Monday's Wall Street News Preview squintingly sees the market keying on two data points. Japan reported this morning that its export growth rate moderated for the sixth consecutive month in August. Meanwhile, the US prepares for the release of the Chicago Fed National Activity Index, which we see most likely to show softening for the August period.The "Greek Factor" ranges from +3 to -3, and is a subjective measure of The Greek's view of the market impact of individual and aggregate news and the day's scheduled events.
Our founder earned clients a 23% average annual return over five years as a stock analyst on Wall Street. "The Greek" has written for institutional newsletters, Businessweek, Real Money, Seeking Alpha and others, while also appearing across TV and radio. While writing for Wall Street Greek, Mr. Kaminis presciently warned of the financial crisis.
Are we "big in Japan?" Well, I'm not sure, but "I think I'm turning Japanese, I think I'm turning Japanese; I really think so, I really think so!" I realize what you just read was the lamest copy ever published at The Greek, but it's 3 AM ET, so cut us a break, or maybe a bagel if you're up and baking.
Our weekly schedule is on tap for release later today. We decided to publish our Wall Street News Preview for Monday separately, so we could catch some sleep at this ungodly hour of the morning. This Wall Street News Preview keys on two market drivers, one that has arrived already and one that is to come. Still, we expect consistency in the modest negative message both should convey this morning. Thus the -1 Greek Factor rating, and red warning signal.
Japan's Export Growth Moderates Greek Factor: -1
Japan's export growth slowed for the sixth consecutive month in August. Year-over-year export growth moderated to 15.8% in August, down from July's rate of plus 23%. Economists and The Greek are looking toward the strengthening yen and softer global demand for goods as the driving factors behind the drag. And there is also the normalization of prior year comparable that is occurring across the spectrum of economic data, which creates the appearance of a slowing rate of improvement. In actuality, and in absolute terms, economic activity has been pretty poor all year long.
Chicago Fed National Activity Index Greek Factor: -1
While there are no major economic reports on the schedule for Monday, which is typical for the day, look for the Chicago Fed to release its National Activity Index at 8:30 AM ET. The CFNAI is a monthly index designed to gauge overall economic activity and related inflationary pressure. At its latest check up, The Chicago Fed National Activity Index increased to its historical average of zero in July from –0.70 in June. If August keeps to trend, we would expect this measure to backtrack a bit.
Corporate News Schedule
The corporate wire will be keyed by Procter & Gamble (NYSE: PG), which will announce its new "Vision for Sustainability." Symantec (Nasdaq: SYMC) gives an Educational Overview of its Business and User Authentication Business. General Mills (NYSE: GIS) and FedEx (NYSE: FDX) will hold their annual shareholders' meetings. Siemens AG (NYSE: SI) hosts its trading update conference call. Biovail (NYSE: BVF) holds a special meeting of shareholders. Seattle Genetics (Nasdaq: SGEN) will discuss the results of a recent cancer trial.
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