On Wednesday, 4/17 , we update our Granny Shots.

If you have not yet registered, sign up with the webinar block below.

___________________________________

• Granny Shots April Quarterly rebalance today
• Updating 5 Super and 5 Sleeper Grannies
• Updating 5 Super and 5 Sleeper SMID Grannies
• See below for adds and deletes

To download the slide deck for our Granny Shots Webinar, please clickhere.

GRANNY SHOTS: April 2024 Rebalance

This note is focused on the quarterly rebalance of Granny Shots, and also provides the updated list of Super and Sleeper Grannies. We view Granny Shots as a core portfolio of stocks and the portfolio is adjusted to reflect seasonal and structural changes:

• For our Large-Cap Granny Shots Portfolio:
  The additions:  SMCI, DECK, EOG, COP, FANG, AXON, COST
  The deletions: EG, BLK, MNST, BKNG, V, VRTX, INTU 
• For our SMID Granny Shots Portfolio:
  The additions:  DASH, NPK, FLS, BLBD, AVAV, TEX, FSS, PLTR, ENV, PLAB, CRUS, AMKR, HUBS, APP, AGYS, SPOT, NOV, TPL, OVV, ELF
  The deletions: PBPB, TAST, DECK (upgraded to Large-cap Granny), OSW, SCS, HY, ROCK, CDRE, BELFB, QLYS, DBX, NSIT, SMCI (upgraded to Large-cap Granny), SSTK, OPFI, ENVA, AX, PAGS, CRD/A, SMLR, IMGN, NBIX
• There are a lot of moving parts in a rebalance and these are both on style changes and seasonally attractive industry groups. We don’t necessarily want to focus on these as stand alone factors, but the industry groups are shown below.
• YTD Granny Shots is up 8.97% (outperforming by +306bp vs S&P 500). YTD SMID Granny Shots is up 10.73% (outperforming by +795bp vs Russell 2500). This is tracking to be one of the strongest years for Granny Shots. Grannies have outperformed every single year since inception in January 2019.
• We know many do not want to buy a 36 stock list. So we have launched Super and Sleeper Grannies:
  – Top 5 “most attractive” are Super Grannies
  – Bottom 5 “least attractive” are Sleeper Grannies
  – we refresh these lists the third Wed of every month

For our Large-Cap Granny Shots Portfolio:

• Top 5 tactical buys aka “Super Grannies”
  – NVIDIA (NVDA 0.25% ) <– Carry-over from March
  – Caterpillar (CAT 1.87% )
  – Meta Platforms (META -2.46% ) <– Carry-over from March
  – Alphabet Inc Class A (GOOGL -3.39% )
  – TransDigm Group (TDG -0.03% )
• Bottom 5 “Sleeper Grannies” are:
  – Tesla (TSLA 15.34% )
  – Zscaler Inc(ZS 1.12% ) <– Carry-over from March
  – Intuitive Surgical (ISRG -1.89% )
  – Palo Alto Networks(PANW 0.55% ) <– Carry-over from March
  – Apple (AAPL 2.52% ) <– Carry-over from March

For our SMID Granny Shots Portfolio:

• Top 5 tactical buys aka “Super SMID Grannies”
  – TopBuild Corp (BLD 1.73% )
  – Installed Building Products (IBP 1.56% ) <– Carry-over from March
  – HCI Group Inc (HCI -0.43% ) <– Carry-over from March
  – Eagle Materials Inc (EXP 0.63% )
  – REX American Resources (REX 0.28% )
• Bottom 5 “Sleeper SMID Grannies” are:
  – CarGurus Inc (CARG -1.59% ) <– Carry-over from March
  – Hibbett Inc (HIBB -0.23% ) <– Carry-over from March
  – LendingTree Inc (TREE -1.45% )
  – National Presto Industries (NPK -1.16% )
  – Cirrus Logic (CRUS 2.00% )

___________________________________

REBALANCE GRANNY SHOTS: +7 adds, (-7 deletes). YTD outperformance +306 bps

Today is the April quarterly rebalance of our Granny Shots portfolio.

7 rebalance additions are:

SMCI 3.84% , DECK -0.12% , EOG 0.41% , COP -0.02% , FANG -0.91% , AXON 1.64% , COST -0.39%

• Super Micro Computer Inc (SMCI 3.84% ) <– upgrade from SMID granny to large-cap granny
• Deckers Outdoor Group (DECK -0.12% ) <– upgrade from SMID granny to large-cap granny
• EOG Resources Inc (EOG 0.41% )
• ConocoPhillips (COP -0.02% )
• Diamondback Energy Inc (FANG -0.91% )
• Axon Enterprise Inc (AXON 1.64% )
• Costco Wholesale Corporation (COST -0.39% )

7 rebalance deletions are:

• EG, BLK, MNST, BKNG, V, VRTX, INTU 

The Current Portfolio as of 4/16 is as follows (new additions in Bold):

Consumer Discretionary: AMZN, GRMN, TSLA, DECK, CMG
Industrials: CAT, AXON, TDG, GWW, ODFL
Technology: NVDA, AAPL, MSFT, KLAC, SMCI, CDNS, PANW, AMD, NOW, CRWD, ZS, ANET, ORCL, CRM
Communication Services: META, GOOGL, NFLX
Energy: PSX, MPC, EOG, COP, FANG
Financials: AXP, JPM
Healthcare: ISRG
Consumer Staples:COST

Think about Granny Shots as a “core portfolio” that we rebalance every quarter. The Granny Shots is a list of our core stock holdings, using 7 thematic/quantitative portfolios and is designed to identify long-term EPS growers. Since inception in 2019, Granny Shots has outperformed every year:

• 2019 +879bp –> great year
• 2020 +3,015bp –> great year
• 2021 +392bp –> good year
• 2022 +395bp–> good year
• 2023 +440bp–> good year

REBALANCE SMID GRANNY SHOTS:+20 adds, (-22 deletes). YTD outperformance +795 bps

Today we are also rebalancing our SMID Granny Shots portfolio.

20 rebalance additions are:

• DASH, NPK, FLS, BLBD, AVAV, TEX, FSS, PLTR, ENV, PLAB, CRUS, AMKR, HUBS, APP, AGYS, SPOT, NOV, TPL, OVV, ELF

22 rebalance deletions are:

• PBPB, TAST, DECK (upgraded to Large-cap Granny), OSW, SCS, HY, ROCK, CDRE, BELFB, QLYS, DBX, NSIT, SMCI (upgraded to Large-cap Granny), SSTK, OPFI, ENVA, AX, PAGS, CRD/A, SMLR, IMGN, NBIX

The Current Portfolio as of 4/16 is as follows (new additions in Bold):

Consumer Discretionary: TPX, WSM, HIBB, CVNA, DASH, BLD, DFH, IBP, SHAK, WING
Industrials: GBX, MLI, AYI, NPK, FLS, BLBD, AVAV, GMS, TEX, FSS
Information Technology: PLTR, ENV, MSTR, PLUS, PLAB, CRUS, AMKR, NSSC, SEMR, HUBS, APP, AGYS
Communication Services: CARG, SPOT
Materials: NEU, KOP, EXP
Energy: NOV, TPL, REX, OVV
Financials: TREE, HCI
Consumer Staples:ELF

SUPER GRANNIES: 5 Super and 5 Sleeper + 5 Super SMIDS and 5 Sleeper SMIDS

“Super Grannies” (long) and “Sleeper Grannies” are derived from our core stock list of 36 ideas called “Granny Shots”

• The rationale is many clients ask us to narrow this list of 36 names down to a list of “fresh money” ideas.
• We established a criteria of 4 factors to narrow the list to tactical buys:
  – fundamentals using DQM model managed by “tireless Ken”
  – IBD momentum rating
  – technical strength measured by Price >20 DMA, 20 DMA vs 200 DMA and combos
  – Mark Newton’s judgement on technical outlook

For our Large-Cap Granny Shots Portfolio:

• Top 5 tactical buys aka “Super Grannies”
  – NVIDIA (NVDA 0.25% ) <– Carry-over from March
  – Caterpillar (CAT 1.87% )
  – Meta Platforms (META -2.46% ) <– Carry-over from March
  – Alphabet Inc Class A (GOOGL -3.39% )
  – TransDigm Group (TDG -0.03% )
• Bottom 5 “Sleeper Grannies” are:
  – Tesla (TSLA 15.34% )
  – Zscaler Inc(ZS 1.12% ) <– Carry-over from March
  – Intuitive Surgical (ISRG -1.89% )
  – Palo Alto Networks(PANW 0.55% ) <– Carry-over from March
  – Apple (AAPL 2.52% ) <– Carry-over from March

For our SMID Granny Shots Portfolio:

• Top 5 tactical buys aka “Super SMID Grannies”
  – TopBuild Corp (BLD 1.73% )
  – Installed Building Products (IBP 1.56% ) <– Carry-over from March
  – HCI Group Inc (HCI -0.43% ) <– Carry-over from March
  – Eagle Materials Inc (EXP 0.63% )
  – REX American Resources (REX 0.28% )
• Bottom 5 “Sleeper SMID Grannies” are:
  – CarGurus Inc (CARG -1.59% ) <– Carry-over from March
  – Hibbett Inc (HIBB -0.23% ) <– Carry-over from March
  – LendingTree Inc (TREE -1.45% )
  – National Presto Industries (NPK -1.16% )
  – Cirrus Logic (CRUS 2.00% )

Technical commentaries on the Super and Sleeper Grannies (as well as Super and Sleeper SMID Grannies) will be provided in Mark Newton’s Technical Strategy Tonight.

Key incoming data April:

• 4/01 9:45 am ET: Mar F S&P Global Manufacturing PMITame
• 4/01 10:00 am ET: Mar ISM ManufacturingMixed
• 4/02 10:00 am ET: Feb JOLTS Job OpeningsTame
• 4/03 9:45 am ET: Mar F S&P Global Services PMITame
• 4/03 10:00 am ET: Mar ISM ServicesTame
• 4/05 8:30 am ET: Mar Jobs ReportHot
• 4/05 9:00 am ET: Mar F Manheim Used Vehicle IndexTame
• 4/10 8:30 am ET: Mar CPIHot
• 4/10 2pm ET: Mar FOMC Meeting MinutesTame
• 4/11 8:30 am ET: Mar PPITame
• 4/12 10:00 am ET: Apr P U. Mich. Sentiment and Inflation ExpectationTame
• 4/15 8:30 am ET: Apr Empire Manufacturing SurveyTame
• 4/15 8:30 am ET: Mar Retail Sales DataMixed
• 4/15 10:00 am ET: Apr NAHB Housing Market Index Tame
• 4/16 8:30 am ET: Apr New York Fed Business Activity Survey
• 4/17 9:00 am ET: Apr Mid-Month Manheim Used Vehicle Index
• 4/17 2:00 pm ET: Fed Releases Beige Book
• 4/18 8:30 am ET: Apr Philly Fed Business Outlook Survey
• 4/22 8:30 am ET: Mar Chicago Fed Nat Activity Survey
• 4/23 9:45 am ET: Apr P S&P Global PMI
• 4/25 8:30 am ET: 1QA 2024 GDP
• 4/26 8:30 am ET: Mar PCE
• 4/29 10:30 am ET: Apr Dallas Fed Manufacturing Activity Survey
• 4/30 9:00 am ET: Feb S&P CoreLogic CS home price
• 4/30 10:00 am ET: Apr Conference Board Consumer Confidence
• 4/30 10:00 am ET: Apr F U. Mich. Sentiment and Inflation Expectation

Key incoming data March:

• 3/01 9:45 am ET: Feb F S&P Global Manufacturing PMITame
• 3/01 10:00 am ET: Feb ISM ManufacturingTame
• 3/01 10:00 am ET: Feb F U. Mich. Sentiment and Inflation ExpectationTame
• 3/05 9:45 am ET: Feb F S&P Global Services & Composite PMITame
• 3/05 10:00 am ET: Feb ISM ServicesTame
• 3/06 10:00 am ET: Powell Testimony before US House Financial Services CommitteeDovish
• 3/06 10:00 am ET: Jan JOLTS Job OpeningsTame
• 3/06 2:00 pm ET: Fed Releases Beige BookTame
• 3/07 8:30 am ET: 4QF 2023 Nonfarm ProductivityTame
• 3/07 9:00 am ET: Feb F Manheim Used Vehicle IndexTame
• 3/07 10:00 am ET: Powell Testimony before US Senate Committee on Banking, Housing, and Urban AffairsDovish
• 3/08 8:30 am ET: Feb Jobs ReportMixed
• 3/12 8:30 am ET: Feb CPISlightly Hot (as anticipated)
• 3/14 8:30 am ET: Feb PPIMixed
• 3/14 8:30 am ET: Feb Retail Sales DataTame
• 3/15 8:30 am ET: Mar Empire Manufacturing SurveyTame
• 3/15 10:00 am ET: Mar P U. Mich. Sentiment and Inflation ExpectationTame
• 3/18 8:30 am ET: Mar New York Fed Business Activity SurveyTame
• 3/18 10:00 am ET: Mar NAHB Housing Market IndexTame
• 3/19 9:00 am ET: Mar Mid-Month Manheim Used Vehicle IndexTame
• 3/20 2:00 pm ET: Mar FOMC Rate DecisionDovish
• 3/21 8:30 am ET: Mar Philly Fed Business Outlook SurveyTame
• 3/21 9:45 am ET: Mar P S&P Global PMITame
• 3/25 10:30 am ET: Mar Dallas Fed Manufacturing Activity SurveyTame
• 3/26 9:00 am ET: Mar S&P CoreLogic CS home priceTame
• 3/26 10:00 am ET: Mar Conference Board Consumer ConfidenceTame
• 3/28 8:30 am ET: 4QT 2023 GDPTame
• 3/28 10:00 am ET: Mar F U. Mich. Sentiment and Inflation ExpectationTame
• 3/29 8:30 am ET: Feb PCETame

Key incoming data February:

• 2/01 8:30am ET 4QP 2023 Nonfarm Productivity Mixed
• 2/01 9:45am ET S&P Global Manufacturing PMI January Final Tame 
• 2/01 10am ET January ISM Manufacturing Mixed
• 2/02 8:30am ET January Jobs Report Hot
• 2/02 10am ET: U. Mich. Sentiment and Inflation Expectation January Final Tame 
• 2/05 9:45am ET S&P Global Services & Composite PMI January Final Tame 
• 2/05 10am ET January ISM Services Tame 
• 2/07 9am ET Manheim Used Vehicle Index January Final Mixed
• 2/09 CPI Revisions Tame 
• 2/13 8:30am ET January CPI  Mixed
• 2/14 PPI RevisionsTame 
• 2/15 8:30am ET February Empire Manufacturing Survey Tame 
• 2/15 8:30am ET February Philly Fed Business Outlook SurveyTame 
• 2/15 8:30am ET January Retail Sales DataTame 
• 2/15 10am EST February NAHB Housing Market Index Tame 
• 2/16 8:30am ET January PPIMixed
• 2/16 8:30am ET February New York Fed Business Activity SurveyTame 
• 2/16 10am ET U. Mich. Sentiment and Inflation Expectation February PrelimTame 
• 2/19 9am ET Manheim Used Vehicle Index February Mid-MonthTame 
• 2/21 2pm ET January FOMC Meeting MinutesTame 
• 2/22 9:45am ET S&P Global PMI February Prelim Tame 
• 2/26 10:30am ET February Dallas Fed Manufacturing Activity SurveyTame
• 2/27 9am ET February S&P CoreLogic CS home price Tame
• 2/27 10am ET February Conference Board Consumer ConfidenceTame
• 2/28 8:30am ET 4QS 2023 GDPTame
• 2/29 8:30am ET January PCETame

Key incoming data January:

• 1/02 9:45am ET S&P Global Manufacturing PMI December Final Mixed
• 1/03 10am ET December ISM Manufacturing Tame 
• 1/03 10am ET JOLTS Job Openings November Tame 
• 1/03 2pm ET December FOMC Meeting Minutes Tame 
• 1/04 9:45am ET S&P Global Services & Composite PMI December Final Tame 
• 1/05 8:30am ET December Jobs Report Mixed
• 1/05 10am ET December ISM Services Tame 
• 1/08 9am ET Manheim Used Vehicle Index December Final Tame 
• 1/11 8:30am ET December CPI Details Suggest Tame
• 1/12 8:30am ET December PPI Tame 
• 1/16 8:30am ET January Empire Manufacturing Survey Tame 
• 1/17 8:30am ET January New York Fed Business Activity Survey Tame 
• 1/17 8:30am ET December Retail Sales Data Strong
• 1/17 9am ET Manheim Used Vehicle Index January Mid-Month Tame 
• 1/17 10am EST January NAHB Housing Market Index Mixed
• 1/18 8:30am ET January Philly Fed Business Outlook Survey Tame 
• 1/19 10am ET U. Mich. Sentiment and Inflation Expectation January Prelim Tame 
• 1/24 9:45am ET S&P Global PMI January Prelim Mixed
• 1/25 8:30am ET 4QA 2023 GDP Mixed
• 1/26 8:30am ET December PCE Tame 
• 1/29 9:30am ET Dallas Fed January Manufacturing Activity Survey Tame 
• 1/30 9am ET January S&P CoreLogic CS home price Tame 
• 1/30 10am ET January Conference Board Consumer Confidence Tame 
• 1/30 10am ET JOLTS Job Openings December Mixed
• 1/31 2pm ET FOMC Rate Decision Tame 

Key incoming data December

• 12/01 9:45am ET S&P Global Manufacturing PMI November FinalTame 
• 12/01 10am ET November ISM ManufacturingStrong 
• 12/05 9:45am ET S&P Global Services & Composite PMI November FinalStrong 
• 12/05 10am ET JOLTS Job Openings OctoberTame 
• 12/05 10am ET November ISM ServicesStrong 
• 12/06 8:30am ET 3QF 2023 Nonfarm ProductivityStrong 
• 12/07 9am ET Manheim Used Vehicle Index November FinalTame 
• 12/08 8:30am ET November Jobs ReportTame 
• 12/08 10am ET U. Mich. Sentiment and Inflation Expectation December PrelimTame 
• 12/12 8:30am ET November CPITame 
• 12/13 8:30am ET November PPITame
• 12/13 2pm ET FOMC Rate DecisionDovish
• 12/14 8:30am ET November Retail Sales DataTame
• 12/15 8:30am ET December Empire Manufacturing SurveyTame
• 12/15 9:45am ET S&P Global PMI December PrelimTame
• 12/18 8:30am ET December New York Fed Business Activity SurveyTame
• 12/18 10am ET December NAHB Housing Market IndexTame
• 12/19 9am ET Manheim Used Vehicle Index December Mid-MonthTame
• 12/20 10am ET December Conference Board Consumer ConfidenceTame
• 12/21 8:30am ET 3QT 2023 GDPMixed
• 12/21 8:30am ET December Philly Fed Business Outlook SurveyMixed
• 12/22 8:30am ET November PCE Tame
• 12/22 10am ET: U. Mich. Sentiment and Inflation Expectation December FinalTame
• 12/26 9am ET December S&P CoreLogic CS home priceTame
• 12/26 10:30am ET Dallas Fed December Manufacturing Activity Survey Tame
• 12/29 9:45am ET December Chicago PMI

Key incoming data November

• 11/01 9:45am ET S&P Global PMI October FinalTame 
• 11/01 10am ET JOLTS Job Openings SeptemberMixed
• 11/01 10am ET October ISM ManufacturingTame
• 11/01 10am ET Treasury 4Q23 Quarterly Refunding Press ConferenceTame
• 11/01 2pm ET FOMC Rate DecisionDovish
• 11/02 8:30am ET: 3Q23 Nonfarm ProductivityTame
• 11/03 8:30am ET October Jobs Report Tame
• 11/03 10am ET October ISM ServicesMixed
• 11/07 9am ET Manheim Used Vehicle Index October FinalTame
• 11/10 10am ET U. Mich. November prelim Sentiment and Inflation Expectation Hot
• 11/14 8:30am ET October CPI Tame
• 11/15 8:30am ET October PPI Tame
• 11/15 8:30am ET November Empire Manufacturing Survey Resilient
• 11/15 8:30am ET October Retail Sales DataResilient
• 11/16 8:30am ET November New York Fed Business Activity SurveyTame
• 11/16 8:30am ET November Philly Fed Business Outlook Survey Tame
• 11/16 10am ET November NAHB Housing Market Index Tame
• 11/17 9am ET Manheim Used Vehicle Index November Mid-MonthTame
• 11/21 2pm ET Nov FOMC Meeting MinutesTame
• 11/22 10am ET: U. Mich. November final Sentiment and Inflation ExpectationTame
• 11/24 9:45am ET S&P Global PMI November Prelim Mixed
• 11/27 10:30am ET Dallas Fed November Manufacturing Activity SurveyTame
• 11/28 9am ET November S&P CoreLogic CS home price Tame
• 11/28 10am ET November Conference Board Consumer ConfidenceTame
• 11/29 8:30am ET 3QS 2023 GDPStrong
• 11/29 2pm ET Fed Releases Beige BookTame
• 11/30 8:30am ET October PCETame

Key incoming data October

•  10/2 10am ET September ISM ManufacturingTame
•  10/3 10am ET JOLTS Job Openings AugustHot
•  10/4 10am ET September ISM ServicesTame
•  10/6 8:30am ET September Jobs ReportMixed
•  10/6 9am ET Manheim Used Vehicle Index September FinalTame
• 10/10 11am NY Fed Inflation ExpectationsMixed
•  10/11 8:30am ET September PPIMixed
•  10/11 2pm ET Sep FOMC Meeting MinutesTame
•  10/12 8:30am ET September CPIMixed
•  10/13 10am ET U. Mich. September prelim 1-yr inflationMixed
•  10/16 8:30am ET October Empire Manufacturing SurveyTame
•  10/17 8:30am ET October New York Fed Business Activity SurveyTame
• 10/17 8:30am ET September Retail Sales DataHot
•  10/17 9am ET Manheim October Mid-Month Used Vehicle Value IndexTame
•  10/17 10am ET October NAHB Housing Market IndexTame
• 10/18 8:30am ET September Housing StartsTame
• 10/18 2pm ET Fed releases Beige BookTame
•  10/19 8:30am ET October Philly Fed Business Outlook SurveyTame
• 10/19 10am ET Existing Home SalesTame
• 10/19 12pm ET Fed (including Powell) at Economic Club of New York
•  10/24 9:45am ET S&P Global PMI October PrelimTame
•  10/26 8:30am ET 3Q 2023 GDP AdvanceStrong
•  10/27 8:30am ET September PCETame
•  10/27 10am ET Oct F UMich Sentiment and Inflation expectationTame
•  10/30 10:30am ET Dallas Fed September Manufacturing Activity SurveyTame
• 10/31 8:30am ET 3Q23 Employment Cost IndexMixed
•  10/31 9am ET August S&P CoreLogic CS home priceMixed
•  10/31 10am ET October Conference Board Consumer ConfidenceTame

Key incoming data September

•  9/1 8:30am ET August Jobs ReportTame
•  9/1 10am ET August ISM ManufacturingTame
•  9/6 10am ET August ISM ServicesMixed
•  9/6 2pm ET Fed releases Beige BookTame
•  9/8 9am ET Manheim Used Vehicle Index August FinalTame
•  9/8 2Q23 Fed Flow of Funds ReportTame
•   9/13 8:30am ET August CPIMixed
•  9/14 8:30am ET August PPITame
•  9/15 8:30am ET September Empire Manufacturing SurveyTame
•  9/15 10am ET U. Mich. September prelim 1-yr inflationTame
•  9/18 8:30am ET September New York Fed Business Activity SurveyTame
•  9/18 10am ET September NAHB Housing Market IndexTame
•  9/19 9am ET Manheim September Mid-Month Used Vehicle Value IndexMixed
•  9/20 2pm ET September FOMC rates decisionMarket saw Hawkish
•  9/21 8:30am ET September Philly Fed Business Outlook SurveyMixed
•  9/22 9:45am ET S&P Global PMI September Prelim
•  9/25 10:30am ET Dallas Fed September Manufacturing Activity Survey
•  9/26 9am ET July S&P CoreLogic CS home price
•  9/26 10am ET September Conference Board Consumer Confidence

Key incoming data August

• 8/1 10am ET July ISM ManufacturingTame
• 8/1 10am ET JOLTS Job Openings JunTame
• 8/2 8:15am ADP National Employment ReportHot
• 8/3 10am ET July ISM ServicesTame
• 8/4 8:30am ET July Jobs reportTame
• 8/7 11am ET Manheim Used Vehicle Index July FinalTame
• 8/10 8:30am ET July CPITame
• 8/11 8:30am ET July PPITame
• 8/11 10am ET U. Mich. July prelim 1-yr inflation Tame
• 8/11 Atlanta Fed Wage Tracker JulyTame
• 8/15 8:30am ET Aug Empire Manufacturing SurveyMixed 
• 8/15 10am ET Aug NAHB Housing Market IndexTame
• 8/16 8:30am ET Aug New York Fed Business Activity SurveyNeutral
• 8/16 2pm ET FOMC MinutesMixed 
• 8/17 8:30am ET Aug Philly Fed Business Outlook SurveyPositive
• 8/17 Manheim Aug Mid-Month Used Vehicle Value IndexTame
• 8/23 9:45am ET S&P Global PMI Aug PrelimWeak
• 8/25 10am ET Aug Final U Mich 1-yr inflationMixed
• 8/28 10:30am ET Dallas Fed Aug Manufacturing Activity SurveyTame
• 8/29 9am ET June S&P CoreLogic CS home priceTame
• 8/29 10am ET Aug Conference Board Consumer ConfidenceTame
• 8/29 10 am ET Jul JOLTSTame
• 8/31 8:30am ET July PCETame

Key incoming data July

• 7/3 10am ET June ISM ManufacturingTame
• 7/6 8:15am ADP National Employment Report Hot
• 7/6 10am ET June ISM ServicesTame
• 7/6 10 am ET May JOLTSTame
• 7/7 8:30am ET June Jobs reportMixed
• 7/10 11am ET Manheim Used Vehicle Index June FinalTame
• 7/12 8:30am ET June CPITame
• 7/13 8:30am ET June PPITame
• 7/13 Atlanta Fed Wage Tracker JuneTame
• 7/14 10am ET U. Mich. June prelim 1-yr inflationMixed
• 7/17 8:30am July Empire Manufacturing Survey
• 7/18 8:30am July New York Fed Business Activity Survey
• 7/18 10am July NAHB Housing Market Indexin-line
• 7/18 Manheim July Mid-Month Used Vehicle Value IndexTame
• 7/25 9am ET May S&P CoreLogic CS home priceTame
• 7/25 10am ET July Conference Board Consumer ConfidenceTame
• 7/26 2pm ET July FOMC rates decisionTame
• 7/28 8:30am ET June PCE Tame
• 7/28 8:30am ET 2Q ECI Employment Cost Index Tame
• 7/28 10am ET July Final U Mich 1-yr inflation Tame

Key data from June

• 6/1 10am ET May ISM ManufacturingTame
• 6/2 8:30am ET May Jobs reportTame
• 6/5 10am ET May ISM ServicesTame
• 6/7 Manheim Used Vehicle Value Index MayTame
• 6/9 Atlanta Fed Wage Tracker AprilTame
• 6/13 8:30am ET May CPITame
• 6/14 8:30am ET May PPITame
• 6/14 2pm ET April FOMC rates decisionTame
• 6/16 10am ET U. Mich. May prelim 1-yr inflationTame
• 6/27 9am ET April S&P CoreLogic CS home priceTame
• 6/27 10am ET June Conference Board Consumer ConfidenceTame
• 6/30 8:30am ET May PCETame
• 6/30 10am ET June Final U Mich 1-yr inflationTame

Key data from May

• 5/1 10am ET April ISM Manufacturing (PMIs turn up)Positive inflection
• 5/2 10am ET Mar JOLTSSofter than consensus
• 5/3 10am ET April ISM ServicesTame
• 5/3 2pm Fed May FOMC rates decisionDovish
• 5/5 8:30am ET April Jobs reportTame
• 5/5 Manheim Used Vehicle Value Index AprilTame
• 5/8 2pm ET April 2023 Senior Loan Officer Opinion SurveyBetter than feared
• 5/10 8:30am ET April CPITame
• 5/11 8:30am ET April PPITame
• 5/12 10am ET U. Mich. April prelim 1-yr inflation Tame
• 5/12 Atlanta Fed Wage Tracker April Tame
• 5/24 2pm ET May FOMC minutesDovish
• 5/26 8:30am ET PCE April Tame
• 5/26 10am ET U. Mich. April final 1-yr inflation Tame
• 5/31 10am ET JOLTS April job openings