Nightly Report
Nightly technical market analysis by Jerome "Mel" Hickerson featuring the day's technical summary and a look ahead at the next session.
Bulls Continue to Strangle the Bears
Market Recap: Futures were moving higher before the jobs data was released Friday morning but the data blew away expectations and markets applauded. Markets exploded upward out of the gate Friday morning and continued higher throughout the session but most of the move was finished during the opening half hour. But the SPX closed at the highs of the session after drifting all afternoon.
Stocks End Mixed as Traders Wait for Jobs Data
Market Recap: Despite falling yields at French and Spanish bonds auctions and a 2% surge in Chinese stocks, European markets turned sluggish as concerns relating to the Greek debt swap deal continued to plague the markets. U.S. futures followed and were pointing to a flat open. Initial Claims for Unemployment Insurance for the week ending 1/28 fell by 12,000 to 367K, which was below the consensus estimate for 373K. The government reported U.S.
Bear Disappointment as Bulls Continue to Rampage
Market Recap: The bears were disappointed yet again this morning as better than expected PMI reports in China and Europe lifted stock futures in the U.S. ADP reported that private sector jobs rose by 170K jobs in January, which was below the consensus expectations for a gain of about 197K and below December's revised (lower) 292K. Bear disappointment continued as the mid-week session opened with a gap higher.
Morning Gap Higher Fades Away Due to Poor Economic Data
Market Recap: Stock futures were pointing higher before today's open on the back of the new fiscal compact getting done in Europe as well as a report out of China that the government may encourage local Chinese pension funds to invest a portion of their capital in equities. Tuesday's open saw a gap higher but the high of the day was in the opening minutes as economic data released during the first half hour failed to meet expectations.
Greek Debt Worries Bring Morning Dip
Market Recap: The focus was back on Europe this morning as EU leaders met. There was still no deal on the Greek debt swap, and yields/CDS were rising in Portugal. After being closed last week for New Year celebration, China's Shanghai index dropped -1.5% overnight. As such, futures were under pressure as the week began. Personal Incomes rose by +0.5% in December, which was above the consensus expectations for an increase of +0.4% and November's +0.1%.
