Summary
The Dow Future is up 93 points to 31156. The US Dollar Index softened 0.296 points to 90.179. Gold has slid 0.20 dollars to 1871.25. Silver has slid 0.0085 dollars to 25.9000. The Dow Industrials rose 257.86 points, at 31188.38, while the S&P 500 moved up 52.94 points, last seen at 3851.85. The Nasdaq Composite climbed 260.07 points to 13457.25. Streaming charts of these markets are available at MarketClub
Key Events for Thursday
7:00 AM ET. MBA Weekly Mortgage Applications Survey Composite Idx (previous 965.2) Composite Idx, W/W% (previous +16.7%) Purchase Idx-SA (previous 338.9) Purchase Idx-SA, W/W% (previous +8.0%) Refinance Idx (previous 4706.3) Refinance Idx, W/W% (previous +20.1%) 7:45 AM ET. Weekly Chain Store Sales Index 8:55 AM ET. Johnson Redbook Retail Sales Index Ret Sales Mo-to-Date, M/M% (previous -2.6%) Ret Sales Mo-to-Date, Y/Y% (previous +2.1%) Latest Wk, Y/Y% (previous +2.1%) 10:00 AM ET. January NAHB Housing Market Index Housing Mkt Idx (previous 86) 12:00 PM ET. U.S. Presidential Inaugural Ceremony 4:30 PM ET. API Weekly Statistical Bulletin Crude Stocks, Net Chg (Bbls) (previous -5.8M) Gasoline Stocks, Net Chg (Bbls) (previous +1.9M) Distillate Stocks, Net Chg (Bbls) (previous 8:30 AM ET. January Philadelphia Fed Business Outlook Survey Business Activity (previous 11.1) Prices Paid (previous 27.1) Employment (previous 8.5) New Orders (previous 2.3) Prices Received (previous 18) Delivery Times (previous 18.5) Inventories (previous 10.3) Shipments (previous 14.4) 8:30 AM ET. December New Residential Construction - Housing Starts and Building Permits Total Starts (previous 1.547M) Housing Starts, M/M% (previous +1.2%) Building Permits (previous 1.639M) Building Permits, M/M% (previous +6.2%) 8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims Jobless Claims (previous 965K) Jobless Claims, Net Chg (previous +181K) Continuing Claims (previous 5271000) Continuing Claims, Net Chg (previous +199K) 9:45 AM ET. Bloomberg Consumer Comfort Index 4:30 PM ET. Federal Discount Window Borrowings 4:30 PM ET. Foreign Central Bank Holdings 4:30 PM ET. Money Stock 8:30 AM ET. U.S. Weekly Export Sales Corn (Metric Tons) (previous 1437.7K) Soybeans (Metric Tons) (previous 1234K) Wheat (Metric Tons) (previous 232K) 9:45 AM ET. January US Flash Manufacturing PMI PMI, Mfg (previous 56.5) 9:45 AM ET. January US Flash Services PMI PMI, Services (previous 55.3) 10:00 AM ET. December Existing Home Sales Existing Sales (previous 6.69M) Existing Sales, M/M% (previous -2.5%) Unsold Homes Month's Supply (previous 2.3) Median Price (USD) (previous 310800) Median Home Price, Y/Y% (previous +14.6%) 10:30 AM ET. EIA Weekly Natural Gas Storage Report Working Gas In Storage (Cbf) (previous 3196B) Working Gas In Storage, Net Chg (Cbf) (previous -134B) 11:00 AM ET. EIA Weekly Petroleum Status Report Crude Oil Stocks (Bbl) (previous 482.211M) Crude Oil Stocks, Net Chg (Bbl) (previous -3.248M) Gasoline Stocks (Bbl) (previous 245.476M) Gasoline Stocks, Net Chg (Bbl) (previous +4.395M) Distillate Stocks (Bbl) (previous 163.205M) Distillate Stocks, Net Chg (Bbl) (previous +4.786M) Refinery Usage (previous 82.0%) Total Prod Supplied (Bbl/day) (previous 19.607M) Total Prod Supplied, Net Chg (Bbl/day) (previous +2.553M)
CURRENCIES:http://quotes.ino.com/ex changes/?c=currencies" CURRENCIES: The March Euro currency closed down 25 points at 1.2117 today. Prices closed nearer the session low today. Prices Tuesday hit a six-week low. The bulls have the overall near-term technical advantage but are fading as a two-month-old uptrend on the daily bar chart has been negated and a fledgling downtrend is in place. The March Japanese yen closed up 250 points at .96580 today. Prices closed nearer the session high and hit a two- week high today. Bulls have the overall near-term technical advantage. The March Swiss franc closed down 22 points at 1.1250 today. Prices closed nearer the session low today. The Swissy bulls have the firm overall near-term technical advantage. The March Canadian dollar closed up 53 points at .7909 today. Prices closed nearer the session high today and hit a more-than-2.5-year high. The bulls have the solid overall near-term technical advantage and gained more power today. Prices are in a 10-week-old uptrend on the daily bar chart. The March British pound closed up 6 points at 1.3642 today. Prices closed near the session low today after hitting a nearly two-year high early on. The bulls have the solid overall near-term technical advantage. Prices are in a 3.5- month-old uptrend on the daily bar chart. The March U.S. dollar index closed up 0.019 at 90.495 today. Prices closed near mid-range today. The bears have the firm overall near-term technical advantage. However, a nine-week-old downtrend on the daily bar chart has been negated.
ENERGIES: March Nymex crude oil closed up $0.42 at $53.40 today. Prices closed near mid-range. The bulls have the solid overall near-term technical advantage. Prices are in a 10-week-old uptrend on the daily bar chart. March heating oil closed up 9 points at $1.6011 today. Prices closed near the session low today. The bulls have the solid overall near-term technical advantage. Prices are in a 10-week-old uptrend on the daily bar chart. March (RBOB) unleaded gasoline closed up 76 points at $1.5455 today. Prices closed nearer the session low today. The bulls have the solid overall near-term technical advantage. Prices are in a 10-week-old uptrend on the daily bar chart. March natural gas closed down 4.9 cents at $2.48 today. Prices closed nearer the session low today and hit a three- week low. The bears have the solid overall near-term technical advantage and have regained power this week.
SOFTS: March sugar closed up 24 points at 16.34 cents today. Prices closed near mid-range today. The sugar bulls have the solid overall near-term technical advantage. Prices are in a five-week-old uptrend on the daily bar chart. March coffee closed down 160 points at 125.55 cents today. Prices closed near mid-range today. The coffee bulls have the overall near-term technical advantage. Prices are in a 2.5-month-old uptrend on the daily bar chart. March cocoa closed down $16 at $2,574 a ton today. Prices closed nearer the session low today and hit a two-week high early on. The cocoa bulls have the overall near-term technical advantage. March cotton closed up 28 points at 81.45 cents today. Prices closed nearer the session high today. The cotton bulls have the strong overall near-term technical advantage. Prices are in a nine-month-old uptrend on the daily bar chart. There are no strong, early clues that a market top is close at hand. March orange juice closed down 95 points at $1.1775 today. Prices closed nearer the session high today and hit a five- week low. FCOJ bears have gained the overall near-term technical advantage.
GRAINS: March corn futures closed down 1 cent at $5.25 today. Prices closed near the session high and saw more mild profit taking from recent strong gains. The bulls still have the solid overall near-term technical advantage. A bull flag pattern has formed on the daily bar chart. Prices are in a five-month-old price uptrend on the daily bar chart. March soybeans closed down 9 1/4 cents today at $13.76 1/2 a bushel. Prices closed nearer the session high and saw more profit taking. The bulls still have the solid overall near-term technical advantage. A five-month-old price uptrend is in place on the daily bar chart. March soybean meal closed down $5.20 at $445.30 today. Prices closed near mid-range today. The meal bulls still have the firm overall near-term technical advantage but are fading a bit. March bean oil closed up 86 points at 42.56 cents today. Prices closed nearer the session high today. The bean oil bulls still have the firm overall near-term technical advantage. However, a price uptrend on the daily bar chart has been negated. March SRW wheat closed down 1 3/4 cents at $6.70 1/2 today. Prices closed nearer the session high today. Bulls have the solid overall near-term technical advantage. Prices are in a six-week-old uptrend on the daily bar chart. March HRW wheat closed down 3 cents today at $6.41. Prices closed near mid-range today. HRW bulls have the solid overall near-term technical advantage.
GENERAL STOCK MARKET COMMENT: U.S. stock indexes closed higher today and hit record highs. The highlight of the U.S. trading day was the presidential inauguration of Democrat Joe Biden. Biden will be reversing many of outgoing President Trump's executive orders. Biden and his Democrat-controlled Congress are also set to roll out big spending plans that could further lay the seeds for problematic price inflation down the road. Incoming U.S. Treasury Secretary Janet Yellen on Tuesday told lawmakers that going "big" on spending is needed to begin to repair the severe economic damage caused by the pandemic. This has the "inflation trade" bulls licking their chops at present. Global stock markets were mixed but mostly higher overnight. Aside from the inauguration, it's a big corporate earnings week in the stock market. In overnight news, the Euro zone December consumer price index came in at up 0.3% from November and down 0.3%, year-on-year. Those numbers are not anywhere close to suggesting rising inflation, and even hint that deflation may become the problem. The key "outside markets" today see the U.S. dollar index slightly lower as bulls are fading this week following the recent good rebound from a 2.5-year low scored earlier this month. Meantime, Nymex crude oil futures prices are higher, trading around $53.30 a barrel and near a 10-month high. The yield on the benchmark 10- year U.S. Treasury note stands at 1.12%.
March U.S. T-Bonds closed down 1/32 at 168 31/32 today. Prices closed nearer the session high today. The bond market bears have the solid overall near-term technical advantage. Prices are in a 3.5-month-old downtrend on the daily bar chart. There are no early clues to suggest a market bottom is close at hand. March U.S. T Notes closed down 1.0 (32nds) at 136.30.0 today. Prices closed nearer the session high today. The note market bears have the solid overall near-term technical advantage. A bearish pennant pattern has formed on the daily bar chart.
LIVESTOCK: April live cattle closed down $0.37 at $118.97 today. Prices closed nearer the session low today and hit a 23-month high. Bulls have the solid overall near- term and longer-term technical advantage. A 2.5-month-old uptrend on the daily bar chart is in place. March feeder cattle closed up $0.62 at $137.47 today. Prices closed near mid-range today. More short covering was featured. Bulls have regained the slight overall near-term technical advantage and have momentum on their side. April lean hogs closed up $1.22 at $72.65 today. Prices closed near the session high today after hitting a three- week low early on. Bulls have the overall near-term technical advantage amid recent choppy trading.
METALS: February gold futures were up $23.00 at $1,863.00 in midday trading today and nearer the session high, hitting a two-week high. This week's price action begins to signal a near-term market bottom is in place. The gold bulls have gained the slight overall near-term technical advantage. March silver futures were up $0.39 at $25.71 at midday today and near the session high. This week's gains begin to signal a near-term market bottom is in place. The silver bulls have gained the slight overall near-term technical advantage. March N.Y. copper closed up 55 points at 363.85 cents today. Prices closed near mid-range today. The copper bulls have the solid overall near-term technical advantage.
| | | Top Stocks | | # | symbol | name | last | net | % | volume | score | triangles | | | 1. | OBLN | Obalon Therapeutics, Inc | 8.2611 | +6.6511 | +710.74% | 439,023,215 | +90 |    | Entry Signal | | 2. | BB | BlackBerry Ltd | 12.78 | +0.43 | +9.21% | 128,479,625 | +90 | | Entry Signal | | 3. | F | Ford Motor Co | 10.865 | +0.845 | +10.72% | 118,271,516 | +100 | | Entry Signal | | 4. | GM | General Motors Co | 55.905 | +1.065 | +3.01% | 44,870,300 | +90 | | Entry Signal | | 5. | ZNGA | Zynga, Inc | 10.220 | +0.285 | +3.00% | 44,114,094 | +90 | | Entry Signal | | 6. | AAL | American Airlines Group, Inc | 16.1650 | +0.1950 | +1.73% | 40,831,457 | +100 | | Entry Signal | | 7. | XPEV | XPeng Inc. | 52.42 | -1.42 | -6.39% | 32,390,200 | +90 | | Entry Signal | | 8. | NFLX | Netflix, Inc | 587.0000 | +85.2300 | +17.49% | 30,996,654 | +100 | | Entry Signal | | 9. | LI | Li Auto Inc. | 35.602 | +0.162 | +0.67% | 25,751,897 | +100 | | Entry Signal | | 10. | INTC | Intel Corp | 58.72 | +0.73 | +1.63% | 23,358,741 | +100 | | Entry Signal | | | | | Top Futures | | # | symbol | name | last | net | % | volume | score | triangles | | | 1. | LE.J21 | LIVE CATTLE Apr 2021 | 118.850 | -0.275 | -0.24% | 25,182 | +100 | | Entry Signal | | 2. | GE.H22 | EURODOLLAR Mar 2022 | 99.815 | 0.000 | 0.00% | 21,983 | +100 | | Entry Signal | | 3. | @SB.N21 | SUGAR #11 WORLD JULY 2021 | 14.83 | +0.17 | +1.15% | 17,323 | +100 | | Entry Signal | | 4. | LE.M21 | LIVE CATTLE Jun 2021 | 116.225 | -0.300 | -0.28% | 13,320 | +100 | | Entry Signal | | 5. | @KC.K21 | COFFEE MAY 2021 | 127.35 | -1.90 | -1.47% | 7,632 | +100 | | Entry Signal | | 6. | 6M.H21 | MEXICAN PESO Mar 2021 | 0.05082 | +0.00011 | +0.23% | 5,959 | +100 | | Entry Signal | | 7. | @CC.N21 | COCOA JULY 2021 | 2513 | -17 | -0.68% | 5,525 | +90 | | Entry Signal | | 8. | @CC.H21 | COCOA MARCH 2021 | 2557 | -12 | -0.47% | 3,685 | +90 | | Entry Signal | | 9. | @KC.H21 | COFFEE MARCH 2021 | 126.80 | +1.60 | +1.28% | 2,818 | +100 | | Entry Signal | | 10. | RX.H21 | DJ US REAL ESTATE INDEX Mar 2021 | 335.9 | +6.2 | +1.88% | 1,935 | +90 | | Entry Signal | |
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