Summary
The Dow Future is declining 65 points to 31169. The US Dollar Index gained 0.195 points to 90.980. Gold has climbed 6.095 dollars to 1720.025. Silver is declining 0.0640 dollars to 26.0975. The Dow Industrials fell 121.43 points, at 31270.09, while the S&P 500 softened 50.57 points, last seen at 3819.72. The Nasdaq Composite softened 361.04 points to 12997.75. 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 790.6) Composite Idx, W/W% (previous -11.4%) Purchase Idx-SA (previous 264.9) Purchase Idx-SA, W/W% (previous -11.6%) Refinance Idx (previous 3848.1) Refinance Idx, W/W% (previous -11.3%) 8:15 AM ET. February ADP National Employment Report Private Sector Jobs, Net Chg (expected +210000; previous +174000) 9:45 AM ET. February US Services PMI PMI, Services (expected 58.9; previous 58.3) 10:00 AM ET. February ISM Report On Business Services PMI Non-Mfg Composite Idx (expected 58.7; previous 58.7) Non-Mfg Business Idx (previous 59.9) Prices Idx (previous 64.2) Employment Idx (previous 55.2) New Orders Idx (previous 61.8) 10:30 AM ET. EIA Weekly Petroleum Status Report Crude Oil Stocks (Bbl) (previous 463.042M) Crude Oil Stocks, Net Chg (Bbl) (previous +1.285M) Gasoline Stocks (Bbl) (previous 257.096M) Gasoline Stocks, Net Chg (Bbl) (previous +0.012M) Distillate Stocks (Bbl) (previous 152.715M) Distillate Stocks, Net Chg (Bbl) (previous -4.969M) Refinery Usage (previous 68.6%) Total Prod Supplied (Bbl/day) (previous 18.688M) Total Prod Supplied, Net Chg (Bbl/day) (previous -1.98M) 11:00 AM ET. February Global Services PMI PMI, Services (previous 51.6) 2:00 PM ET. U.S. Federal Reserve Beige 7:30 AM ET. February Challenger Job-Cut Report Job Cuts, M/M% (previous -6.74%) 8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims Jobless Claims (expected 755K; previous 730K) Jobless Claims, Net Chg (previous -111K) Continuing Claims (previous 4419000) Continuing Claims, Net Chg (previous -101K) 8:30 AM ET. 4th Quarter Revised Productivity & Costs Non-Farm Productivity (expected -4.7%; previous +4.6%) Unit Labor Costs (expected +6.7%; previous -6.6%) 8:30 AM ET. U.S. Weekly Export Sales Corn (Metric Tons) (previous 599.2K) Soybeans (Metric Tons) (previous 238.7K) Wheat (Metric Tons) (previous 182.5K) 9:45 AM ET. Bloomberg Consumer Comfort Index 10:00 AM ET. January Manufacturers' Shipments, Inventories & Orders (M3) Total Orders, M/M% (expected +2.0%; previous +1.1%) Orders, Ex-Defense, M/M% (previous +1.3%) Orders, Ex-Transport, M/M% (previous +1.4%) Durable Goods, M/M% (previous +0.2%) Durable Goods, M/M% (previous +0.5%) 10:30 AM ET. EIA Weekly Natural Gas Storage Report Working Gas In Storage (Cbf) (previous 1943B) Working Gas In Storage, Net Chg (Cbf) (previous -338B) 12:00 PM ET. February Monthly U.S. Retail Chain Store Sales Index 2:00 PM ET. SEC Closed Meeting 4:30 PM ET. Foreign Central Bank Holdings 4:30 PM ET. Federal Discount Window 8:30 AM ET. January U.S. International Trade in Goods & Services Trade Balance (USD) (expected -67.5B; previous -66.61B) Exports (USD) (previous 189.96B) Exports, M/M% Imports (USD) (previous 256.57B) Imports, M/M% 8:30 AM ET. February U.S. Employment Report Non-Farm Payrolls (expected +218K; previous +49K) Unemployment Rate (expected 6.3%; previous 6.3%) Avg Hourly Earnings (USD) (previous 29.96) Avg Hourly Earnings-Net Chg (USD) (previous +0.06) Avg Hourly Earnings, M/M% (expected +0.2%; previous +0.20%) Avg Hourly Earnings, Y/Y% (expected +5.3%; previous +5.38%) Overall Workweek (previous 35) Overall Workweek Net Chg (previous +0.3) Government Payrolls (previous +43K) Private Payroll (previous +6K) Participation Rate (previous 61.4%) Non-Farm Payrolls Bench Net Chg (previous -250K) 3:00 PM ET. January Consumer Credit Consumer Credit Net Chg (USD) (expected +12.0B; previous 10:00 AM ET. February Employment Trends Index ETI (previous 99.27) ETI, Y/Y% 10:00 AM ET. January Monthly Wholesale Trade Inventories, M/M% (previous +0.3%)
CURRENCIES:http://quotes.ino.com/ex changes/?c=currencies" CURRENCIES: The June Euro currency closed down 6 points at 1.2105 today. Prices closed near mid-range today. The bulls and bears are on a level overall near-term technical playing field amid choppy trading. The June Japanese yen closed down 135 points at .93635 today. Prices closed near mid-range today and hit an eight- month low. Bears have the solid overall near-term technical advantage. Prices are in a two-month-old downtrend on the daily bar chart. The June Swiss franc closed down 4 points at 1.0921 today. Prices closed near the session low today and closed at a five-month low close. The Swissy bears have the firm overall near-term technical advantage. Prices are in a steep two-month-old downtrend on the daily bar chart. The June Canadian dollar closed down 3 points at .7923 today. Prices closed nearer the session high today. The bulls have the firm overall near-term technical advantage. The June British pound closed up 13 points at 1.3982 today. Prices closed nearer the session high today. The bulls have the firm overall near-term technical advantage. Prices are in a five-month-old uptrend on the daily bar chart. The June U.S. dollar index closed up 0.070 at 90.850 today. Prices closed near mid-range today. The bears have the overall near-term technical advantage.
ENERGIES: April Nymex crude oil closed up $2.00 at $61.76 today. Prices closed near the session high today and scored a bullish "outside day" up on the daily bar chart. The bulls have the solid overall near-term technical advantage and gained fresh power today. A four-month-old uptrend on the daily bar chart is in place. There are no strong, early chart clues that a market top is close at hand. April heating oil closed up 354 points at $1.8435 today. Prices closed near the session high today. The bulls have the solid overall near-term technical advantage. Prices are in a four-month-old uptrend on the daily bar chart. April (RBOB) unleaded gasoline closed up 301 points at $1.9665 today. Prices closed near the session high today. The bulls have the solid overall near-term technical advantage. Prices are in a four-month-old uptrend on the daily bar chart. April natural gas closed down 0.4 cents at $2.835 today. Prices closed nearer the session low today. The bulls have the slight overall near-term technical advantage.
SOFTS: May sugar closed down 29 points at 16.14 cents today. Prices closed near the session low today and saw profit taking. The sugar bulls have the firm overall near- term technical advantage but have seen some profit taking lately. Prices are still in a 2.5-month-old uptrend on the daily bar chart. May coffee closed down 130 points at 132.55 cents today. Prices closed near the session low today and saw some more profit taking after hitting a 13-month high last week. The coffee bulls still have the solid overall near-term technical advantage. May cocoa closed up $1 at $2,646 a ton today and hit another three-month high. Prices closed near mid-range today. The cocoa bulls have the solid overall near-term technical advantage. May cotton closed down 247 points at 88.52 cents today. Prices closed near the session low today. The cotton bulls have the firm overall near-term technical advantage but faded badly today. A 10-month-old uptrend is still in place on the daily bar chart. Bulls must defend the last "reaction low" in the existing price uptrend, which is last week's low of 87.28 cents. A move below that level would negate the price uptrend to suggest a market top is in place. May orange juice closed down 135 points at $1.1130 today. Prices closed near mid-range today. FCOJ bears have the firm overall near-term technical advantage. However, the recent sideways and choppy trading at lower price levels does begin to suggest a market bottom may be in place.
Finally... Elon Musk's Secretive Supplier Revealed?
Forget Tesla. It's the company that's been supplying this key piece of tech to Elon Musk that will shock everyone. This is all part of a $30 trillion megatrend. And I'm not talking about blockchain, artificial intelligence, 5G, robotics, or the Internet of Things. This trend is BIGGER than all of those things COMBINED! And if Elon Musk mentions this company in a tweet, there's no telling how high shares could go. |
GRAINS: May corn futures closed down 10 cents at $5.35 today. Prices closed nearer the session low today. The bulls still have the solid overall near-term technical advantage but price action has been choppy and sideways for four weeks. May soybeans closed down 6 1/4 cents today at $14.06 1/4 a bushel. Prices closed near mid-range today. The bulls have the solid overall near-term technical advantage. Prices are in a 10-month-old uptrend on the daily bar chart. May soybean meal closed down $3.10 at $418.60 today. Prices closed nearer the session low today. The meal bulls still have the overall near-term technical advantage but are fading as trading has been sideways-to-lower recently. May bean oil closed up 12 points at 49.78 cents today. Prices closed near the session high today. The bean oil bulls have the solid overall near-term technical advantage. May SRW wheat closed down 11 1/2 cents at $6.54 3/4 today. Prices closed nearer the session low today. Bulls have the firm overall near-term technical advantage. However, the bulls are still eyeing the potential for a bearish double- top reversal pattern forming on the daily bar chart. May HRW wheat closed down 9 3/4 cents today at $6.25 1/2. Prices closed nearer the session low today. HRW bulls have the firm overall near-term technical advantage. However, the bulls are eyeing the potential for a bearish double-top reversal pattern forming on the daily bar chart.
GENERAL STOCK MARKET COMMENT: U.S. stock indexes closed mixed today. Global stock markets were mostly up overnight. Marketplace attitudes are upbeat at mid-week after President Biden said on Tuesday all Americans wanting a Covid vaccine should be able to get one by the end of May. Also, the U.S. government is getting closer to rolling out its newest pandemic assistance package that totals $1.9 trillion. "We can see light at the end of the tunnel of the pandemic," said one market analyst. The safe-haven metals markets are getting no support from the above notions. Traders and investors will continue to keep one eye on government bond yields, which have been generally rising recently, and which have made stock markets wobbly at times. The U.S. Treasury 10-year note is presently trading around 1.486% for its yield. Many veteran market watchers believe U.S. Treasury yields will continue to climb in the coming months. The U.S. data point of the day was the ADP national employment report for February, which came in at up 117,000, which was a downside miss from the expected rise of 225,000 jobs, and compares to a 174,000 gain in January. This report is a precursor to Friday morning's employment situation report from the U.S. Labor Department- arguably the most important U.S. economic report of the month.
June U.S. T-Bonds closed down 27/32 at 158 20/32 today. Prices closed near mid-range today. Bears have the solid overall near-term technical advantage. Prices have been trending lower for five months. June U.S. T Notes closed down 15.5 (32nds) at 133.02.0 today. Prices closed nearer the session low today. The note market bears have the solid overall near-term technical advantage.
LIVESTOCK: April live cattle closed up $0.02 at $119.45 today. Prices closed near mid-range today. Bulls have the overall near-term technical advantage but have faded. A four-month-old uptrend in place on the daily bar chart has stalled out and prices have been trending down for over two weeks. May feeder cattle closed up $1.00 at $144.57 today. Prices closed near the session high today on a rebound after hitting a six-week low on Tuesday. Bulls have the overall near-term technical advantage. April lean hogs closed up $2.70 at $88.05 today. Prices closed near the session high today. Bulls have the solid overall near-term technical advantage. Prices are in a 3.5- month-old uptrend on the daily bar chart.
METALS: April gold futures were down $16.00 at $1,714.40 in midday trading today and near mid-range. Prices hit a nine-month low early on today. The gold bears still have the solid overall near-term technical advantage. Prices are in a two-month-old downtrend on the daily bar chart. May silver futures were down $0.459 at $26.425 at midday today and near mid-range today. The silver bulls have lost their slight overall near-term technical advantage as a five-week-old price uptrend on the daily chart has been negated. May N.Y. copper closed down 800 points at 414.25 cents today. Prices closed near the session low today and saw routine profit taking. The copper bulls still have the solid overall near-term technical advantage. Prices are in a 12-month-old uptrend on the daily bar chart.
| | | Top Stocks | | # | symbol | name | last | net | % | volume | score | triangles | | | 1. | RKT | Rocket Companies, Inc. | 27.98 | -13.62 | -48.63% | 174,707,210 | +90 |    | Entry Signal | | 2. | UWMC | UWM Holdings Corporation | 9.6295 | +0.4995 | +5.19% | 92,868,052 | +90 | | Entry Signal | | 3. | SLGG | Super League Gaming, Inc. | 5.1900 | +1.1800 | +22.65% | 64,175,983 | +90 | | Entry Signal | | 4. | MIK | Michaels Companies, Inc | 22.01 | +3.99 | +18.12% | 58,814,302 | +90 | | Entry Signal | | 5. | BAC | Bank of America Corp | 36.42 | +0.89 | +2.46% | 57,971,307 | +90 | | Entry Signal | | 6. | RIG | Transocean | 3.8792 | +0.0892 | +2.31% | 36,193,478 | +90 | | Entry Signal | | 7. | NCLH | Norwegian Cruise Line Holdings | 33.130 | +1.950 | +5.89% | 30,609,687 | +90 | | Entry Signal | | 8. | DKNG | DraftKings Inc. - Class A | 65.7300 | -2.8500 | -4.33% | 25,933,231 | +90 | | Entry Signal | | 9. | C | Citigroup, Inc | 70.38 | +1.47 | +2.09% | 23,422,449 | +90 | | Entry Signal | | 10. | INFY | Infosys | 18.450 | +0.430 | +2.33% | 22,358,690 | +90 | | Entry Signal | |
| All trades, patterns, charts, systems, etc., discussed in this message and the product materials are for illustrative purposes only and not to be construed as specific advisory recommendations. All ideas and material presented are entirely those of the author and do not necessarily reflect those of the publisher or INO.com. Please see our user agreement. Copyright 2021 INO.com. All Rights Reserved. | | 
No comments:
Post a Comment