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CBOE Morning Call 8/1/2017

Big Picture

About 3/4‘s of the companies in the S&P 500 that have already reported second quarter earnings beat their estimates. This sounds impressive, but according the Bank of America Merrill Lynch the stock price reactions have been muted (despite the S&P 500 pushing the 2500 level).

Yesterday the Chicago PMI was lower than expectations, but Pending Home Sales was higher than expectations. Nothing can go wrong if housing sales are strong, right? We get more views into the US economy today and over the course of the week. As this post goes live Personal Income was released (it appears to be a weak number) and Construction Spending and ISM come out 30 minutes into the trading day.

Finally, I usually yawn when this is pointed out, but yesterday VIX was higher for a good portion of the day yesterday. The low yesterday was only 0.03 below Fridays low. This...