The Sound of Settlements

3M cuts a deal on earplugs, but plastics problems loom

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Setting the Table:

• Stocks had a solid day yesterday cobbling together a second day of gains. Lucky for the month of August, because with only 3 more sessions it was one of the last chances to put together back to back positive days, a feat that’s happened every month for more than 20 years. Consumer confidence figures will come out later this morning, but overall still a quiet tape. 

• Options volumes were predictably low with only 36M OCC contracts trading hands. Less macro catalysts and fewer stock specific news items means the summer slump may have finally come.

  

• Best Buy reported earnings this morning in the final hurrah of the season. BBY has already attempted to bolster revenue figures with sales, though in their last report they indicated “improved prospects” over the back half of the year. It’s an interesting bellwether for the American consumer. 

• This is the type of market that’s worth being patient. If there isn’t a solid opportunity, no need to force anything as liquidity is lower and there is the potential for air pockets. That said, a quiet market often means there are some unturned stones to kick over.