- Some things different, some things the same.
- Stocks blow a lead. Again.
- Leaders start to break down in numbers.
- Swiss bank cries 'every currency for itself!'
- Philly Fed tanks, New York rises, Jobless Claims jump.
- Oil collapse has benefits but not near term.
- Stocks breaking down good patterns, but after 5 downside days, the weekend, the uncertainty of so many things, stocks may rebound on short covering.
Stocks rallied Friday, rebounding from the five prior sessions of selling. Lower high the prior week, lower low below the early December low this week. The indices are struggling no doubt.
Friday, however, they rebounded. Oh there were all kinds of reasons given for the move as pundits played pin the tail on the reason for the rally, but to us it was pretty clear as discussed on Thursday.
First, short covering. The market is down from the late December high, falling for just over 2 weeks. It was stretched downside. Then you have the Swiss national bank and its surprise action (even surprised the IMF leader) in removing the peg to the euro, freeing the Swiss franc to rally as it wanted to do. Switzerland had to do it if QE was coming. It wiped out several hedge funds, a forex trading broker, and saddled some banks (e.g. Barclays) and some brokerages (e.g. Interactive Brokers) with massive losses. That is the problem of trading for so long with central bank support: when the safeties are removed, things can get a bit hairy.
Anyway, with surprises becoming the norm, after two weeks of selling, some short covering on Friday is normal. Throw in a 3-day weekend and you have a recipe for short covering. That was clearly driving much of the upside, and you could really see it in the last hour as stocks broke higher from a three hour consolidation and sprinted higher to the close. It was also expiration Friday. Not sure if that influenced anything other than volume, but just throwing that out there.
Second, the dollar rebounded versus the yen. The dollar/jpy pair peaked in early December, made a normal test, but then put in a lower high to end December. Sold off through the 50 day EMA Tuesday, and Friday managed to rebound back to that level. Still not out of the woods, but the dollar beating the yen has been the trade that has accompanies US stock market rallies. That 'status quo' event is getting rattled around by the world events and is another element of uncertainty added to the other uncertainties facing the stock market.
Third, well I don't know what number three should be, but you can fill in the blank if you want. Let's say it was Michigan Sentiment that surged to 98.2 from 93.6 in December. A preliminary reading, but who cares? The headline was great, right? Other December numbers are definitely showing softness, but nothing like lower gasoline prices to spark better will. Spending $45 to fill up versus $90 is kind of nice.
You can also throw in higher oil prices on the day as oil attempts to put in a bottom and actually bounce. It closed over the 10 day EMA for the first time since late September. Wow, finally breaking the weakest resistance. Anyway, it can bounce here, but it is not going to break the downtrend.
All of this, or really just part of it, led to a stock rebound. Nothing major but the indices held that next level of support so that at least gives them some credible support to attempt a rally. The leaders bounced as well, but they had a rough week. Sure they are still out there and putting together some good patterns, but the action later in the week damaged a lot of patterns and thinned leadership ranks. We do see some good patterns setting up, but there are not a plethora of leadership patterns showing bottoming as in May and December. That is an important distinction and suggests any bounce doesn't have a lot of foundation, at least to start. We can play bounces, and they may turn into a rally to higher highs, but we cannot assume that to start.
SP500 26.75, 1.34%
NASDAQ 63.56, 1.39%
DJ30 190.86, 1.10%
SP400 1.42%
RUTX 1.90%
SOX 1.12%
VOLUME: NYSE +13%, NASDAQ -0.2%. Most likely NYSE trade driven by expiration. NASDAQ trade was lower but in line with all the above average volume on the week.
A/D: NYSE 4.5:1. NASDAQ 3:1. Impressive breadth as all indices bounced. That typically is not indicative of a relief move, but recall that all of the market was selling as of Thursday. Thus they all could bounce in covering action.
THE NEWS
IEA lowers estimates for non-OPEC production, so hike taxes.
Friday the IEA forecast the 305K fewer bbl/day for the US and other non-OPEC producers. This as many of our esteemed leaders in DC call for an increase in the gasoline tax that the call euphemistically a 'user fee.' Most of the reporting says $0.12 is the size of the raise, but one senator wants $1.00. Sure, jack it right back up to what the price was before prices fell. No one will notice because with this 'great economy' no one suffers with $3+/gallon gasoline.
378,000,000 gallons per day in 2010
368,500,000 gal/day in 2013. A decline but not huge.
Current federal tax rate is $0.184/gallon for gasoline, $0.244 for diesel.
Some are proposing a 0.12/gallon hike. Senator Durbin proposes raising the tax to $1.00/gallon.
The excuse, the basis for the needed tax increase, is that the roads and bridges are crumbling all around us. I am so sick of hearing this tired excuse. They have been crumbling for 20 years; you would think they would have all collapsed by now.
In any event, consumption figures show, even with a great recession, that the tax revenues have remained extremely healthy. At the lower levels the tax still produced $67,252,000 per day in revenues or $24,546,980,000 per year. $24.5B per year! Since 1993 when the $0.185 tax began that is $515.5B. More than that, the Obama stimulus in 2008 threw HUGE amounts of dollars at our highways and bridges, those 'shovel ready' projects. So the total is MUCH more than $515B.
During this period of huge tax revenue collection we are told our infrastructure is 'crumbling.' What pray tell, happened to the $500+B? In 21 years over $500B is not enough to maintain and construct new roads, particularly with states required to put up a portion of the funds in many cases?
The problem is not lack of money but of misuse of our money. Nothing new there, unfortunately. It is the government. It simply cannot spend money well because there is no incentive to be efficient. No one is going to lose their jobs if the money is all spent on whatever special interests arise; just raise the tax rate and get more money.
The republicans say it won't happen, but you have the likes of republican Senator Corker supporting a tax increase, saying it will 'fix the problem.' Everyone who believes that is, to take the gloves off, a fool. Money to the government never fixed anything but DID guarantee more profligate spending. They should be rolling taxes back along with regulations, not even contemplating this.
CPI flips negative overall thanks to plunging gasoline prices (but not taxes).
CPI: -0.4% versus -0.4% expected versus -0.3% prior. Year/year +0.8%
Core: 0.0% versus 0.1% expected versus 0.0% November. Year/year +1.6%
Gasoline: -9.4%, the cause of the big drop in overall CPI.
Food: +0.3% for the month, and +9.1% in 2014, moving to an all-time high. Record highs for meat, fish, eggs, and chicken. At least we have lower gasoline prices to pay for the higher food prices. Great trade! Gas for food.
Layoffs reappear.
With the initial round of earnings an old nemesis returns: the layoff. SLB cans 9,000. TGT printing up 17,600 pink slips. Citi is laying off 'thousands' though no exact figure was given.
Expect more layoffs from quality jobs providers such as the energy companies. Those produced the lion's share of breadwinner jobs in the recovery, and thousands upon thousands upon thousands are going away along with a lot of the jobs created to service those with those good jobs. Thank goodness we have all of those hourly jobs that these people can slide right into and perhaps make up a fifth of their prior earnings.
THE MARKET
The indices tried to hold an upper support level and did so early week, but Thursday that broke and they slipped lower. As of the weekend they held the lower level of next support, bouncing off it Friday. Not bad but as noted, likely short covering ahead of a long weekend. They can still rally; they always can. Unlike the September and October selloff, however, the pattern is very toppy, showing head and shoulders on most of the indices. Breaches of the uptrend that has held since late 2012. Leaders taking serious hits and the ranks thinning considerably.
Yes, they can always bounce and mount new rallies. With leadership struggling and narrowing, this remains a market where the stocks have to show they are able to overcome the negatives. The Fed is not there anymore. The economy is not a lock. Something is needed and perhaps that something is earnings. Thus far, however, the earnings are not doing the trick, e.g. JPM, BAC, GS, KBH. On the other hand, LEN, TSM, INTC all reported nice results and look solid. Stocks have sold ahead of results and that provides room to bounce.
CHARTS
SP500: Bounced off a lower January low, still holding over the mid-December lows in that selloff. December was a sharp drop and knifepoint turn when a normal pullback got a bit aggressive. The current pattern used that and build on with something of a head and shoulders. In any event, it is a more volatile and more pronounced rounded top pattern. SP500 held around the 78% Fibonacci retracement on the week's lows, but it closed below it once and traded below it the last three sessions. Not a solid pattern for new highs but an oversold one that is sort of holding some support. Combined with the other indices, that action can yield a bounce but it is not one that screams new highs.
NASDAQ: A bit better defined lows than SP500 with the January lows at least matching the same support but both undercutting the 78% Fibonacci retracement. Perhaps it can morph the pattern into some kind of pennant, but even so it has to prove it can move higher with declining MACD and increasing volume downside.
DJ30: Neat clean holds at the 78% Fibonacci retracement. Note the bounces intraday off that level as DJ30 finds solid support at the September peak. Okay perhaps the Dow will lead and SP500, NASDAQ will follow. Not a bad bounce pattern at all. REMEMBER, 78% Fibonacci retracement double bottoms are viewed as REBOUNDS to test the prior peaks, typically lacking the strength to move to higher highs. That doesn't mean they won't move to higher highs, it is just that something else has to push it given the pattern has lost a lot of momentum.
RUTX: As with the Dow, a second clean bounce off a support level, this one the 200 day SMA that is roughly coincident with the 78% Fibonacci retracement level. Thus there is potential to bounce and test that old high as with the Dow, but frankly, after RUTX showed some relative strength it showing relative weakness. It has serious resistance from 1180 to 1188 and those will be a key test for any bounce upside.
SOX: SOX is the pattern NASDAQ is trying to morph into as it holds the September high as well as the lower trendline from mid-2013. Chips remain one of the more solid groups in the market. INTC is working on a good 7 week consolidation using the 50 day EMA as support. The market needs the chips to step up.
LEADERSHIP
Some stocks that broke earlier in the week recovered Friday, but typically it did not rectify the problems. Thus the leadership ranks are thinning as the index patterns are more bearish in bias than in other selloffs since the Fed quit QE. There are still some really great patterns out there, and if they show the right stuff we will put some money to work, but we also have to keep an eye on the indices and where they bounce. They can bounce for sure, but our concern is that they only bounce in relief and cannot push any higher.
Social media: FB rebounded modestly after breaching its lower trendline in the uptrend channel. Lower volume. TWTR was flat after the big Thursday dump. YELP is back at the December lows with rising MACD; it looks as if IT will take its turn at trying to bounce.
Chips: INTC has a nice pattern as noted. ENPH is setting up a roll higher in its range. ANAD remains strong but it is a smaller stock. NXPI, SIMO, BRKS, AVGO are not bad. AMCC is still struggling and FORM didn't have a great week.
Gold stocks: Surged and are not really in buy position right now, e.g. GG, NG, GOLD, NEM. A test will come and that will be the opportunity to enter.
Biotech/Drugs: Some nice setups and good moves. CLDX launched upside Friday close to 9% on huge trade. EXAS has put together a nice pattern in the market selling. CELG fought off the Thursday dips and rallied to a higher closing high. BIIB fought back as well. Overall a positive group but it had some blowups last week.
MARKET STATS
NASDAQ
Stats: +63.56 points (+1.39%) to close at 4634.38
Volume: 1.911B (-0.2%)
Up Volume: 1.51B (+1.181B)
Down Volume: 452.76M (-1.177B)
A/D and Hi/Lo: Advancers led 3.03 to 1
Previous Session: Decliners led 3.52 to 1
New Highs: 46 (+4)
New Lows: 116 (-31)
S&P
Stats: +26.75 points (+1.34%) to close at 2019.42
NYSE Volume: 1B (+13.65%)
A/D and Hi/Lo: Advancers led 4.52 to 1
Previous Session: Decliners led 1.85 to 1
New Highs: 207 (+34)
New Lows: 94 (-26)
DJ30
Stats: +190.86 points (+1.1%) to close at 17511.57
SENTIMENT INDICATORS
VIX: 20.95; -1.44
VXN: 21.22; -1.5
VXO: 19.7; -1.86
Put/Call Ratio (CBOE): 0.91; -0.12
Bulls and Bears:
Bulls: 48.0% versus 50.5% versus 56.4% versus 52.5% versus 49.5% versus 51.5% versus 53.4% versus 56.5%. Steady decline just missing out on the upper 50's/60 level that marked rollovers. Seems to have been enough . . .
Bears: 16.3% versus 15.2% versus 14.9% versus 15.8% versus 14.9% versus 14.8% versus 13.9%. Wow, a breakthrough after months of holding below 15% the bears are emerging from hibernation. Important to see them get skeptical. Hey, with the Fed out of the game, Europe doing unexpected things, and investors having to price real worth into stocks, a bit of apprehension is definitely overdue.
Theory: When everyone is bullish and has put all their capital to work, where does the ammunition to drive the market come from? There is always new money to start a new year. After that is used will more money be coming? That is the question.
Note the low short interest as well, an indication of some complacency.
Bulls: 48.0%
50.5% versus 56.4% versus 52.5% versus 49.5% versus 51.5% versus 53.4% versus 56.5% versus 56.4% versus 55.5% versus 54.6% versus 47.0% versus 35.3% versus 37.8% versus 45.5% versus 47.5% versus 48.0% versus 52.5% versus 57.6% versus 56.1% versus 52.5%
Background: Last undercut 35%, the threshold for bullishness, in early June 2012.
Bears: 16.3%
15.2% versus 14.9% versus 15.8% versus 14.9% versus 14.8% versus 13.9% versus 13.8% versus 14.9% versus 14.8% versus 15.1% versus 16.3% versus 18.2% versus 17.3% versus 14.1% versus 15.1% versus 15.3% versus 15.2% versus 14.1% versus 13.3% versus 15.1% versus 16.2%
Background: Over 35% for bears is the threshold to be really be a good upside indicator. The best indication is when bears cross up through bulls as the two merge. Right now bulls are coming back down from the 60 level that has consistently marked market tops over the past two years. The rapid decline in progress is pushing the bulls/bears lines toward one another. Still far from a cross with bulls falling faster than bears are rising, but bears are warming up to the notion of market weakness.
OTHER MARKETS
Bonds (10 year): 1.83%
1.76% versus 1.84% versus 1.91% versus 1.91% versus 1.95% versus 2.02% versus 1.97% versus 1.94% versus 2.04% versus 2.12% versus 2.17% versus 2.19% versus 2.21% versus 2.25% versus 2.26% versus 2.165% versus 2.17% versus 2.21% versus 2.14% versus 2.05% versus 2.11% versus 2.08% versus 2.18% versus 2.16% versus 2.22% versus 2.26% versus 2.31% versus 2.24% versus 2.29% versus 2.29% versus 2.22 versus 2.17% versus 2.21% versus 2.24% versus 2.26% versus 2.30% versus 2.31% versus 2.34% versus 2.35% versus 2.32% versus 2.34% versus 2.32% versus 2.35%
The surge had to slow and on Friday there was a rest day ahead of the three-day weekend. Still very strong but also very straight up angle of attack that cannot be sustained indefinitely.
Oil: 48.69, +2.44. Oil recovered some of what it lost Thursday. Ah, that is a rally. Seriously, it looks as if oil is going to try a bounce of sorts as it actually moved above the 10 day EMA on the close for the first time since September.
Gold: 1276.90, +12.10. After breaking the 200 day SMA gold tested it then surged to a higher rally high. Uncertainty by central banks means buy gold.
$/JPY: 117.52 versus 115.928 versus 117.33 versus 117.77 versus 118.29 versus 118.50 versus 119.69 versus 119.43 versus 118.39 versus 119.62 versus 120.50 versus 119.81 versus 119.51 versus 120.67 versus 120.31 versus 120.48 versus 120.79 versus 119.99 versus 119.49 versus 118.83 versus 118.86 versus 116.81 versus 117.61 versus 118.75 versus 119.07
After breaking the 50 day EMA on the week and selling hard Thursday, the dollar rallied back to test the 50 day EMA. The 'kiss goodbye' before more weakness or a double bottom off the mid-December low? More like the former for now.
Euro/$: 1.1543 versus 1.1609 versus 1.1789 versus 1.1764 versus 1.1832 versus 1.1842 versus 1.1789 versus 1.1839 versus 1.1890 versus 1.1934 versus 1.2002 versus 1.2099 versus 1.2156 versus 1.2143 versus 1.2183 versus 1.2203 versus 1.2171 versus 1.2223 versus 1.2225 versus 1.2284 versus 1.2345 versus 1.2509 versus 1.2448 versus 1.2462 versus 1.2389 versus 1.2439 versus 1.2366 versus 1.2318 versus 1.2289 versus 1.2379 versus 1.2313 versus 1.2383 versus 1.2473 versus 1.2452 versus 1.2509 versus 1.2477 versus 1.2442 versus 1.2386 versus 1.2549 versus 1.2543 versus 1.2532
Euro slaughtered again as the dollar breaks higher from a weeklong tight lateral consolidation over the 10 day EMA. QE anticipation as well as the Swiss pulling out.
TUESDAY
You can call Friday an upside day with cause as quite a few pundits did post-close. Oil higher, consumer confidence soaring - - the usual 'pin the tail on the rally' suspects. Seriously? Investors suddenly stepped in because consumer confidence, always the bastion of economic forecasters, jumped due to lower gasoline? YET at the same time investors also bought because oil prices rose, something if they keep doing gasoline prices will rebound and that consumer confidence goes into the dumpster again? This is the kind of mish-mash crapola that they are paying people to spew and advertisers are paying money to be associated with. Of course it makes perfect sense in a world where people don't really pay attention, just reading the headlines. But in this case, even if the headlines are internally inconsistent no one says a thing, just follow along like the Pavlovian dogs they have become.
Okay, that felt good.
No, no, no. Friday was short covering. Stocks did not shoot higher in the last 20 minutes of trade because investors, funds, etc. suddenly felt great about oil prices rising and the consumer confidence. It was classic short covering action ahead of a 3-day weekend. Two weeks lower, all kinds of uncertainties in the world as central banks either pull back stimulus or set to launch more stimulus, and funds bought because oil rose and consumers passed some gas so to speak. Good grief. Short covering and the yen giving back some of its gains versus the dollar. Market bounced. Of course most market rallies start with short covering, but that is never the entire story. Patterns, leadership, and other elements do matter.
What is causing the volatility?
So many wild swings has everyone lamenting having to once again deal with volatility. For six years the Fed plied its QE and that kept stocks relatively stable. Indeed, the ONLY instability occurred when one QE program expired and the Fed didn't have a new one to immediately roll out. Stocks bucked and sold, forcing Bernanke to launch more QE in order to keep prices high and fan the wealth effect flames. Remember all of that? Inflation financial asset prices with lots of money and everyone will feel wealthy. Except for the middle class that lost its breadwinner jobs and had them replaced with low paying food service or secretarial work. Not much wealth happiness for the majority of citizens.
Now the Fed has pulled QE. The market is on its own. It now has to do things the old fashioned way, i.e. figure out the real values for financial assets without the Fed buying all the junk there is.
Thus, as soon as the Fed pulled QE stocks sold in October. They rebounded sharply into November, sold again in December, rebounded to year end, and are now selling in January. As noted thrice has SP500 violated the 11/2012 uptrend channel that formed with that round of QE. Stocks are trying to hold up, but the Fed is not there buying anymore. It is up to the economy to provide a reason prices should not only remain at these levels but to climb higher.
With the December economic data not giving a thumbs up (e.g. retail sales reported last week), worries are creeping in as to whether the 'great economy' as the Administration calls it is really that great.
With the Fed no longer the backstop and the economic data somewhat concerning, it only makes sense that stocks are choppy. The thing that propped them up is gone, the thing that is supposed to keep them propped up is now being questioned. Investors don't know what prices should be so things are choppy. Voila, volatility.
And you do what?
So how does that play out in the coming week? As noted, the indices held support though at a lower level. That holds out the potential they can rebound in a relief move. Recall the only move we were looking at was a bounce to test toward the prior peaks, not new highs. The index patterns have eroded. SP500 has four breaches of its 11/2012 uptrend channel, all occurring in the last four months. Instead of just a fade to test support the indices have a toppish, 3-headed rounded top similar to a head and shoulders. Leadership ranks have thinned considerably. The upside has to prove that it can move to higher highs in a post-Fed QE world.
Not that we cannot make some money on that bounce. There is room to move higher after the sharp selling as the rubber band is stretched. Friday the 'just in case' bounce ahead of the weekend took some pressure off. The next very instructive move is whether that bounce released enough pent up pressure that the upside fizzles quickly. If that is the case that shows a very weak market.
We will let it show us what it will do. We still have some very good upside plays that are working, some that are holding nicely but need a bounce, and others we had to jettison last week as they broke support. We can make money on an oversold bounce, but we also have to realize that is what we are playing and pick plays and positions accordingly. Oh yes, and we have to trowel on earnings on top of that. Certainly the market is primed for a bit of an earnings bounce if it can get some good earnings reports.
Thus this weekend we have some more upside plays on stocks that are at key support and have a bounce pattern set up or that have used the selling to go about their business and set up great patterns. That is what leaders do. If the market wants to bounce in relief and they make the moves, we can play them WITH THE mindset it is for a bounce, at least until it can show otherwise.
We also have some more downside plays at the ready. We were somewhat surprised seeing the several downside setups that are not oversold after this kind of market pullback. That can speak to a weakening market that stocks are still in position to fall even after a couple of weeks of selling and not relief move. As noted above, if the market fails to hold the Friday relief move and starts selling anew, that speaks to a very weak market and the downside plays, despite the selling leading up to the current position, are in play to make us money from here.
Again we let the market show us what it wants to do near term. As for beyond that, the index patterns are not encouraging and it is up to the market to show it can do more than bounce.
SUPPORT AND RESISTANCE
NASDAQ: Closed at 4634.48
Resistance:
The 50 day EMA at 4666
4751 is the January 2015 lower high
4811 is the November 2014 peak (intraday)
4815 is the December 2014 market peak
Support:
4631 is the October 2014 upside gap point
4610 is the September 2014 post-bear market high.
4566 is the lower gap point from late October
4547 is the December low
4545 is the 38% Fibonacci retracement
4486 is the July 2014 high
The 200 day SMA at 4442
4372 is the March 2014 high
The August low at 4321
4316 is the lower gap point from October 2014
4289 is the July 2000 recovery high
4277 is the March lower gap point
4246.55 is the January 2014 peak
4185, the May lower gap point
4131 is the March 2014 low
4104 is the lower gap point from 12/20/13
S&P 500: Closed at 2019.42
Resistance:
The 50 day EMA at 2032
2062 is the lower trendline from 11/2012
2062 is the January 2015 lower high
2076 is the all-time high from November
2079 is the intraday all-time high from November
2124 is the December 2012 up trendline
Support:
2011 is the September prior all-time high
1991 is the July 2014 high
1972 is the December 2014 low
The 200 day SMA at 1967
1905 is the August 2014 low
1902 from early May was the intraday all-time high.
1897 is the prior all-time high hit in April 2014
1883.57 is the early March high.
The December and January highs at 1848
The April 2014 low at 1814
1808 is the November and December 2013 twin peaks
1775.22 is the October prior all-time high
Dow: Closed at 17,511.57
Resistance:
The 50 day EMA at 17,572
17,923 is the January 2015 lower high
17,991 is the early December interim
18,104 is the December all-time high
Support:
17,351 is the September 2014 all-time high.
17,152 is the mid-July post bear market high
17,068 is the early July 2014 peak
17067 is the December 2014 low
The 200 day SMA at 17,007
16,970 is the June 2014 former all-time high
16,946 is the June 2014 peak
16,736 is the penultimate all-time high from May 2014
16,632 is the April 2014 all-time high
16,589 is the December 2013 all-time high
16,506 is the March 2014 peak
16,341 is the May low
16,334 is the August 2014 low
16,257 is the January 2014 low
16,179 is the November 2013 peak.
15,739 is the December 2013 low
15,696 is the September 2013 peak
15,659 is the August 2013 peak
ECONOMIC CALENDAR
January 16 - Friday
CPI, December (8:30): -0.4% actual versus -0.4% expected, -0.3% prior
Core CPI, December (8:30): 0.0% actual versus 0.1% expected, 0.1% prior
Industrial Production, December (9:15): -0.1% actual versus -0.1% expected, 1.3% prior
Capacity Utilization, December (9:15): 79.7% actual versus 79.9% expected, 80.0% prior (revised from 80.1%)
Michigan Sentiment, January (9:55): 98.2 actual versus 94.1 expected, 93.6 prior
Net Long-Term TIC Fl, November (16:00): $33.5B actual versus -$1.4B prior
January 20 - Tuesday
NAHB Housing Market Index, January (10:00): 58 expected, 57 prior
January 21 - Wednesday
MBA Mortgage Index, 01/17 (7:00): 49.1% prior
Housing Starts, December (8:30): 1040K expected, 1028K prior
Building Permits, December (8:30): 1060K expected, 1035K prior
January 22 - Thursday
Initial Claims, 01/17 (8:30): 300K expected, 316K prior
Continuing Claims, 01/10 (8:30): 2380K expected, 2424K prior
FHFA Housing Price Index, November (9:00): 0.6% prior
Natural Gas Inventories, 01/17 (10:30): -236 bcf prior
Crude Inventories, 01/17 (11:00): 5.389M prior
January 23 - Friday
Existing Home Sales, December (10:00): 5.10M expected, 4.93K prior
Leading Indicators, December (10:00): 0.4% expected, 0.6% prior
By: Jon Johnson, Editor
Copyright 2015 | All Rights Reserved
Jon Johnson is the Editor of The Daily at InvestmentHouse.com
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