The market expectations for weekly initial unemployment claims (from Bloomberg / Econoday) were 244 K to 250 K (consensus 247,000), and the Department of Labor reported 259,000 new claims. The more important (because of the volatility in the weekly reported claims and seasonality errors in adjusting the data) 4 week moving average moved from 247,500…
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Thursday Market Commentary – January 26, 2017 Stocks Hold to Buy Near Term – The major market indexes all gapped higher yesterday with the Dow has now hitting new highs and forecasted still slightly higher near-term but watch out for a correction anytime now on all the indexes that would be similar to the correction that…
The Dow Jones Industrial Average made financial history on January 25, breaking through the 20,000 barrier for the first time. The broader S&P 500 and the Nasdaq index also reached new records, bolstered by President Trump’s early executive actions on infrastructure and deregulation. The Dow Jones index broke the barrier following the president’s renewed pledge to…
Identifying breakout stocks is probably one of the elementary techniques utilized by active investors. The reasoning behind this approach to stock selection is to identify which stocks are trading within a narrow band. These stocks are to be bought as soon as they move above this band and are sold when they fall below. In…
Inventories up and inventories down. Oil prices are conflicted about rising U.S. oil inventories versus a dramatic drop in global oil inventories. While the Energy Information Administration (EIA) reported a 2.8 million barrel increase, a report by Bernstein Energy is showing that global oil inventories have fallen by 24 million barrels to 5.7 billion barrels…
While all eyes are on interest rates in the Treasury market, an even more important global interest rate recently breached a key level for the first time since the financial crisis: the London Interbank Offered Rate (LIBOR). On December 29, 2016 LIBOR hit 1% for the first time in seven-and-a-half years. I wrote back…
While all eyes are on interest rates in the Treasury market, an even more important global interest rate recently breached a key level for the first time since the financial crisis: the London Interbank Offered Rate (LIBOR). On December 29, 2016 LIBOR hit 1% for the first time in seven-and-a-half years. I wrote back…
WTI Crude Oil The WTI Crude Oil market initially tried to rally during the session on Wednesday, but turned around to form a less than stellar looking candle. Because of this, I believe that the market is going to continue to consolidate overall. The $51 level below is massively supportive, and it extends all the…
OVERNIGHT MARKETS AND NEWS Mar E-mini S&Ps (ESH17 +0.03%) are up +0.03% at a fresh all-time nearest-futures high and European stocks are up +0.22% at a 13-month high as global equity markets continue this week’s rally on expectations of stronger economic growth and government spending by the Trump administration. Stronger-than-expected UK Q4 GDP was positive for…
