begins NASDAQ’s worst four months and is the third weakest performing NASDAQ month since 1971, posting a 0.5% average gain. Dynamic trading often accompanies the first full month of summer as the beginning of the second half of the year brings an inflow of new capital. This creates a bullish beginning, a soft week after options expiration and some strength towards the end.
(CLICK HERE FOR THE CHART!)
Election year Julys rank in the bottom half of all election year months. DJIA: 0.5%, 6th worst; S&P 0.4% 6th worst; NASDAQ (since 1972): -0.7% 3rd worst; Russell 2000 (since 1980): -0.2% 3rd worst.
(CLICK HERE FOR THE CHART!)
Here are the most notable companies (tickers) reporting earnings in this upcoming trading week ahead-
  • $NKE
  • $RAD
  • $DRI
  • $WGO
  • $MKC
  • $WTI
  • $INFO
  • $ACN
  • $KBH
  • $SOHO
  • $FDS
  • $BB
  • $AVAV
  • $LZB
  • $XAIR
  • $CAAS
  • $MCF
  • $BWAY
  • $SNX
  • $GMS
  • $WOR
  • $QMCO
  • $AFMD
  • $EPAC
  • $WUBA
  • $USAT
  • $NG
  • $PDCO
  • $APOG
  • $PRGS
  • $FUL
  • $AEMD
  • $AIH
  • $YRD
  • $STAF
  • $UFAB
  • $CAMP
(CLICK HERE FOR NEXT WEEK'S MOST NOTABLE EARNINGS RELEASES!)
(CLICK HERE FOR NEXT WEEK'S HIGHEST VOLATILITY EARNINGS RELEASES!)
Below are some of the notable companies coming out with earnings releases this upcoming trading week ahead which includes the date/time of release & consensus estimates courtesy of Earnings Whispers:

Monday 6.22.20 Before Market Open:

([CLICK HERE FOR MONDAY'S PRE-MARKET EARNINGS TIME & ESTIMATES!]())
NONE.

Monday 6.22.20 After Market Close:

(CLICK HERE FOR MONDAY'S AFTER-MARKET EARNINGS TIME & ESTIMATES!)

Tuesday 6.23.20 Before Market Open:

(CLICK HERE FOR TUESDAY'S PRE-MARKET EARNINGS TIME & ESTIMATES!)

Tuesday 6.23.20 After Market Close:

(CLICK HERE FOR TUESDAY'S AFTER-MARKET EARNINGS TIME & ESTIMATES!)

Wednesday 6.24.20 Before Market Open:

(CLICK HERE FOR WEDNESDAY'S PRE-MARKET EARNINGS TIME & ESTIMATES!)

Wednesday 6.24.20 After Market Close:

(CLICK HERE FOR WEDNESDAY'S AFTER-MARKET EARNINGS TIME & ESTIMATES!)

Thursday 6.25.20 Before Market Open:

(CLICK HERE FOR THURSDAY'S PRE-MARKET EARNINGS TIME & ESTIMATES!)

Thursday 6.25.20 After Market Close:

(CLICK HERE FOR THURSDAY'S AFTER-MARKET EARNINGS TIME & ESTIMATES!)

Friday 6.26.20 Before Market Open:

(CLICK HERE FOR FRIDAY'S PRE-MARKET EARNINGS TIME & ESTIMATES!)

Friday 6.26.20 After Market Close:

([CLICK HERE FOR FRIDAY'S AFTER-MARKET EARNINGS TIME & ESTIMATES!]())
NONE.

Nike Inc $95.78

Nike Inc (NKE) is confirmed to report earnings at approximately 4:15 PM ET on Thursday, June 25, 2020. The consensus earnings estimate is $0.03 per share on revenue of $8.35 billion and the Earnings Whisper ® number is $0.10 per share. Investor sentiment going into the company's earnings release has 50% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 95.16% with revenue decreasing by 18.01%. Short interest has decreased by 0.8% since the company's last earnings release while the stock has drifted higher by 19.6% from its open following the earnings release to be 3.9% above its 200 day moving average of $92.17. Overall earnings estimates have been revised lower since the company's last earnings release. On Thursday, June 11, 2020 there was some notable buying of 7,691 contracts of the $102.00 call expiring on Friday, July 10, 2020. Option traders are pricing in a 6.6% move on earnings and the stock has averaged a 4.8% move in recent quarters.

(CLICK HERE FOR THE CHART!)

Darden Restaurants, Inc. $70.27

Darden Restaurants, Inc. (DRI) is confirmed to report earnings at approximately 7:00 AM ET on Thursday, June 25, 2020. The consensus estimate is for a loss of $1.78 per share on revenue of $1.25 billion and the Earnings Whisper ® number is ($1.68) per share. Investor sentiment going into the company's earnings release has 28% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 201.14% with revenue decreasing by 43.92%. Short interest has increased by 33.2% since the company's last earnings release while the stock has drifted higher by 108.3% from its open following the earnings release to be 27.4% below its 200 day moving average of $96.86. Overall earnings estimates have been revised lower since the company's last earnings release. On Tuesday, June 9, 2020 there was some notable buying of 3,882 contracts of the $70.00 call and 814 contracts of the $80.00 put expiring on Friday, July 17, 2020. Option traders are pricing in a 9.9% move on earnings and the stock has averaged a 8.1% move in recent quarters.

(CLICK HERE FOR THE CHART!)

Rite Aid Corp. $12.41

Rite Aid Corp. (RAD) is confirmed to report earnings at approximately 7:00 AM ET on Thursday, June 25, 2020. The consensus estimate is for a loss of $0.38 per share on revenue of $5.60 billion and the Earnings Whisper ® number is ($0.35) per share. Investor sentiment going into the company's earnings release has 60% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 171.43% with revenue increasing by 4.23%. Short interest has increased by 11.0% since the company's last earnings release while the stock has drifted higher by 0.6% from its open following the earnings release to be 1.6% below its 200 day moving average of $12.61. Overall earnings estimates have been revised lower since the company's last earnings release. On Monday, June 15, 2020 there was some notable buying of 1,617 contracts of the $14.00 call expiring on Friday, June 26, 2020. Option traders are pricing in a 18.4% move on earnings and the stock has averaged a 21.4% move in recent quarters.

(CLICK HERE FOR THE CHART!)

Winnebago Industries, Inc. $68.36

Winnebago Industries, Inc. (WGO) is confirmed to report earnings at approximately 7:00 AM ET on Wednesday, June 24, 2020. The consensus estimate is for a loss of $0.41 per share on revenue of $325.94 million and the Earnings Whisper ® number is ($0.35) per share. Investor sentiment going into the company's earnings release has 70% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 135.96% with revenue decreasing by 38.38%. Short interest has increased by 12.4% since the company's last earnings release while the stock has drifted higher by 156.7% from its open following the earnings release to be 46.4% above its 200 day moving average of $46.69. Overall earnings estimates have been revised lower since the company's last earnings release. On Friday, June 19, 2020 there was some notable buying of 583 contracts of the $55.00 put expiring on Friday, July 17, 2020. Option traders are pricing in a 13.5% move on earnings and the stock has averaged a 10.3% move in recent quarters.

(CLICK HERE FOR THE CHART!)

McCormick & Company, Incorporated $172.20

McCormick & Company, Incorporated (MKC) is confirmed to report earnings at approximately 6:30 AM ET on Thursday, June 25, 2020. The consensus earnings estimate is $1.14 per share on revenue of $1.29 billion and the Earnings Whisper ® number is $1.18 per share. Investor sentiment going into the company's earnings release has 52% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 1.72% with revenue decreasing by 0.91%. Short interest has decreased by 27.3% since the company's last earnings release while the stock has drifted higher by 23.1% from its open following the earnings release to be 7.4% above its 200 day moving average of $160.35. Overall earnings estimates have been revised lower since the company's last earnings release. Option traders are pricing in a 4.6% move on earnings and the stock has averaged a 4.5% move in recent quarters.

(CLICK HERE FOR THE CHART!)

W&T Offshore Inc. $2.57

W&T Offshore Inc. (WTI) is confirmed to report earnings at approximately 4:45 PM ET on Monday, June 22, 2020. The consensus earnings estimate is $0.03 per share on revenue of $129.93 million and the Earnings Whisper ® number is $0.01 per share. Investor sentiment going into the company's earnings release has 69% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 40.00% with revenue increasing by 11.93%. Short interest has increased by 95.3% since the company's last earnings release while the stock has drifted higher by 3.6% from its open following the earnings release to be 33.8% below its 200 day moving average of $3.88. Overall earnings estimates have been revised lower since the company's last earnings release. The stock has averaged a 5.1% move on earnings in recent quarters.

(CLICK HERE FOR THE CHART!)

IHS Markit Ltd. $72.03

IHS Markit Ltd. (INFO) is confirmed to report earnings at approximately 6:00 AM ET on Tuesday, June 23, 2020. The consensus earnings estimate is $0.67 per share on revenue of $1.05 billion and the Earnings Whisper ® number is $0.68 per share. Investor sentiment going into the company's earnings release has 55% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 5.63% with revenue decreasing by 7.53%. Short interest has decreased by 27.7% since the company's last earnings release while the stock has drifted higher by 44.2% from its open following the earnings release to be 3.4% above its 200 day moving average of $69.69. Overall earnings estimates have been revised lower since the company's last earnings release. Option traders are pricing in a 9.4% move on earnings and the stock has averaged a 6.7% move in recent quarters.

(CLICK HERE FOR THE CHART!)

Accenture Ltd. $201.55

Accenture Ltd. (ACN) is confirmed to report earnings at approximately 6:45 AM ET on Thursday, June 25, 2020. The consensus earnings estimate is $1.84 per share on revenue of $10.94 billion and the Earnings Whisper ® number is $1.89 per share. Investor sentiment going into the company's earnings release has 53% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 4.66% with revenue decreasing by 1.44%. Short interest has increased by 20.0% since the company's last earnings release while the stock has drifted higher by 33.2% from its open following the earnings release to be 5.6% above its 200 day moving average of $190.94. Overall earnings estimates have been revised lower since the company's last earnings release. On Friday, June 5, 2020 there was some notable buying of 1,740 contracts of the $190.00 put expiring on Friday, August 21, 2020. Option traders are pricing in a 6.8% move on earnings and the stock has averaged a 2.8% move in recent quarters.

(CLICK HERE FOR THE CHART!)

Sotherly Hotels Inc. $2.96

Sotherly Hotels Inc. (SOHO) is confirmed to report earnings at approximately 6:30 AM ET on Wednesday, June 24, 2020. The consensus earnings estimate is $0.16 per share on revenue of $16.30 million. Investor sentiment going into the company's earnings release has 26% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 48.39% with revenue decreasing by 65.60%. Short interest has increased by 2,813.7% since the company's last earnings release while the stock has drifted lower by 43.4% from its open following the earnings release to be 39.4% below its 200 day moving average of $4.88. The stock has averaged a 3.0% move on earnings in recent quarters.

(CLICK HERE FOR THE CHART!)

KB Home $32.29

KB Home (KBH) is confirmed to report earnings at approximately 4:10 PM ET on Wednesday, June 24, 2020. The consensus earnings estimate is $0.57 per share on revenue of $1.17 billion and the Earnings Whisper ® number is $0.49 per share. Investor sentiment going into the company's earnings release has 59% expecting an earnings beat. Consensus estimates are for year-over-year earnings growth of 11.76% with revenue increasing by 14.50%. Short interest has decreased by 2.1% since the company's last earnings release while the stock has drifted higher by 65.5% from its open following the earnings release to be 3.6% above its 200 day moving average of $31.18. Overall earnings estimates have been revised lower since the company's last earnings release. Option traders are pricing in a 9.7% move on earnings and the stock has averaged a 4.2% move in recent quarters.

(CLICK HERE FOR THE CHART!)

DISCUSS!

What are you all watching for in this upcoming trading week?
I hope you all have a wonderful weekend and a great trading week ahead smallstreetbets.
submitted by bigbear0083 to smallstreetbets [link] [comments]

Q1 2020 Letters & Reports

Investment Firm Date Posted
A Primer on Reading Annual Reports April 7
Absolute Return Partners April 7
Bankruptcy Law Primer April 7
Berkshire Hathaway Annual Report April 7
Crescat Capital - Blood in the Streets April 7
Fundsmith April 7
Glasshouse Research - Cubic Corp April 7
Grants - Grand Tour of Junk April 7
Hindenburg Research - HF Foods April 7
Horizon Kinetics - March 20 April 7
Horizon Kinetics - March 25 April 7
Howard Marks Memo - March 3 April 7
Howard Marks Memo - March 19 April 7
Howard Marks Memo - March 31 April 7
J Capital - GDS Holdings April 7
James Montier - Fear and Psychology of Bear Markets April 7
Jamie Dimon April 7
JDP Capital April 7
JPMorgan - Guide to the Markets April 7
Oaktree Capital - Assessing Relative Credit April 7
Oaktree Capital - Risks and Opportunities in EM April 7
O'Shaughnessey Asset Management April 7
Pershing Square Capital - Annual Letter April 7
Pershing Square Capital - CDS Trade April 7
Sequoia Fund April 7
Spruce Point Capital - WD-40 April 7
Wedgewood Partners April 7
Wolfpack Research - IQIYI April 7
Akre Focus Fund April 8
Alliance Bernstein Long Cap April 8
Bill Nygren Commentary April 8
Howard Marks Memo - April 7 April 8
Vltava Fund April 8
Vulcan Value Partners April 8
Bluehawk Investors April 9
Boston Omaha April 9
Driehaus Life Sciences April 9
Riverpark Floating CMBS April 9
Riverpark Large Growth April 9
Riverpark Long Short Opportunity April 9
Schiehallion Fund April 9
Thornburg Global Opportunities April 9
Brown Advisory April 10
GMO White Paper April 10
Mawer April 10
Newfound Research April 10
Templeton and Phillips April 10
Universa Investments April 10
FPA Crescent Fund Transcript April 11
Third Avenue Value Fund April 11
Desert Lion Capital April 12
Massif Capital April 12
Muddy Waters - eHealth April 12
Turtle Creek April 12
UBS 2020 Real Estate Report April 12
Crescat Capital April 15
Howard Marks Memo - April 14 April 15
Longleaf Partners April 15
Madison Investors Fund April 15
Pabrai Funds April 15
St. James Investment Company April 15
Antipodes April 17
Artisan Mid Cap April 17
Baron Funds April 17
Cooper Investors April 17
David Herro April 17
Ensemble Fund April 17
Jeff Bezos Annual Letter April 17
KKR Global Macro Insights April 17
Robotti April 17
Summer Value Partners April 17
Third Point Capital April 17
Tweedy Browne April 17
Whitebrook Capital April 17
Harding Loevner April 18
Kuleana Capital April 18
Mairs & Power April 18
McKinsey - The Future of Travel April 18
RPIA April 18
Silver Ring Partners April 18
Third Point Capital April 18
Upslope Capital April 18
Rhizome Partners April 20
White Crane Capital April 20
Canterbury Tollgate April 21
Elliot Management - Perspectives April 21
O'Shaughnessy Asset Management April 21
Baron Funds April 21
Diamond Hill April 23
Evermore Global Value April 23
Giverny Capital April 23
Kerrisdale Capital - Short Thesis on Mirati Therapeutics April 23
Maran Capital April 23
Wolfpack Research - Short Thesis on Inspire Medical Systems April 23
Ewing Morris April 24
Hoisington April 24
Horizon Kinetics April 24
Merrill Lynch Capital Markets Outlook April 24
RGA Advisors April 24
Gardner, Russo & Gardner April 26
Greenhaven Road Capital April 26
Polen Focus Growth April 26
Polen Global Growth April 26
Steel City Capital April 26
Guggenheim CIO Outlook April 28
Hindenburg Research - Short Thesis on New Pacific Metals April 28
Laughing Water Capital April 28
Miller Deep Value April 28
Miller Income Strategy April 28
Miller Opportunity Equity April 28
Newfound Research April 28
Quintessential Capital - Short Thesis on Akazoo April 28
RF Capital April 28
White Diamond Research - Short Thesis on BioSig April 28
Open Square Capital April 29
TCI Fund - Letter to Wirecard April 29
Alluvial Capital April 30
Arquitos Capital April 30
Bessemer - State of the Cloud Industry April 30
Broyhill April 30
Alta Fox May 2
Boyar Value May 2
SRK Capital May 2
Distillate Capital May 3
First Eagle Fund of America May 3
First Eagle High Income May 3
First Eagle Income Builder May 3
First Eagle Value May 3
Wolf Hill Capital May 3
Angelo Gordon May 5
Citron - Short Thesis on Inovio May 5
Convexity Maven May 5
Graham & Doddsville - Spring 2020 May 5
Grizzly Reports - Short Thesis on WUBA May 5
Tao Value May 5
Universa on Tail Hedging May 5
Health Invest Partner May 7
Amalthea Capital May 10
Amana Mutual Funds May 10
Andvari Associates May 10
Alphyn Capital May 10
Blue Tower Asset Management May 10
Hayden Capital May 10
Horos Asset Management May 10
LRT Capital May 10
Palm Valley Capital May 10
Paul Tudor Jones May 10
Sextant Mutual Funds May 10
Steel City May 10
Third Avenue Real Estate May 10
Third Avenue Small Cap May 10
Tidefall Capital May 10
Touchstone Funds May 10
Bernzott Capital Advisors May 11
Compound Everyday Capital May 11
Comus Invest May 11
Greenwood Investors May 11
Guggenheim Investments May 14
Elliot Management - Alexion May 14
HG Capital Trust May 14
Huffman Prairie May 14
Independent Franchise Partners - Kirin May 14
Tao Value - Strategy May 14
Value Investor Insight - Bill Nygren May 14
Credit Suisse - Global Money Notes May 15
Howard Marks Memo - Uncertainty May 15
Logica Funds - Talking Your Book About Value May 15
Mittleman Brothers May 15
Top Retail Brands May 15
Donville & Kent May 16
Goehring & Rozencwajg May 16
Apollo Asia Fund May 18
Bonitas Research - Short Thesis on Pets at Home May 18
Culper Research - Update on Catasys May 18
Hindenburg Research - Short Thesis on China Metals Resource Utilization May 18
Lightsail Capital May 18
Muddy Waters - Update on Burford Capital May 18
Spruce Point Capital - Short Thesis on Forescout Technologies May 18
Verdad - High Yield May 18
KKR Global Macro Trends May 20
Lightsail Capital May 20
FPA Crescent Fund May 20
Aoris May 22
Giverny Capital Asset Management May 22
Bireme Capital May 25
Greenhaven Road Partners Fund May 25
Hindenburg Research - Short Thesis on Sorrento Therapeutics May 26
Land & Buildings - Short Thesis on Empire State Realty Trust May 26
Muddy Waters - Short Thesis on GSX May 26
Viceroy Research - Short Thesis on Sorrento Therapeutics May 26
JLL - US Office Outlook May 27
Massif Capital - Long Thesis on Bakkafrost May 27
Bonhoeffer Fund May 29
Howard Marks Memo - Uncertainty II May 29
Muddy Waters - Update on GSX May 29
Citron Research - Long Thesis on RH June 1
CloudyThunder Research - Short Thesis on Tianneng Power June 1
Horseman Capital June 1
JCapital Research - Short Thesis on NovaGold June 1
Asset Value Investors - Fujitec June 7
GMO June 7
Grizzly Research - Report on GSX Techedu June 7
Michael Mauboussin Report June 7
Culper Research - Short Thesis on VBI Vaccines June 9
Grizzly Research - Short Thesis on Hebron Technology June 9
Muddy Waters - Short Thesis on EHTH June 9
OSS Research - Short Thesis on Tactile Systems June 9
JPMorgan Guide to Alternatives June 11
Michael Mauboussin - The Math of Value and Growth June 11
Morgan Stanley - Gaming & Lodging Primer June 11
Old West June 14
Arisaig June 15
A Guide to Social Media in China June 18
Brookfield Asset Management June 18
First Eagle June 18
Pender Funds June 18
Peter Lynch Collection 1993 to 1999 June 18
Prescience Point Capital - Short Thesis on Enphase Energy June 18
Pzena - Extreme Discounts in Oil Services June 18
Alta Fox - Evolution Gaming Thesis June 19
Alta Fox - Letter to Collectors Universe June 19
Crescat Capital June 19
Howard Marks Memo - June 18 June 19
J.P. Morgan CIO Survey 2020 June 19
Cambridge Associates - Managing Portfolios Through Downturns July 1
Citron Research - Sonos July 1
JCapital Research - Ideanomics July 1
JCapital Research - WiseTech Software July 1
Logica Funds - Talking Your Book About Value III July 1
Interviews & Lectures Date Posted
Bill Ackman - Bloomberg April 7
Bill Ackman - CNBC April 7
Jim Chanos April 7
Murray Stahl April 7
Oaktree Capital - Emerging Markets April 7
Oaktree Capital - Relative Value April 7
Steve Bregman April 7
Fundsmith Annual Meeting April 8
Grant Williams 2020 Series April 9
Barry Diller April 17
Willow Oak Value Hour April 17
Ray Dalio - Bloomberg April 18
Invest Like the Best - Dan Rasmussen April 18
Invest Like the Best - Gavin Baker April 18
Masters in Business - James Montier April 18
Carl Icahn - Bloomberg April 26
Greg Maffei - CNBC April 26
A Shift in Investment Strategies Post Coronavirus April 28
Bill Ackman - Farnam Podcast April 29
Jim Chanos on Financial Fraud May 3
Sam Zell - Bloomberg May 5
David Tepper - CNBC May 15
Stanley Druckenmiller - ECNY May 15
Howard Marks - Bloomberg May 18
Jerome Powell - 60 Minutes May 18
Chris Bloomstran May 20
Gavin Baker - CSIMA May 20
Howard Marks - CFA May 20
CFA Institute Virtual Conference May 25
Jorge Paulo Lemann May 26
Invest Like The Best - Jeremy Grantham June 11
Peter Kolchinsky and Kush Parmar on Biotech Investing June 18
Horizon Kinetics - Economically Resilient Business Models June 18
Bruce Flatt June 19
Bill Ackman July 1
Jim Chanos July 1
submitted by Beren- to SecurityAnalysis [link] [comments]

Wall Street Week Ahead for the trading week beginning June 22nd, 2020

Good Saturday morning to all of you here on StockMarket. I hope everyone on this sub made out pretty nicely in the market this past week, and is ready for the new trading week ahead.
Here is everything you need to know to get you ready for the trading week beginning June 22nd, 2020.

The stock market is running out of steam with reopening trades fading and economic data ‘uneven’ - (Source)

Federal Reserve Chairman Jerome Powell is expected to reassure markets next week the central bank will do whatever it takes to help the economy heal. That should be enough to keep investors moving into stocks that benefit from an economic rebound and push the S&P 500 into the green for 2020.
The stock market, so eager to put the entire blow from the pandemic behind it, is now coming to terms that a “V-shaped” recovery might be too rosy a scenario.
With recent spikes in coronavirus cases and fluctuations in the economic data, the market seems to be stuck in a range amid elevated volatility. Market analysts said investors should expect more turbulence ahead because the economic recovery is most likely to be bumpy.
“The market was priced for a continuation of improvement and I think that’s overstating what’s going to happen,” said Brian Levitt, Invesco’s global market strategist. “We are going to have episodes of cases rising. We are going to have a very slow and uneven improvement in the jobs market.”
After soaring more than 40% from the March lows, the S&P 500 turned sideways in the past two weeks, trading at similar levels to early June. The market, which used to turn a blind eye to disastrous news on the thinking that the economy had already bottomed, has become more vulnerable to negative economic headlines as the data begins to give a read on the shape of the recovery.
Stocks came under pressure earlier this week after data showed weekly jobless claims rose more than expected last week, and the number stayed above 1 million for the 13th consecutive week.
And on the virus front, California, Texas, Florida and Arizona have reported an uptick in new infections and hospitalizations amid the reopening. Apple said Friday that it’s again closing some stores in Florida, North Carolina and Arizona due to the spikes in coronavirus cases, which sparked a sell-off in the market, especially among retail stocks.
“The economy is going to need more help to bounce back in months to come,” said Matt Miskin, co-chief investment strategist at John Hancock Investment Management. “For now, volatility and choppy markets remain our base case as an uneven economic recovery likely unfolds.”

‘Rolling Ws’

The rally in those popular reopening trades — airlines, cruise lines and hotels — is seemingly losing steam. Shares of American Airlines and Delta posted their second straight weekly losses. So did Carnival, Norwegian Cruise and MGM Resorts. Those stocks were once the high-beta leaders of the market comeback as investors bet that a successful reopening would take hold.
“Although the stock market was suggesting a V-shaped recovery, the more likely scenario is rolling Ws,” Liz Ann Sonders, chief investment strategist at Charles Schwab, said in a note.
A similar market pattern happened during the financial crisis, pointed out by Nicholas Colas, co-founder of DataTrek Research. After stocks rallied nearly 40% from the 2009 bottom, the market was range-bound for about seven weeks so the fundamentals could catch up, Colas noted.
From a technical perspective, Matthew Maley, chief market strategist at Miller Tabak, is watching if the S&P 500 can break above its recent high of 3,232 or drop below the 3,000 threshold or its 200-day moving average of 3,018 as of Friday.
“Whichever way it breaks...should be an very important development in trying to determine how this critical juncture in the stock market will be resolved,” Maley said in a note.

Fed can’t prevent volatility

While the flattening virus curve played a big role in the market rebound, it’s no denying that the Federal Reserve’s unprecedented stimulus has been a key driver in lifting stocks from the coronavirus slump. The central bank unleashed another weapon in its arsenal this week, saying it will start buying individual corporate bonds.
As comforting as it is to have the Fed’s support, the central bank can only do so much to ease investor fears.
“The Fed can’t prevent the volatility we’re seeing in stocks,” Lindsey Bell, chief investment strategist at Ally Invest, said in a note. “It will likely take years for the economy to fully recover and there remain other uncertainties on the path ahead. As such, investors may continue to struggle with this mismatch between markets and the economy before seeing the case for new highs.”
Fed Chairman Jerome Powell reminded investors again this week in his semiannual testimony before Congress that “significant uncertainty remains about the timing and strength of the recovery.”
Many on Wall Street have also warned that extended policy measures including injection of trillions of cheap money would lead to problems down the road such as hyperinflation.

This past week saw the following moves in the S&P:

(CLICK HERE FOR THE FULL S&P TREE MAP FOR THE PAST WEEK!)

Major Indices for this past week:

(CLICK HERE FOR THE MAJOR INDICES FOR THE PAST WEEK!)

Major Futures Markets as of Friday's close:

(CLICK HERE FOR THE MAJOR FUTURES INDICES AS OF FRIDAY!)

Economic Calendar for the Week Ahead:

(CLICK HERE FOR THE FULL ECONOMIC CALENDAR FOR THE WEEK AHEAD!)

Percentage Changes for the Major Indices, WTD, MTD, QTD, YTD as of Friday's close:

(CLICK HERE FOR THE CHART!)

S&P Sectors for the Past Week:

(CLICK HERE FOR THE CHART!)

Major Indices Pullback/Correction Levels as of Friday's close:

(CLICK HERE FOR THE CHART!

Major Indices Rally Levels as of Friday's close:

(CLICK HERE FOR THE CHART!)

Most Anticipated Earnings Releases for this week:

(CLICK HERE FOR THE CHART!)

Here are the upcoming IPO's for this week:

(CLICK HERE FOR THE CHART!)

Friday's Stock Analyst Upgrades & Downgrades:

(CLICK HERE FOR THE CHART LINK #1!)
(CLICK HERE FOR THE CHART LINK #2!)

100 Days

100 days ago today on March 11th, the WHO made it official and declared the COVID-19 outbreak a pandemic. Markets were already under a lot of pressure before the WHO declared the pandemic, but the 100 days since will probably go down as some of the craziest 100 days we'll ever experience, not only in the market but in general society as well. More than enough ink and pixels have been spent discussing the societal impact at large, so we'll spare you and just focus on the markets.
While much of the declines were already in the rearview mirror by the time the WHO made its announcement, equities still had a steep decline in the immediate aftermath. The large-cap Russell 1000, for example, fell another 19% to its March 23rd closing low, but after the rebound, the net change since the pandemic was officially declared > has been a gain of 14.3%.
(CLICK HERE FOR THE CHART!)
As impressive as the Russell 1000's gain has been in the face of the global pandemic, many stocks have done a lot better than that. The table below lists the 25 stocks in the index that have seen the biggest gains so far during this pandemic. Topping the list is Wayfair (W) which has rallied more than 350%. If there is one thing Americans must have realized while they were stuck at home under lockdown it was that they needed some new furniture! Behind Wayfair, two other stocks have more than tripled and both were beaten down stocks from the Energy sector that were trading at less than $2 per share on March 11th. A number of familiar names standout including Moderna (MRNA), Twilio (TWLO), DocuSign (DOCU), Beyond Meat (BYND), and Etsy (ETSY), but looking through the list, there's really a diverse group of names ranging from bombed-out stocks from the Energy sector (8 stocks), Consumer names (7 stocks), and the ever-popular software stocks from the Technology sector (6 stocks). It's definitely been a rocky road for the markets over the last 100 days, but for anyone who had these names in their portfolio, they aren't complaining. Click here to view Bespoke's premium membership options for access to our weekly Bespoke Report which includes an update to our Stocks for the COVID economy portfolio that was released on March 11th.
(CLICK HERE FOR THE CHART!)

S&P 500 Industry Group Breadth Remains Positive

Equity markets have become a bit wobbly in the last week or so, but breadth, in terms of large-cap industry groups, still remains pretty robust. Relative to their 50-DMAs, all 24 S&P 500 industry groups still have rising 50-DMAs. When you consider the fact that the 50-day window spans the period going back to early April, a period encompassing most of what was one of the strongest 50-day rallies on record, the fact that every industry group has a rising 50-DMA isn't all that surprising.
(CLICK HERE FOR THE CHART!)
Even though all their 50-DMAs are rising, not every industry group is currently trading above its 50-DMA. While the reading briefly reached 100% in late May and early June, two industry groups have since pulled back below their 50-DMAs, putting the percentage at a still impressive 91.7%.
(CLICK HERE FOR THE CHART!)
The table below summarizes industry group performance showing YTD performance, where each one is trading relative to its 50-DMA, as well as where the group is trading relative to its 52-week high.
As mentioned above, all but two groups (Drugs & Biotech and Food & Staples Retail) remain above their 50-DMAs, and another four are less than 2% above their 50-DMA. If Friday's sell-off deepens into next week, the percentage of industry groups above their 50-DMAs has the potential to quickly sink as low as 75%. Of the 22 industry groups that are above their 50-DMAs, Autos and Tech Hardware are the only two greater than 10% above.
On a YTD basis, the S&P 500 is down less than 4%, but for the vast majority of industry groups, performance has been worse than that. Of the 24 groups shown, 16 are down more than 4% YTD, including eleven that are down over 10%. The worst performers of these losers include Energy, Banks, and Autos. While Energy gets most of the attention for being so weak, Banks are essentially down just as much! On the upside, just two industry groups are up over 10% (Retailers, which is basically Amazon, and Software & Services). Retailing is also the one industry group that is within 1% of a 52-week high and one of seven that is within 4% of a 52-week high.
(CLICK HERE FOR THE CHART!)

Credit Market Reversals

We've noted in detail the massive reversals seen in global equities over the last three months, but outside of equities, we've also seen some other massive moves. One example is credit spreads between the yields of corporate and high yield bonds relative to Treasuries.
The top chart below shows the spread in yields between the B of A Corporate Index relative to Treasuries going back to 1997, and below that, we show the 50-day rate of change in the spread. Heading into the COVID-crash, spreads on corporate bonds were less than 100 basis points (bps), meaning the corporate bond index was yielding only 1 percentage point more than comparable Treasury yields. In the span of less than two months, though, spreads surged by more than 300 bps to over 400 bps. Not since the depths of the credit crisis in 2009 had we seen spreads widen out more than they did in March. Just as notable as the level is the fact that the speed with which spreads widened during the COVID-crash was similar to the pace during the credit crisis.
While spreads were quick to spike during both crises, they narrowed nearly as fast both times. Going back to 1997, the most corporate spreads have ever narrowed over a 50-day period was in June 2009. Coming in at a close second place, though, the 50-day period ending in early June was nearly as extreme.
(CLICK HERE FOR THE CHART!)
Similar to spreads on corporate bonds, the movement in spreads on high yield (junk) credit has been nearly as extreme. While spreads on the B of A High Yield Master Index widened out by only half as much during the COVID-crash as they did during the Financial Crisis, the 50-day move ending in late March was easily more extreme than any other period outside of the credit crisis.
(CLICK HERE FOR THE CHART!)
A shown in both charts above, the only time both corporate and high yield spreads narrowed by an amount anywhere close to the amount they narrowed from late March through early June was back in early June of 2009. The chart below of the S&P 500 shows that point from the perspective of the S&P 500. That period in June 2009 was right in the early stages of what turned out to be a multi-year bull market. Given the similar tightening in the credit market now versus back then, should we assume a similar move for equities going forward?
After the last five months, we'll be the first to say that anything is possible. However, while there are plenty of similarities between the moves in credit markets over the last three months versus the first half of 2009, there are also important distinctions. The most important of these has to do with where the S&P 500 is trading right now. The second chart below shows the historical levels the S&P 500 has traded at relative to its all-time high. Even after the initial narrowing of credit spreads from March through early June 2009, the S&P 500 was still more than 40% off its all-time highs, and therefore still had a lot of climbing to do to get out of the hole. Back in June 2009, to get back to its all-time high from October 2007, the S&P 500 still had to rally another 75%. Today, it's a much different picture as the S&P 500 is already within 10% of its February 2020 all-time high. Could we be in the earlier stages of what turns out to be another long-term bull market? Sure. Will the magnitude of the gains be anything like the gains early on in the bull market that began in 2009? It's unlikely.
(CLICK HERE FOR THE CHART!)

The Very Slow Recovery In Economic Activity Is Continuing

As economies around the country slowly recover from COVID-19 and reopenings proceed, economic activity is slowly recovering. For the hardest-hit sectors, though, the recovery is only inching forward. Security checkpoint volumes at US airports are still down 80% YoY, and the trend of improvement is only set to return travel activity to 50% of 2019 levels in September.
For restaurants, OpenTable data shows covers down by two-thirds from last year, though some of that is because many restaurants remain closed. Among reopened establishments, the number of seated customers are still down almost 40% YoY. About half of restaurants remain closed per the OpenTable data. We discussed this chart and other retail enthusiasm indicators in last night's Closer report, which is available to Bespoke Institutional members.
(CLICK HERE FOR THE CHART!)

Leading Indicators Turn Positive

Yesterday, The Conference Board released last month’s reading for its Leading Economic Index (LEI), a composite of leading data series, which showed a month-over-month increase of 2.8%. As seen in the LPL Chart of the Day, the return to positive territory follows three straight months of negative monthly growth.
”We noted that the pace of the LEI’s deterioration slowed in the April report, potentially suggesting a bottom forming in the US economy,” said LPL Financial Senior Market Strategist Ryan Detrick. “Yesterday’s print was one of several positive economic data surprises we’ve observed recently, bolstering our optimistic view for economic growth in the second half of the year.”
(CLICK HERE FOR THE CHART!)
While the economy still has a ways to go in order to recover from the damage of the prior three months, the composition of May’s LEI advance encourages us. We noted a disconnect in April’s readout in which the financial market indicators tended to be net positive contributors while the “real economy” indicators detracted. May’s release saw a reversal of that trend whereby the economic subindexes played catch-up. Seven of the 10 components were positive contributors led by an improvement in average weekly initial unemployment claims, average weekly manufacturing hours, and building permits. The three negative contributors were the Institute for Supply Management (ISM) New Orders Index, average consumer expectations for business conditions, and the Leading Credit Index.
The most recent LEI release reinforces our view that an economic bottom is likely behind us. Workers starting to return to jobs that they were unable to do remotely had material effects on May’s readout, and if that trend continues, a stock market trading at stretched valuations would have a stronger foundation under it.

3 Charts That Have Our Attention

Stocks have shaken off the 5.9% S&P 500 Index drop last Thursday by gaining three days in a row before yesterday’s modest weakness. While researching and reading this week, three charts stood out that tell us quite a good deal about how investors have reacted during this volatile market and what could be next.
“Incredibly, we saw nearly a third of all investors over 65 years old sell their full equity holdings,” explained LPL Financial Senior Market Strategist Ryan Detrick. “With stocks now back near highs, this is yet another reason to have a plan in place before trouble comes, as making decisions when under duress can lead to the exact wrong decision.”
As shown in the LPL Chart of the Day, according to data from Fidelity Investments, nearly 18% of all investors sold their full equity holdings between February and May, while a much higher percentage that were closer to retirement (or in retirement) sold. Some might have bought back in, but odds are that many are feeling quite upset with the record bounce back in stocks here.
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Along these same lines, investors have recently moved to cash at a record pace. In fact, there is now nearly $5 trillion in money market funds, almost twice the levels we saw this time only five years ago. Also, the past three months saw the largest three-month change ever, as investors ran to the safety of cash. If you were looking for a reason stocks could continue to go higher over the longer term, there really is a lot of cash on the sidelines right now.
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Last, we noted last week that the extreme overbought nature of stocks here is actually consistent with the start of a new bull run, not a bear market bounce, or the end of a bull market. Adding to this, the spread between the number of stocks above their 50-day moving average and 200-day moving average was near the highest level ever. Think about it; with the 45% bounce in the S&P 500, many stocks were above their 50-day moving average, but not nearly as many were above their 200-day moving average. So from a longer-term perspective, there could still be gains to be had.
Sure enough, looking at other times that had wide spreads, they took place near the start of major bull markets. Near-term the potential is there for a well-deserved pullback, but going out 6 to 12 months, stocks have consistently outperformed.
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Election Year July Performance Tepid

July historically is the best performing month of the third quarter however, the mostly negative results in August and September tend to make the comparison easy. Two “hot” Julys in 2009 and 2010 where DJIA and S&P 500 both gained greater than 6% and a strong performance in 2013 and 2018 have boosted July’s average gains since 1950 to 1.2% and 1.1% respectively. Such strength inevitability stirs talk of a “summer rally”, but beware the hype, as it has historically been the weakest rally of all seasons (page 74, Stock Trader’s Almanac 2020).
July begins NASDAQ’s worst four months and is the third weakest performing NASDAQ month since 1971, posting a 0.5% average gain. Dynamic trading often accompanies the first full month of summer as the beginning of the second half of the year brings an inflow of new capital. This creates a bullish beginning, a soft week after options expiration and some strength towards the end.
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Election year Julys rank in the bottom half of all election year months. DJIA: 0.5%, 6th worst; S&P 0.4% 6th worst; NASDAQ (since 1972): -0.7% 3rd worst; Russell 2000 (since 1980): -0.2% 3rd worst.
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STOCK MARKET VIDEO: Stock Market Analysis Video for Week Ending June 19th, 2020

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STOCK MARKET VIDEO: ShadowTrader Video Weekly 6.21.20

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Here are the most notable companies (tickers) reporting earnings in this upcoming trading week ahead-
  • $NKE
  • $RAD
  • $DRI
  • $WGO
  • $MKC
  • $WTI
  • $INFO
  • $ACN
  • $KBH
  • $SOHO
  • $FDS
  • $BB
  • $AVAV
  • $LZB
  • $XAIR
  • $CAAS
  • $MCF
  • $BWAY
  • $SNX
  • $GMS
  • $WOR
  • $QMCO
  • $AFMD
  • $EPAC
  • $WUBA
  • $USAT
  • $NG
  • $PDCO
  • $APOG
  • $PRGS
  • $FUL
  • $AEMD
  • $AIH
  • $YRD
  • $STAF
  • $UFAB
  • $CAMP
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Below are some of the notable companies coming out with earnings releases this upcoming trading week ahead which includes the date/time of release & consensus estimates courtesy of Earnings Whispers:

Monday 6.22.20 Before Market Open:

([CLICK HERE FOR MONDAY'S PRE-MARKET EARNINGS TIME & ESTIMATES!]())
NONE.

Monday 6.22.20 After Market Close:

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Tuesday 6.23.20 Before Market Open:

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Tuesday 6.23.20 After Market Close:

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Wednesday 6.24.20 Before Market Open:

(CLICK HERE FOR WEDNESDAY'S PRE-MARKET EARNINGS TIME & ESTIMATES!)

Wednesday 6.24.20 After Market Close:

(CLICK HERE FOR WEDNESDAY'S AFTER-MARKET EARNINGS TIME & ESTIMATES!)

Thursday 6.25.20 Before Market Open:

(CLICK HERE FOR THURSDAY'S PRE-MARKET EARNINGS TIME & ESTIMATES!)

Thursday 6.25.20 After Market Close:

(CLICK HERE FOR THURSDAY'S AFTER-MARKET EARNINGS TIME & ESTIMATES!)

Friday 6.26.20 Before Market Open:

(CLICK HERE FOR FRIDAY'S PRE-MARKET EARNINGS TIME & ESTIMATES!)

Friday 6.26.20 After Market Close:

([CLICK HERE FOR FRIDAY'S AFTER-MARKET EARNINGS TIME & ESTIMATES!]())
NONE.

Nike Inc $95.78

Nike Inc (NKE) is confirmed to report earnings at approximately 4:15 PM ET on Thursday, June 25, 2020. The consensus earnings estimate is $0.03 per share on revenue of $8.35 billion and the Earnings Whisper ® number is $0.10 per share. Investor sentiment going into the company's earnings release has 50% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 95.16% with revenue decreasing by 18.01%. Short interest has decreased by 0.8% since the company's last earnings release while the stock has drifted higher by 19.6% from its open following the earnings release to be 3.9% above its 200 day moving average of $92.17. Overall earnings estimates have been revised lower since the company's last earnings release. On Thursday, June 11, 2020 there was some notable buying of 7,691 contracts of the $102.00 call expiring on Friday, July 10, 2020. Option traders are pricing in a 6.6% move on earnings and the stock has averaged a 4.8% move in recent quarters.

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Darden Restaurants, Inc. $70.27

Darden Restaurants, Inc. (DRI) is confirmed to report earnings at approximately 7:00 AM ET on Thursday, June 25, 2020. The consensus estimate is for a loss of $1.78 per share on revenue of $1.25 billion and the Earnings Whisper ® number is ($1.68) per share. Investor sentiment going into the company's earnings release has 28% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 201.14% with revenue decreasing by 43.92%. Short interest has increased by 33.2% since the company's last earnings release while the stock has drifted higher by 108.3% from its open following the earnings release to be 27.4% below its 200 day moving average of $96.86. Overall earnings estimates have been revised lower since the company's last earnings release. On Tuesday, June 9, 2020 there was some notable buying of 3,882 contracts of the $70.00 call and 814 contracts of the $80.00 put expiring on Friday, July 17, 2020. Option traders are pricing in a 9.9% move on earnings and the stock has averaged a 8.1% move in recent quarters.

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Rite Aid Corp. $12.41

Rite Aid Corp. (RAD) is confirmed to report earnings at approximately 7:00 AM ET on Thursday, June 25, 2020. The consensus estimate is for a loss of $0.38 per share on revenue of $5.60 billion and the Earnings Whisper ® number is ($0.35) per share. Investor sentiment going into the company's earnings release has 60% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 171.43% with revenue increasing by 4.23%. Short interest has increased by 11.0% since the company's last earnings release while the stock has drifted higher by 0.6% from its open following the earnings release to be 1.6% below its 200 day moving average of $12.61. Overall earnings estimates have been revised lower since the company's last earnings release. On Monday, June 15, 2020 there was some notable buying of 1,617 contracts of the $14.00 call expiring on Friday, June 26, 2020. Option traders are pricing in a 18.4% move on earnings and the stock has averaged a 21.4% move in recent quarters.

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Winnebago Industries, Inc. $68.36

Winnebago Industries, Inc. (WGO) is confirmed to report earnings at approximately 7:00 AM ET on Wednesday, June 24, 2020. The consensus estimate is for a loss of $0.41 per share on revenue of $325.94 million and the Earnings Whisper ® number is ($0.35) per share. Investor sentiment going into the company's earnings release has 70% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 135.96% with revenue decreasing by 38.38%. Short interest has increased by 12.4% since the company's last earnings release while the stock has drifted higher by 156.7% from its open following the earnings release to be 46.4% above its 200 day moving average of $46.69. Overall earnings estimates have been revised lower since the company's last earnings release. On Friday, June 19, 2020 there was some notable buying of 583 contracts of the $55.00 put expiring on Friday, July 17, 2020. Option traders are pricing in a 13.5% move on earnings and the stock has averaged a 10.3% move in recent quarters.

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McCormick & Company, Incorporated $172.20

McCormick & Company, Incorporated (MKC) is confirmed to report earnings at approximately 6:30 AM ET on Thursday, June 25, 2020. The consensus earnings estimate is $1.14 per share on revenue of $1.29 billion and the Earnings Whisper ® number is $1.18 per share. Investor sentiment going into the company's earnings release has 52% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 1.72% with revenue decreasing by 0.91%. Short interest has decreased by 27.3% since the company's last earnings release while the stock has drifted higher by 23.1% from its open following the earnings release to be 7.4% above its 200 day moving average of $160.35. Overall earnings estimates have been revised lower since the company's last earnings release. Option traders are pricing in a 4.6% move on earnings and the stock has averaged a 4.5% move in recent quarters.

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W&T Offshore Inc. $2.57

W&T Offshore Inc. (WTI) is confirmed to report earnings at approximately 4:45 PM ET on Monday, June 22, 2020. The consensus earnings estimate is $0.03 per share on revenue of $129.93 million and the Earnings Whisper ® number is $0.01 per share. Investor sentiment going into the company's earnings release has 69% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 40.00% with revenue increasing by 11.93%. Short interest has increased by 95.3% since the company's last earnings release while the stock has drifted higher by 3.6% from its open following the earnings release to be 33.8% below its 200 day moving average of $3.88. Overall earnings estimates have been revised lower since the company's last earnings release. The stock has averaged a 5.1% move on earnings in recent quarters.

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IHS Markit Ltd. $72.03

IHS Markit Ltd. (INFO) is confirmed to report earnings at approximately 6:00 AM ET on Tuesday, June 23, 2020. The consensus earnings estimate is $0.67 per share on revenue of $1.05 billion and the Earnings Whisper ® number is $0.68 per share. Investor sentiment going into the company's earnings release has 55% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 5.63% with revenue decreasing by 7.53%. Short interest has decreased by 27.7% since the company's last earnings release while the stock has drifted higher by 44.2% from its open following the earnings release to be 3.4% above its 200 day moving average of $69.69. Overall earnings estimates have been revised lower since the company's last earnings release. Option traders are pricing in a 9.4% move on earnings and the stock has averaged a 6.7% move in recent quarters.

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Accenture Ltd. $201.55

Accenture Ltd. (ACN) is confirmed to report earnings at approximately 6:45 AM ET on Thursday, June 25, 2020. The consensus earnings estimate is $1.84 per share on revenue of $10.94 billion and the Earnings Whisper ® number is $1.89 per share. Investor sentiment going into the company's earnings release has 53% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 4.66% with revenue decreasing by 1.44%. Short interest has increased by 20.0% since the company's last earnings release while the stock has drifted higher by 33.2% from its open following the earnings release to be 5.6% above its 200 day moving average of $190.94. Overall earnings estimates have been revised lower since the company's last earnings release. On Friday, June 5, 2020 there was some notable buying of 1,740 contracts of the $190.00 put expiring on Friday, August 21, 2020. Option traders are pricing in a 6.8% move on earnings and the stock has averaged a 2.8% move in recent quarters.

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Sotherly Hotels Inc. $2.96

Sotherly Hotels Inc. (SOHO) is confirmed to report earnings at approximately 6:30 AM ET on Wednesday, June 24, 2020. The consensus earnings estimate is $0.16 per share on revenue of $16.30 million. Investor sentiment going into the company's earnings release has 26% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 48.39% with revenue decreasing by 65.60%. Short interest has increased by 2,813.7% since the company's last earnings release while the stock has drifted lower by 43.4% from its open following the earnings release to be 39.4% below its 200 day moving average of $4.88. The stock has averaged a 3.0% move on earnings in recent quarters.

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KB Home $32.29

KB Home (KBH) is confirmed to report earnings at approximately 4:10 PM ET on Wednesday, June 24, 2020. The consensus earnings estimate is $0.57 per share on revenue of $1.17 billion and the Earnings Whisper ® number is $0.49 per share. Investor sentiment going into the company's earnings release has 59% expecting an earnings beat. Consensus estimates are for year-over-year earnings growth of 11.76% with revenue increasing by 14.50%. Short interest has decreased by 2.1% since the company's last earnings release while the stock has drifted higher by 65.5% from its open following the earnings release to be 3.6% above its 200 day moving average of $31.18. Overall earnings estimates have been revised lower since the company's last earnings release. Option traders are pricing in a 9.7% move on earnings and the stock has averaged a 4.2% move in recent quarters.

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DISCUSS!

What are you all watching for in this upcoming trading week?
I hope you all have a wonderful weekend and a great trading week ahead StockMarket.
submitted by bigbear0083 to StockMarket [link] [comments]

US Masters Golf Betting Tips 2019. The US Masters is much like other great sporting events, they capture the imagination of the public and really make people want to spend their hard-earned cash The Masters Betting Odds. View all available outright and match odds, plus get news, tips, free bets and money-back offers. All you need to bet. The Masters, and the US Open, will be played twice as part of the 2020-21 schedule, while the PGA Championship will kick off the 2020 major schedule Thursday, Aug. 6. This page highlights the 2020 Masters betting odds and the names you need to know, as well as looking back at some of the greatest longshot Masters champions in modern history. Masters 2019: Statistics guru breaks down how to win a green jacket at Augusta National Forget the coaches, trainers and practice rounds; here's what golfers need to know about winning By Kyle Porter For professional golfers, the ultimate goal is to win the tournament. For fans of golf betting, it’s to pick the event winner that week. But with so many elite players and so ma

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