/big/ adjective 1. of considerable size, extent, or intensity; 2. Of consideration importance or seriousness.

Big week

You’ll want to be nimble and attentive this week. First, there are 186 S&P 500 companies reporting earnings this week including big technology (Apple, Amazon, Facebook, Twitter), big biotech (Gilead, Amgen), big oil (Exxon, Suncor, Cenovus, Chevron, Connoco), big pharma (Eli Lilly, Glaxo Smithkline, Bristol Myers), big telecom (BCE, AT&T, big gold (Barrick, Goldcorp), big planes (Boeing), with the week ending with big Buffett (Berkshire Hathaway results and the Omaha love-in). It is a big bank week too with the Federal Open Market Committee’s two-day meeting and statement on Wednesday (no press conference, no dots, no hike expected). The Bank of Japan meets on Thursday. There is big data including U.S. GDP on Thursday (+0.6% is the consensus for Q1) and February GDP for Canada (-0.1% currently expected). Apparently, according to Barron’s L.L., Bean Duck Boots are a big thing with millennials. BIG.

Neutral

According to Barron’s Big (there’s that word again) Money Poll, 705 of the clients of the managers surveyed are neutral on the market! These managers also highlighted that 70% (!?!) are beating the market this year. That certainly doesn’t jive with the long term statistic on active managers.

Big move

According to a review of the Canadian dollar back to 1971, the 15% rise from January low to recent high occurred at the fastest pace (70 days) in history (equal to the pace following move off the financial crisis’ March 2009 bottom). The second fastest pace to get to a 15% gain happened in 222 days in 2007. In the previous times (post-2009, post-2007), the Canadian dollar went on to rally a total of 38% and 29%, respectively from the lows. Is there more to go? On another CAD note, there have been seven big bear and bull markets for our dollar with performance as follows: -33%, +28%, -31%, +75%, -29%, +38%, -35%.

Big positioning

According to Scotiabank (and others) who follow the CFTC data tracking traders activity in currencies and commodities, for the first time since May 2014, traders are net short U.S. dollar, now net long Canadian dollars and the non-commercials (read speculators) and doubled their net long positions in oil. Trend followers.

Big advice

“Nail down some trading profits” says Leon Tuey (an inveterate bull) focusing on a number of internals including bearish insiders, low put/call ratio, technology stock weakness last week, percentage of stocks trading above 200-day and 50-day moving averages and other indicators suggest an overbought market due for a pullback.

Big money

Bill Ackman’s Pershing Square continued its sell down of its position in CPR with today’s announcement of an additional 4.098 million shares. According to 13F filings, Pershing Square’s peak holdings in CP from early 2012, have declined in steps by 59% to today’s 9.84 million position.

Big Papa

And this just in. Valeant announced this morning that former Perrigo Chief Joseph Papa would be joining the company as the chairman and CEO. Perrigo’s President John Hendrickson has been appointed to replace Papa at Perrigo. According to RBC, Mr. Papa comes with extensive experience with payors, Walgreen, generics and knows how to fight off a takeover. VRX is up in the pre-market.

Big moves

Will they come this week? Right now equity markets are under modest selling pressure including those markets that are already closed like China (at the lowest close since March 29) where initiatives to curb commodity trading and lack of hope for more stimulus trimmed enthusiasm. Traders are watching the big media merger as well (Gannett making an unsolicited bid for Tribune at a 63% premium). Stick with BNN as we get direction from analysts and traders on what to do next. It is big tax week (Revenue Canada wants to hear from you by May 2F). And finally, we will hear the U.S. view on Canada with a one-on-one interview with the U.S. ambassador to Canada. Join us.

Every morning Business Day Host Frances Horodelski writes a "chase note" to BNN's editorial staff listing the stories and events that will be in the spotlight that day. Have it delivered to your inbox before the trading day begins (Mobile users click here: http://bit.ly/1L8f2L6).