The string of weekly gains on the major averages was broken last week, but not by much. The markets basically just marked time, as the minor declines outweighed the minor advances, but no major up or down days occurred to indicate any major turning point was at hand.

Stocks on my lists going ex-dividend in the coming week are listed following. Ex-dividend date is as shown, frequency is quarterly unless otherwise indicated, and yield is as of Friday’s closing price.

Johnson & Johnson (JNJ), ex-dividend 11/25/2019, yield 2.79%.

Enerplus (ERF), ex-dividend 11/26/2019, yield 1.43%. ERF pays monthly, in Canadian Dollars, which further reduces the amount available for US holders.

AGNC Investment, ex-dividend 11/27/2019, yield 11.14%. This MREIT pays monthly.

STAG Industrial (STAG), ex-dividend 11/27/2019, yield 4.69%. STAG also pays monthly.

Barrick Gold (GOLD), ex-dividend 11/27/2019, yield 1.20%.

NextEra Energy (NEE), ex-dividend 11/27/2019, yield 2.14%.

Prospect Capital (PSEC), ex-dividend 11/27/2019, yield 11.09%. PSEC is a monthly payer.

Brookfield Renewable Partners LP (BEP), ex-dividend 11/27/2019, yield 4.54%.

Vodafone Group PLC (VOD), ex-dividend 11/27/2019, yield 5.05%. VOD pays semi-annually, this will be the second and final payout for this year.

CenturyLink (CTL), ex-dividend 11/29/2019, yield 6.73%.

Safety Insurance Group (SAFT), ex-dividend 11/29/2019, yield 3.73%.

Realty Income (O), ex-dividend 11/29/2019, yield 3.56%. O pays monthly.

McDonalds (MCD), ex-dividend 11/29/2019, yield 2.60%.

Kellogg (K), ex-dividend 11/29/2019, yield 3.52%.

Coca Cola (KO), ex-dividend 11/29/2019, yield 3.02%.

Washington Prime Group (WPG), ex-dividend 11/29/2019, yield 23.92%.

Gladstone Investment (GAIN), ex-dividend 12/02/2019, yield 5.84%. GAIN pays monthly.

Only one of the fifteen CEF’s I follow will be going ex-dividend in the look-ahead period, First Trust Intermediate Duration Preferred & Income Fund (FPF) goes ex-dividend on 12/02/2019, yielding 6.66%. FPF pays monthly.

None of the stocks I follow will be reporting earnings next week.

Upgrades / downgrades etc. on my stocks listed by E*TRADE last week were as follows:

Ventas (VTR) was upgraded from Hold to Buy at Argus.

AT&T (T) was downgraded from Neutral to Sell at MoffettNathanson.

Johnson & Johnson (JNJ) was initiated at OverWeight at Cantor Fitzgerald.

Transocean (RIG) was initiated at Sell at Deutsche Bank.

Duke Energy (DUK) and Alliant Energy (LNT) were both upgraded from Equal Weight to OverWeight at Barclays.

GlaxoSmithKline (GSK) was upgraded from Neutral to Buy at UBS.

Public Service Enterprise Group (PEG) was downgraded from OverWeight to Equal Weight at Barclays.

Duke Energy (DUK) was upgraded from Sell to Buy at Goldman.

Hoegh LNG Partners LP (HMLP) was upgraded from Sell to Hold at DNB Markets.

Covanta Holdings (CVA) was initiated at Hold at Jeffries.

Duke Energy (DUK) was initiated at Neutral at Mizuho.

The choices for new money these days are readily apparent from the ex-dividend list above. You can buy into a “safe” company, with decent financials and prospects, at an extremely elevated price, settling for a minimal yield, or buy into a firm with a terrific yield, compliments of a depressed price, with the high risk of a dividend cut or worse. In the first case, you likely will continue to receive the dividend, but in the case of a broad market decline, will suffer a capital loss that will outweigh the dividend proceeds for years to come. In the second case, the market has judged, often for good reasons, that the dividend is at risk, and you will likely will not receive the dividend for long, and will probably suffer a major capital loss as well, as the dividend is reduced or eliminated, the share price collapses, and the firm either disappears entirely, or becomes a “zombie” company. These are firms that continue on in business, going nowhere, paying nothing to shareholders, but simply refuse to die! The only way to really win would be if the market’s harsh judgement turns out to be incorrect, and your investment in a super high-yielder turns out well. This is unlikely, but if contemplating one as an investment, ask yourself the question from the famous Clint Eastwood movie line, “do you feel lucky, punk?”

JT

Stocks posted another positive week, as all of the major averages I follow gained ground overall. Volatility has also subsided somewhat, compared to a couple of months ago. When the market slowly gains ground with minimal volatility over an extended period, it is referred to as a “melt-up”. That is what we are experiencing now, with new highs being reached daily.

Stocks on my lists going ex-dividend in the coming week are listed following. Ex-dividend date is as shown, frequency is quarterly unless otherwise indicated, and yield is as of Friday’s closing price.

Gladstone Investment (GAIN), ex-dividend 11/18/2019, yield 5.88%. GAIN pays monthly.

Pitney Bowes (PBI), ex-dividend 11/18/2019, yield 4.02%.

Horizon Technology Finance (HRZN), ex-dividend 11/18/2019, yield 9.47%. HRZN pays monthly.

Equinor ASA (STOHF), formerly Statoil (STO), ex-dividend 11/18/2019, yield 5.34%.

Main Street Capital (MAIN), ex-dividend 11/19/2019, yield 5.73%. MAIN is also a monthly payer.

3M Co (MMM), ex-dividend 11/21/2019, yield 3.37%.

Johnson & Johnson (JNJ), ex-dividend 11/25/2019, yield 2.90%.

Three of the fifteen CEF’s I follow will be going ex-dividend in the week ahead, as follows. These are all monthly payers.

CBRE Clarion Global Real Estate Income Fund (IGR), ex-dividend 11/19/2019, yield 7.56%.

Eaton Vance Tax-Managed Diversified Equity Income Fund (ETY), ex-dividend 11/21/2019, yield 8.21%.

Miller Howard High Income Equity Fund (HIE), ex-dividend 11/21/2019, yield 11.71%.

Earnings season is about over, with only two stragglers reporting next week, of the stocks I follow. Hoegh LNG Partners LP (HMLP) will be reporting on 11/21/2019, and JM Smucker Co (SJM) will be reporting on 11/22/2019.

Upgrades / downgrades etc. on my stocks listed by Etrade last week were as follows:

Cisco Systems (CSCO) was downgraded from OverWeight to Neutral at Piper Jaffray.

AGNC Investment (AGNC) was resumed at Neutral at Bank of America.

Apollo Investment (AINV) was downgraded from OutPerform to Sector Perform at RBC Capital Markets.

Brookfield Renewable Partners LP (BEP) was downgraded from Buy to Hold at TD Securities.

Eaton (ETN) was downgraded from Buy to Hold at HSBC Securities.

Ares Capital (ARCC) was initiated at OutPerform at RBC Capital Markets.

Main Street Capital (MAIN) was also initiated at OutPerform at RBC Capital Markets.

Freeport McMoRan (FCX) was upgraded from Neutral to Buy at Bank of America.

Smucker JM (SJM) was downgraded from Neutral to UnderPerform at Credit Suisse.

Cisco Systems (CSCO) was resumed at OutPerform at RBC Capital Markets.

AT&T and Verizon (VZ) were both downgraded from Buy to Hold at HSBC Securities.

Emerson Electric (EMR) was downgraded from Hold to Reduce at HSBC Securities.

Kraft Heinz (KHC) was downgraded from Neutral to Sell at Goldman. That hurt the stock, it declined over two dollars on the day this rating came out, 11/14/2019.

Public Service Enterprise Group (PEG) was downgraded from OutPerform to Peer Perform at Wolfe Research.

Cisco Systems (CSCO) was reiterated at Buy at Bank of America.

Walmart (WMT) was reiterated at OutPerform at Telsey Advisory Group.

The week’s news cycle was dominated by events in Washington DC, even more than usual, but stocks were apparently unfazed by it all. I had some gains that I wanted to protect with stop loss orders, which were triggered on 11/12/2019. I really did not want to sell, but I guess I set the stop too tight, an intraday dip took me out of a stock position on Greif (GEF), and a long call option on General Electric (GE). I’m not complaining, I booked decent gains, but I still believe both of these stocks will advance further in the next few weeks. Oh, well, I may end up being glad to have exited when I did.

JT

Stocks steadily gained ground every day last week, based on all the major averages I track, with the end result being a solid, but not spectacular, gain for the week. Still, with some averages starting the week near all-time highs, some new highs were breached at times during the week. The economic data hints at some slowing here and there, but a recession is not imminent, not just yet.

A quick review of stocks on my lists going ex-dividend in the upcoming week shows the payers are still paying, even as yields for the most solid firms continue to hit new lows, as share prices hit new highs. This discourages value investors like me from buying more at these nosebleed levels, as a descent back to earth is likely sooner or later for many of these stocks. Ex-dividend date is as shown, frequency is quarterly unless otherwise indicated, and yield is as of Friday’s closing price.

Welltower (WELL), 11/12/2019, 4.18%.

Enbridge (ENB), 11/14/2019, 6.11%.

Smucker JM Co (SJM), 11/14/2019, 3.29%.

Emerson Electric (EMR) 11/14/2019, 2.71%.

Exelon (EXC), 11/14/2019, 3.24%.

Kraft Heinz (KHC), 11/14/2019, 4.89%.

Duke Energy (DUK), 11/14/2019, 4.08%.

Royal Dutch Shell (RDS.B), 11/14/2019, 6.18%.

GlaxoSmithKline (GSK), 11/14/2019, 4.52%.

Pan American Silver (PAAS), 11/15/2019, 0.81%.

Southern Co (SO), 11/15/2019, 4.08%.

Chevron (CVX), 11/15/2019, 3.91%.

United Parcel Service (UPS), 11/15/2019, 3.11%.

Gladstone Investment (GAIN), 11/18/2019, 6.14%. GAIN pays monthly.

Horizon Technology Finance (HRZN), 11/18/2019, 9.62%. HRZN is also a monthly payer.

Several of the fifteen CEF’s I follow will be going ex-dividend in the week ahead, as follows. These are all monthly payers.

Cohen & Steers MLP Income & Energy Opportunity Fund (MIE), 11/12/2019, 12.06%.

Cohen & Steers Quality Income Realty Fund (RQI), 11/12/2019, 6.63%.

BlackRock Debt Strategies Fund (DSU), 11/14/2019, 7.65%.

BlackRock Enhanced Equity Dividend Trust (BDJ), 11/14/2019, 6.10%.

Gabelli Utility Trust (GUT), 11/13/2019, 7.86%.

Gabelli Dividend & Income Trust (GDV), 11/13/2019, 6.28%.

Nuveen Real Asset Income and Growth Fund (JRI), 11/14/2019, 7.82%.

BlackRock Energy and Resources Trust (BGR), 11/14/2019, 8.08%.

Earnings season is winding down, with only three stocks I track scheduled to report next week. Cisco Systems (CSCO) will be reporting on 11/13/2019, and Walmart (WMT) and Wheaton Precious Metals (WPM) will both be reporting on 11/14/2019.

Upgrades / downgrades etc. on my stocks listed by Etrade last week were as follows:

Blackrock Capital Investment (BKCC) was upgraded from Market Perform to OutPerform at Wells Fargo.

Hercules Capital (HTGC) was also upgraded from Market Perform to OutPerform at Wells Fargo.

ONEOK (OKE) was upgraded from Neutral to Buy at Goldman.

Magellan Midstream Partners LP (MMP) was downgraded from Neutral to UnderPerform at Bank of America.

McDonalds (MCD) was downgraded from OverWeight to Neutral at Piper Jaffray. The ousting of the extremely successful CEO over a personal matter was not good news for holders of MCD, and the ratings firm agrees with that view.

Verizon (VZ) was downgraded from Buy to Neutral at Nomura.

Pattern Energy Group (PEGI) was downgraded from OutPerform to Sector Perform at RBC Capital Markets. The share price of this “yield-co” has indeed rocketed up this year, and likely will either flatten out or decline from here. I own it, and am tempted to sell, but I hate to part with a 6% yielding stock in this low-yield environment.

CenturyLink (CTL) was downgraded from Neutral to Sell at Guggenheim. The ratings firm is about five years late with this evaluation. But few would have heeded what would have been good advice five years ago, including yours truly.

Emerson Electric (EMR) was downgraded from OutPerform to Market Perform at Cowen, probably based upon the expectation for an economic slowdown over the next few months.

McDonalds (MCD) was upgraded from Neutral to Buy at Longbow.

Mid-America Apartment Communities (MAA) was initiated at Neutral at Goldman.

ONEOK (OKE) was initiated at Buy at Tudor Pickering.

Freeport McMoRan (FCX) was resumed at OverWeight at Morgan Stanley.

As we enter the holiday and Christmas shopping season, the near-term outlook seems to be that it will be a good season for retailers, especially online, but that the outlook for the economy in 2020 is somewhat clouded. I agree with that view, the next few months should be a good time to get ready for more difficult times to come later on. It is often said, regarding the stock market, “they don’t ring a bell at the top, indicating it is time to get out”.  I actually can hear a bell, maybe just barely tinkling at the moment, and I am getting ready for a change in the markets, as best I can, while still realizing needed income from my holdings.

JT

Stocks were up and down through Thursday, but ended the week overall with gains on all the major averages after a major rally on Friday, compliments of a very positive Jobs report. Once again, the doomsayers’ constant refrain of impending recession and inevitable major stock market decline have been proved wrong. But no doubt, they will say this is a false dawn, and the predicted bad times will just be delayed a while longer.

Regardless, the good times engendered by a stream of dividend payments will continue for the time being, as evidenced by the stocks on my lists going ex-dividend this upcoming week.

Energy Transfer LP (ET), ex-dividend 11/4/2019, yield 9.69%.

NextEra Energy Partners LP (NEP), ex-dividend 11/5/2019, yield 3.93%.

Martin Midstream Partners LP (MMLP), ex-dividend 11/6/2019, yield 19.57%.

Magellan Midstream Partners LP (MMP), ex-dividend 11/6/2019, yield 6.55%.

Crestwood Equity Partners LP (CEQP), ex-dividend 11/6/2019, yield 6.64%.

NGL Energy Partners LP (NGL), ex-dividend 11/6/2019, yield 13.87%.

Intel (INTC), ex-dividend 11/6/2019, yield 2.23%.

Entergy (ETR), ex-dividend 11/6/2019, yield 3.06%.

NuStar Energy LP (NS), ex-dividend 11/7/2019, yield 8.61%.

Hercules Capital (HTGC), ex-dividend 11/7/2019, yield 9.06%.

Pfizer (PFE), ex-dividend 11/7/2019, yield 3.75%.

American Electric Power (AEP), ex-dividend 11/7/2019, yield 2.97%.

ExxonMobil (XOM), ex-dividend 11/8/2019, yield 5.15%.

Two of my stocks were omitted from last week’s list.

Eaton (ETN), ex-dividend 10/31/2019, yield 3.26%.

Unilever (UL), ex-dividend 10/31/2019, yield 2.98%.

Earnings season is still going strong, as per the tally below of stocks on my lists scheduled to report next week.

11/4/2019

Pattern Energy Group (PEGI), Realty Income (O).

11/5/2019

Emerson Electric (EMR), Newmont Mining (NEM), NuStar Energy LP (NS), Pitney Bowes (PBI), Spirit Realty Capital (SRC), Apollo Investment (AINV), Hi Crush (HCR), Omega Healthcare Investors (OHI), Plains All American Pipeline LP (PAA), Prospect Capital (PSEC).

11/6/2019

Barrick Gold (GOLD), MFA Financial (MFA), Alliant Energy (LNT), CenturyLink (CTL), Energy Transfer Partners LP (ET), Pan American Silver (PAAS), Park Hotels Resorts (PK).

11/7/2019

National Health Investors (NHI), NGL Energy Partners (NGL), Senior Housing Properties Trust (SNH), Ladder Capital (LADR), Main Street Capital (MAIN).

11/8/2019

Duke Energy (DUK), Enerplus (ERF), Enbridge (ENB).

Upgrades / downgrades etc. on my stocks listed by Etrade last week were as follows:

Hoegh LNG Partners LP (HMLP) was downgraded from Buy to Sell at Citigroup.

PennantPark Investment (PNNT) was initiated at Neutral at Janney.

United Parcel Service (UPS) was initiated at OutPerform at Wells Fargo.

Digital Realty (DLR) was upgraded from Market Perform to OutPerform at Blair.

Kelllogg (K) was upgraded from Hold to Buy at Edward Jones.

Ventas (VTR) was downgraded from Buy to Hold at Stifel.

Entergy (ETR) was downgraded from Buy to Neutral at UBS.

Diebold Nixdorf (DBD) was upgraded from UnderWeight to Neutral at JP Morgan.

AT&T (T) was downgraded from Buy to Hold at Standpoint Research.

Chevron (CVX) was reiterated at OutPerform at Cowen.

As noted in my opening remarks, the week just ended concluded with a substantial rally, even with the decline in optimism for a China trade deal and a looming constitutional crisis. All I can say is, “go figure”. About the only reasonably-priced stocks now are in the energy sector, and I am already over-exposed to it. But, I couldn’t help myself, I started a new position in ExxonMobil (XOM) on Thursday. XOM yields over 5% these days, the next ex-dividend date is only a week away, and the stock was trading at a five year low. So I entered a low-ball bid below the already low trading price, and darned if it didn’t get filled, just slightly above $67. Then, XOM gained two dollars the very next day! So far, so good. I’ll definitely hold long enough to get the dividend, then re-evaluate after that. In investing, as in life, sometimes you just get lucky, even when not following all your rules. I’ll withhold judgement on whether this trade was smart or not, after I see where XOM ends up in a couple more weeks.

JT

The major averages all gained over the week just ended, which was punctuated with the best day for stocks in over two weeks, on Friday. It could all be reversed next week if the limited trade deal with China does not materialize, and there are hints that it may not. Further, we are in the thick of earnings season, with an avalanche of reports coming our way next week, and there may be some disappointments in the mix, which could also depress the market.

After a couple of weeks with a minimal number of stocks I follow going ex-dividend, the week upcoming, covering the end of one month and the beginning of another, has a much longer list, as follows, grouped by ex-dividend date. The yield as of Friday’s close is shown. Assume frequency is quarterly, unless otherwise indicated.

10/30/2019

Enterprise Products Partners LP (EPD), 6.45%.

AGNC Investment (AGNC), 11.57%. AGNC pays monthly.

Hoegh LNG Partners LP (HMLP), 10.48%.

Plains All American Pipeline LP (PAA), 7.58%.

Tanger Factory Outlet Centers (SKT), 8.19%.

Omega Healthcare Investors (OHI), 6.04%.

Alliant Energy (LNT), 2.65%.

Enerplus (ERF), 1.47%. ERF pays monthly. It is on my Tier4 list, no longer recommended, but per my policy, will continue to be reported as long as it continues trading. ERF will likely continue for a long time, but barring a major rebound in oil prices, and some changes in Canadian governmental policies, it is unlikely to ever regain its past glories from when it was the premier Canadian high-income energy trust.

Kinder Morgan (KMI), 4.89%.

STAG Industrial (STAG), 4.63%. STAG is a monthly payer.

Prospect Capital (PSEC), 10.99%. Something is going on with this monthly-paying BDC, I’m not sure what, but it is teetering on the brink of being relegated to my Tier4 No Longer Recommended list.

10/31/2019

Realty Income (O), 3.37%. O pays monthly, and has emerged as a “blue-chip” REIT if there ever can be such a thing. But with a yield under 4%, I can’t get excited about O just now.

Paychex (PAYX), 2.93%. PAYX is another long time holding that has become too popular, same as O, as evidenced by the sub-3% yield.

11/01/2019

Blackstone Group (BX), 3.77%.

ONEOK (OKE), 5.13%.

HCP Inc. (HCP), 3.94%.

11/04/2019

Energy Transfer LP (ET), 9.81%.  

Earnings season is now reaching the peak of reporting activity, and a large number of my stocks are scheduled to report next week, as listed following, by date.

10/28/2019

AT&T (T), Enterprise Products Partners LP (EPD), PotlatchDeltic (PCH), Transocean LTD (RIG), Welltower (WELL).

10/29/2019

Crestwood Equity Partners LP (CEQP), Diebold Nixdorf (DBD), Eaton (ETN), Kellogg (K), Merck (MRK), Pfizer (PFE), B&G Foods (BGS), Digital Realty Trust (DLR), ONEOK (OKE).

10/30/2019

Ares Capital (ARCC), Chimera Investment (CIM), Entergy (ETR), General Electric (GE), Southern Co (SO), AGNC Investment (AGNC), Annaly Capital Management (NLY), HCP Inc (HCP), Hercules Capital (HTGC), Mid America Apartment Communities (MAA), Noble Corp PLC (NE), STAG Industrial (STAG), Tanger Factory Outlet Centers (SKT), Williams Companies (WMB).

10/31/2019

Altria (MO), Consolidated Communications Holdings (CNSL), Exelon (EXC), Iron Mountain (IRM), Kraft Heinz (KHC), Magellan Midstream Partners LP (MMP), Medical Properties Trust (MPW), Public Service Enterprise Group (PEG), Royal Dutch Shell PLC (RDS.A, RDS.B), Sanofi (SNY), Ladder Capital (LADR).

11/01/2019

Chevron (CVX), Colgate Palmolive (CL), ExxonMobil (XOM).

Note that RIG, NE, GE, and CNSL are on my Tier4, Not Recommended list, but will be reported as long as they continue on. CEQP will be moved from Tier4 back to Tier3 on my next revamp of my lists. LADR will be added as a new Tier3 recommendation on my next revamp.

I realized after I had posted last week that I had failed to list the week’s upgrades / downgrades etc. on my stocks, so I will list them now, and then list those from the current week. I limit these lists to what is flagged by ETrade, and I know that there are other resources that could be checked, but none that present the information as conveniently as ETrade.

From the week ended 10/18/2019:

Blackstone Group (BX) was downgraded from Buy to Neutral at Bank of America.

Medical Properties Trust (MPW) was initiated at Neutral at Bank of America.

Senior Housing Trust (SNH) was initiated at UnderPerform at Bank of America.

Omega Health Investors (OHI) was initiated at Buy at Bank of America.

Yamana Gold (AUY) was initiated at OutPerform at Credit Suisse.

Williams Companies (WPM) was downgraded from OverWeight to Equal Weight at Barclays.

Enbridge (ENB) was also downgraded from OverWeight to Equal Weight at Barclays.

Eaton (ETN) was upgraded from Perform to OutPerform at Oppenheimer.

Johnson & Johnson (JNJ) was upgraded from UnderWeight to Neutral at Atlantic Equities.

AT&T (T) and Verizon (VZ) were both initiated at Market Perform at Bernstein.

Pattern Energy Group (PEGI) was downgraded from Buy to Neutral at Goldman.

Park Hotels Resorts (PK) was initiated at Market Perform at BMO Capital.

General Mills (GIS) was resumed at Sector Perform at RBC Capital Markets.

Hershey Co (HSY) was also resumed at Sector Perform at RBC Capital Markets.

Kellogg (K) was another stock resumed at Sector Perform at RBC Capital Markets.

Pfizer (PFE) and Merck (MRK) were both resumed at Neutral at Bank of America.

Altria (MO) was upgraded from Sell to Neutral at Citigroup.

Barrick Gold (GOLD) was upgraded from Market Perform to OutPerform at Bank of America.

From the week just ended, 10/25/2019:

Omega Health Investors (OHI) was downgraded from Strong Buy to Market Perform at Raymond James.

Ares Capital (ARCC) was downgraded from OutPerform to Market Perform at Raymond James.

Coventa Holdings (CVA) was downgraded from Strong Buy to Market Perform at Raymond James.

Main Street Capital (MAIN) was downgraded from OutPerform to Market Perform at Raymond James.

Kimberly Clark (KMB) was upgraded from Sell to Hold at Deutsche Bank.

Coca Cola (KO) was upgraded from Neutral to Buy at UBS.

Crestwood Equity Partners LP (CEQP) was upgraded from OutPerform to Strong Buy at Raymond James.

Kimco Realty (KIM) was downgraded from OverWeight to Equal Weight at Capital One.

McDonalds (MCD) was reiterated at OutPerform at Telsey Advisory Group.

Kellogg (K) was initiated at In-Line at Evercore ISI.

Intel (INTC) was upgraded from Market Perform to OutPerform at Northland Capital.

Kinder Morgan (KMI) was downgraded from Buy to Neutral at Goldman.

Intel was reiterated at ratings that varied markedly, reiterated meaning the firms had not changed their view of the firm following the latest earnings report. Ratings were: Market Perform, Cowen & Co, Wells Fargo, BMO Capital; Neutral, Susquehanna; Hold, SunTrust; OutPerform, Baird, Credit Suisse; OverWeight, Morgan Stanley, JP Morgan; UnderPerform, RBC Capital Markets; and finally, UnderWeight, at Barclays. I find it amazing that there can be such a broad range of opinions, from analysts looking at the same numbers!

Looking ahead, it could be a volatile week in the markets, with a lot of new information coming from firms reporting earnings, the likelihood of another disappointment regarding a trade deal with China, and of course, the continuing circus in Washington. My guess is the downs days will outdistance the up days, with a net decline for the week. We shall see.

JT