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2/4/2017 Investment House Daily
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The REPORT SCHEDULE is as follows:
Market Summary Video, Plays and Play Videos, and Play Table with play
annotations will issue Wednesday, Weekend.
Monday a Market Summary video, new plays, play table annotations.
Tuesday and Thursday reports will contain the market summary, chart links to
view the index charts, and updated play table.
Access to all current videos will remain assessable each day using the play
links in the reports.
If any market circumstances arise where we see additional plays we want to
prepare for the next session, we will of course issue those plays regardless
of the day of the week.
MARKET SUMMARY
- Market overcomes the gap lower as NASDAQ, SOX push to new highs.
- A few more negatives face stocks, but the upside bias is still winning
out.
- Not just typical stories are impacting stock movement, at least on a
temporary basis.
- Still plenty of good patterns. Plenty.
- Jobs Report shows a jump in full-time in January, anticipating ACA repeal.
- Earnings revert to a familiar pattern: lots of top line misses. Lots.
- Every day is an adventure as to what is coming from the administration and
how the market will take it. Even so, the market found support and moved
back up.
The past two weeks saw the stock indices break higher out of 6 week ranges
to new highs, give that move back 3 sessions later, then rally back to try
for new highs again. A breakout, a breakout rejection, then new bids.
Volume sluggish at best, unusual for a new year. Bullish advisor sentiment
hit a cycle high at 61.8%, making it 3 of 5 weeks over 60%. Historically,
that has marked a rally top and led to deeper corrections.
SP500 16.57, 0.73%
NASDAQ 30.57, 0.54%
DJ30 186.55, 0.94%
SP400 1.29%
RUTX 1.50%
SOX 0.52%
VOLUME: NYSE -3.5%, NASDAQ -9%. Okay it was Friday so if you are looking
for excuses you can use that one. Otherwise, it was another upside session
on lower volume.
A/D: NYSE 3.7:1, NASDAQ 2.8:1. Small and midcaps kicked back in and that
really helped to post some decent breadth for the first time in quite a
while.
Given the more negative issues arising, this weekend I expected to see
several downside setups in our review of stocks and sectors. Instead, I see
many upside setups for stocks that either made good moves and are ready to
resume, or are ready for new breaks. Oil has come back around likely thanks
to a weaker dollar. Semiconductors remain strong though many are not at new
buy points. Biotechs continue to set up patterns, particularly smaller
priced issues. Some areas of metals, and not just precious metals, show good
patterns. China stocks, transports -- large numbers of sectors are working
just fine.
So, was it just a momentary letdown with what the Trump administration was
accomplishing? Was there a sudden concern after the immigration EO that
Trump's growth agenda might be threatened, not so much by the democrats, but
by the real life Dumb and Dumber Lindsey Graham and John McCain?
Graham is still miffed his ideas were relegated to the sub-ticket in the
republican debates (and that should tell him where he stands with most of
America) while McCain's rants reveal he is still bitter about his 2008
defeat as he plays out the twilight of his career as a tin-plated dictator
with delusions of God-hood (that is a line from a Star Trek episode, 'The
Trouble with Tribbles'). Seriously, when your only response to economic,
social, foreign or any issues is 1) get the money out of politics (of which,
by the way, McCain has HUGE amounts in his war chest), and 2) massively
build up the military as some form of economic growth strategy
(demonstrating his economic wisdom could fit on a quarter of a 3 x 5 index
card), you are going to lose.
Okay, a bit of a digression, but it had to be said.
Whatever it was, the market went from breakout to rejected breakout, to
'well, maybe we should try again.' I don't like to see things in the
shadows that are not there. If a chart doesn't say 'buy' or 'sell,' then
you have to see what the stock is going to do. Don't try to divine meaning
beyond that because if the chart isn't saying it, then the decision is not
made. In that instance, if anything, look at the trend as the possible
overriding factor that could influence the way the stock breaks.
Right now the market is trending higher. Right now the NYSE indices are
again stuck in their range, having failed a breakout but also not collapsing
through the bottom of their late 2016 ranges. SOX and NASDAQ broke to
higher highs this past week, still clearly trending upside and thus leading
the market in terms of the upside.
With that, and not looking for things in the shadows, you would play stocks
in those indices upside and be ready to play the others as their components
follow their lead. We have positions in both. Basically we have positions
in the good sectors that are moving up, and we are looking at positions in
other areas in the event they make the move as well. Following leadership
tends to put you in that situation.
Thus the outlook is all roses given NASDAQ and SOX are trending higher and
the NYSE indices have not broken their ranges, right? Well, maybe not
roses, but they are trending higher for now. Not looking at shadows mind
you, but looking at facts, there is the 60+% sentiment reading in 3 of the
past 5 weeks, a reliable indicator of a market top forming. As for timing,
not so reliable. It is there, however, it is a fact, and it has
ramifications. As noted last week, it is a factor to put into the equation,
a factor that worsens the risk/reward probabilities a bit. It does not
trump good patterns making good moves, but it CAN and SHOULD factor into
your plan for a position and what size of move you anticipate.
So this coming week we have a lot of upside plays that have the potential to
make good money without needing a two month move to do so. The market is
not showing it is rolling over but it has shown signs the buyers are not as
lockstep solid as they were. After all, a breakout was rejected, and that
is one of the strongest market signals. Nonetheless, the stock indices did
not roll over and they are back at it again. Coupled with seeing a lot of
stocks in or setting up good potential entries, you look at the plays in
line with that situation.
When entering, however, set your parameters with the overlay of the negative
factors and don't assume that just because the trend is in place it must
remain in place. They say what does not kill you (or a trend) makes you
stronger. The thing is, you have to go through the rougher patches to find
out if you are going to survive. The key to being in the market at these
times is not assuming survival and thus entering at good entries and taking
gain at logical points, then letting the rest of the position work as long
as the play and the market behave.
NEWS/ECONOMY
Jobs and earnings dominated the news. Earnings, as noted earlier in the
week, are reverting back to the top line/revenues misses after a one-quarter
improvement in Q3. I heard one of the CNBC baristas parrot what her fund
manager sources (talking their book of course) regarding how the earnings
drought is over. Really? It looks more as if Q3 was an aberration, not a
reversion to the mean. Once again the market has sadly put forth an
impressive string of companies sporting top line misses:
Revenue misses: AMZN; GPRO; CLX; AN; HSY; DECK; FEYE; HBI; MRK; AZN; MET;
EL; SYMC; UA; HOG; XRX; UPS; HON; GD; CG; SBUX; GOOG; F; QCOM; MAT; CAT;
BIIB; TXT; COF; JNJ; DD; HAL; GE; C; BAC; BLK; WFC.
Do you see the pattern? Right, there is NO pattern. Companies from all
sectors are missing. A veritable who's who of corporate giants once again
suffering revenues declines.
Jobs Report
Non-Farm Jobs: 227K versus 235k expected versus 154K prior (from 156K)
Unemployment: 4.8%
Average Hourly Wages: 0.1% vs 0.3% expected versus 0.2% December (from
0.4%).
Yearly wages: +2.5%
Workweek: 34.4 hours vs 34.3 expected versus 34.4 prior (from 34.3)
Participation Rate: 62.9% versus 62.7%. Quite a jump.
Not in workforce: 94.3M versus 95.1M December. Down by 736,000.
Entering workforce: +580K
Part-time jobs: -490K
Full-time jobs: +457K
The January jobs report received some gushingly good reviews by some
commentators while others were more sanguine. Both are wrong.
It's 227K jobs people; it is sooooo mediocre. But, as I wrote years ago, we
were going to 'dumb down' our standards for what is good and not. Years of
barely mediocre results resulting from the structural changes in our economy
and jobs market, thanks to regulation and taxes, put governors on our
economic output. Remember when 500K was truly a great number and 300K was
decent? Do you? Many do not and it is a sad testament to how we have
fallen. Is it any wonder that the campaign slogan 'Make America Great Again'
caught on with millions of Americans who remember what it was like when
American economic activity was great?
Wages: Many focused on the wage growth in December as a great signal of
recovery. Well, that growth was cut in half with revisions. Even so, at
the time I pointed out that the wage growth was skewed to the very top, the
supervisory employees (and that does include the CEO's, CIO's, CFO's, etc.)
and not toward the non-supervisory employees. Given the non-supervisory
employees make up 85+% of the workforce, that makes a difference in the
outlook on the economy and the ability to participate in it.
The January wages disappointed but it was more than the financial stations
report.
Non-supervisory wage growth, January: 0.04%
Average weekly earnings: -1.9%, the worst reading in a year.
Minimum wage: These paltry wage gains, indeed wage losses on a weekly
basis, occurred even as several more states implemented minimum wage
standards for 2017. That tells you right there that the wage gains were not
in the lower end of the spectrum: even as wages went up a mandated rate in
some states, overall wages fell at the low end. Did anyone see the new San
Francisco (first in Hong Kong) automated coffee drink barista? 2 cups a
minute to customers with no employees. Maybe those 10,000 refugees
Starbucks talked about are going to clean up after the automated coffee
barista is done for the day? Heck, they probably even have automated
cleaners; the machine barista is self-cleaning I hear.
I find it fascinating that full-time jobs surged and part-time purged in
January. This is the market anticipating an ACA repeal retroactive to the
first of the year. It is a case in point that tells you the markets,
employment markets as well as financial, are hearing what the Trump
administration is saying and ARE taking it at its word. With the ACA and
its 29-hour death threshold gone, companies will like to hire full-time
again. Fewer workers, less repeated training of employees due to higher
turnover at lower wage jobs, higher wages.
I believe the sharp 400K drop in ACA enrollees to start 2017 demonstrates
this mindset as well: people know the ACA will be repealed and thus they are
not buying the insurance they do not want and cannot afford.
Again, it is fascinating how the economic micro-planners think they can
dictate what must be done and think they have it all figured out just to see
how when you squeeze one side of a balloon the other pops out. Fortunately,
it does not look as if they squeezed so hard the balloon popped, but we are
not out of the woods yet, not by a long shot.
MARKET
After the breakout to new highs was rejected (at least for all but RUTX),
the indices held in their ranges and rallied right back up. SOX and NASDAQ
punched in at new highs while the other indices look as if they want to head
that way. Talk about a continuing upside bias, that is it: a rejection of
the rejection so to speak.
CHARTS
NASDAQ: After gapping lower Monday from the breakout gap, NASDAQ caught
itself, gapped higher Wednesday and finished out the week with a new
all-time closing high. It is just below the intraday high from late
January, but MACD broke higher on that high and volume was not bad at all on
the Wednesday upside break.
SOX: After an early week 10 day EMA test, SOX climbed back up and moved to
a new recovery high Friday, gapping to a doji. The chips continue leading
even if they move through a rotation inside the sector.
SP500, DJ30: The same action, gapping lower form the new high, holding in
the prior 6 week range, recovering Friday back near the top of the range.
SP500 gapped back over its 2016 trenldine Friday and both indices are not
just below the prior week's all-time high. They came right back from having
the breakout rejected, in kind of a rejection of the rejections.
SP400, RUTX: Both of these smaller cap indices tested at or near the lows
of the 6-week range early week, then stumbled higher. Friday they posted
nice upside gaps and are set to challenge the recent highs.
LEADERSHIP
Chips: New high on SOX and of course strong moves in the chips. NVDA, MU,
TSEM strong all week along with QRVO, AVGO, SLAB. More look interesting
such as AMBA, ENPH.
FAANG: FB trying to hold at the 10 day EMA as it rallied over the October
high on its earnings but reversed sharply. As with AMZN, the possibility of
a double top. AMZN gapped lower on earnings after testing the October high,
possibly a double top. At a minimum these are worth watching. AAPL holding
the Wednesday earnings gap. NFLX tested on the week, holding the 10 day EMA
and still trending. GOOG gapped up Friday, but that after gapping down
Monday and dropping to the 50 day MA's. These all deserve watching.
Biotech: Some interesting smaller patterns: INFI, CNAT, CRMD, OREX.
Oil: With the dollar falling they suddenly look better, again. AXAS, CRK,
UNT, SPN, NE.
China: Still not bad. SOHU setting up. ATHM continues climbing up the 10
day EMA. Ditto NTES. BABA has a nice pennant.
Materials/Construction: Still looking good. CX working on a 2 week pennant
over the 10 day EMA. MDR posted a good move on the week.
Financial: Came right back to life on the Trump EO dropping the Obama EO
creating a fiduciary duty between investment advisors and clients. Frankly,
I don't really have a problem with a financial advisor having a fiduciary
relationship with a client. What this gets to is not allowing the advisor
to take positions on the opposite side of a client. An advisor should not
be a market maker or something of that sort; that creates conflicts of
interest. If you want to advise people and get your certification, you want
a level of trust. 'Trust me' carries more weight if you know your advisor is
not taking a position the opposite of yours for whatever reason. But, I
digress. GS jumped higher (of course after I killed the play), C looks to
have bounced off a double bottom of sorts, BAC is approaching the top of the
range. QIWI is in good shape to break higher.
Metals: Precious metals are still looking good, e.g. HMY. Other metals as
well, e.g. MUX, X.
MARKET STATS
DJ30
Stats: +186.55 points (+0.94%) to close at 20071.46
Nasdaq
Stats: +30.57 points (+0.54%) to close at 5666.77
Volume: 1.8B (-9.04%)
Up Volume: 1.24B (+246.02M)
Down Volume: 517.44M (-522.56M)
A/D and Hi/Lo: Advancers led 2.77 to 1
Previous Session: Decliners led 1.09 to 1
New Highs: 181 (+81)
New Lows: 33 (+9)
S&P
Stats: +16.57 points (+0.73%) to close at 2297.42
NYSE Volume: 850.5M (-3.35%)
A/D and Hi/Lo: Advancers led 3.68 to 1
Previous Session: Advancers led 1.23 to 1
New Highs: 186 (+75)
New Lows: 17 (-4)
SENTIMENT INDICATORS
VIX: 10.97; -0.96
VXN: 12.78; -0.85
VXO: 10.14; -0.78
Put/Call Ratio (CBOE): 0.76; -0.1
Bulls and Bears: Bulls made it 3 of 5 weeks over 60, this time hitting
61.8, a new high for this move. Starting to pile up the more extreme level.
Bulls: 61.8 versus 58.2
Bears: 17.6 versus 17.5
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.
Bulls: 61.8 versus 58.2
58.2 versus 60.6 versus 58.6 versus 60.2 versus 59.8 versus 59.8 versus 59.6
versus 58.8 versus 56.3 versus 55.6 versus 51.0 versus 42.9 versus 41.7
versus 47.1 versus 42.9 versus 46.1 versus 46.7 versus 45.2 versus 44.6
versus 49.0 versus 52.5 versus 55.9 versus 56.7 versus 56.2 versus 54.3
versus 52.9% versus 53.9% versus 54.4% versus 52.5% versus 47.1% versus
41.6% versus 47.5% versus 45.9% versus 47.3% versus 45.4% versus 35.4%
versus 40.2 versus 39.2
Bears: 17.6 versus 17.5
17.5 versus 17.3 versus 18.3 versus 18.4 versus 19.6 versus 19.6 versus 19.2
versus 19.6 versus 22.3 versus 21.6 versus 23.5 versus 25.7 versus 24.3
versus 23.1 versus 23.8 versus 23.1 versus 22.8 versus 23.1 versus 24.3
versus 22.6 versus 22.8 versus 20.6 Versus 20.2 versus 20.0 versus 20.9%
versus 21.2% versus 21.6% versus 23.3% versus 24.7% versus 24.5% versus
23.8% versus 23.2% versus 23.5% versus 23.8% versus 23.7% versus 24.0%
versus 21.7% versus 21.6% versus 21.7 versus 20.6% versus 21.7% versus 27.8%
versus 27.8% versus 28.9% versus 27.8% versus 30.3% versus 35.4%
OTHER MARKETS
Bonds (10 year): 2.48% versus 2.474%
Historical: 2.474% versus 2.477% versus 2.44% versus 2.49% versus 2.48%
versus 2.512% versus 2.52% versus 2.467% versus 2.40% versus 2.47% versus
2.468% versus 2.422% versus 2.372% versus 2.393% versus 2.358% versus 2.365%
versus 2.38% versus 2.962% versus 2.42% versus 2.357% versus 2.45% versus
2.448% versus 2.42% versus 2.48% versus 2.51% versus 2.56% versus 2.54%
versus 2.55% versus 2.54% versus 2.564% versus 2.544% versus 2.59% versus
2.59% versus 2.52% versus 2.473% versus 2.475% versus 2.471% versus 2.40%
versus 2.349% versus 2.39% versus 2.396% versus 2.394% versus 2.454% versus
2.388% versus 2.30% versus 2.31%. versus 2.36% versus 2.355% versus 2.317%
versus 2.30% versus 2.34% versus 2.297% versus 2.219% versus 2.22% versus
2.23% versus 2.14% versus 2.077% versus 1.867% versus 1.83% versus 1.778%
EUR/USD: 1.07880 versus 1.07605. Euro continues rising.
Historical: 1.07605 versus 1.07892 versus 1.0791 versus 1.07294 versus
1.06957 versus 1.06843 versus 1.0683 versus 1.0756 versus 1.07274 versus
1.0761 versus 1.07027 versus 1.06394 versus 1.06381 versus 1.07114 versus
1.06450 versus 1.0624 versus 1.05982 versus 1.0555 versus 1.0585 versus
1.05346 versus 105837 versus 1.0525 versus 1.03914 versus 1.05289 versus
1.05155 versus 1.04357 versus 1.04636 versus 1.0451 versus 1.04368 versus
1.04412 versus 1.0392 versus 1.0407 versus 1.0459 versus 1.0415 versus
1.05094 versus 1.0636 versus 1.06326 versus 1.05586 versus 1.06140 versus
1.07745 versus 1.07194 versus 1.07614 versus 1.06638 versus 1.06631 versus
1.0601 versus 1.0649 versus 1.05699 versus 1.066 versus 1.05910
USD/JPY: 112.567 versus 112.903. Dollar struggling to hang on at the recent
lows.
Historical: 112.903 versus 112.68 versus 112.50 versus 114.493 versus
115.094 versus 114.469 versus 113.362 versus 113.850 versus 112.736 versus
114.39 versus 114.686 versus 114.538 versus 112.774 versus 114.473 versus
114.57 versus 114.70 versus 115.811 versus 116.023 versus 116.923 versus
115.93 versus 116.46 versus 117.983 versus 116.739 versus 116.456 versus
116.793 versus 117.41 versus 117.413 versus 117.32 versus 117.537 versus
117.544 versus 117.835 versus 117.453 versus 117.941 versus 118.257 versus
117.397 versus 115.038 versus 115.058 versus 115.20 versus 114.23 versus
113.325 versus 113.993 versus 113.601 versus 113.52 versus 113.945 versus
114.19 versus 112.685 versus 112.44 versus 111.835 versus 113.14 versus
112.445 versus 111.129 versus 110.809
Oil: 53.83, +0.29. Still bumping against 54.00 resistance.
Gold: 1220.80, +1.40. Good week, clearing the January recovery peaks and
double top.
MONDAY
NYSE indices are still in their ranges, unable to hold a breakout but the
sellers unable to break them down from their range. Thus they are at the
top of the range and trying to follow NASDAQ and SOX to higher highs. The
upside bias has not broken; faltered a bit, but it keeps recovering.
Immigration was an issue for some reason, and the market healed itself,
focusing on Trump getting rid of the fiduciary EO. Leaked, and I hear
exaggerated, versions of telephone calls with the Australian PM and Mexican
President worry some and cause curmudgeon McCain to make his own calls of
assurance to world leaders.
What will be the next problem and will it be a real problem? Immigration
caused the rending of garments on the east and west coast but the rest of
the US asked 'isn't that what he said he was going to do? Have not other
Presidents done the same thing? Is this not expressly a power Congress
granted to the Executive?' Then they went back to work to pay for all of
the benefits many of those protesting receive.
The point: The new administration is proceeding at a rapid clip, the
democrats were caught off guard with the loss and are scrambling to oppose
what they can. Having no plan in place they are getting help from some of
the less savory areas and the result is property destruction, limitation of
free speech, and in some cases some serious injuries to some people who just
happened to try and speak up for themselves. Not a good situation for
either side to be in.
Thus the market is still somewhat susceptible to the story of the day as we
saw the past couple of weeks. Ironically, earnings are not having that much
impact out of the individual stock involved. Outside influences are
exerting more near term pressure on stocks and causing selling then buying,
or at least a cessation of selling.
That does show the upside bias continues and thus we have quite a few upside
plays this weekend. We tried to filter them to the best ones with regard to
sector, pattern, earnings, but there are a LOT of stocks that have set up
where we like the patterns. That suggests (just suggests) that the market
is ready to make a new break higher, continuing the breakout that tried but
failed two Wednesdays back.
Again, that could be the last hurrah for the rally given the sentiment
readings, but sentiment is not a timing device, just a warning flag. If the
market wants to put in another run it will do so. It is up to us to
participate, and then watch to see if there is anything that truncates that
move prematurely given the more extreme bullish sentiment.
Have a great weekend.
SUPPORT AND RESISTANCE
NASDAQ: Closed at 5666.77
Resistance:
Support:
5601 is the January lower gap point
The 2016 trendline at 5516
The 50 day EMA at 5493
The 50 day SMA at 5482
The November prior all-time high at 5404
5340 is the September and October 2016 twin peaks
5287.61 is the September 2016 high
5271.36 is the August 2016 intraday prior all-time high
5231.94 is the 2015 all-time high
The 200 day SMA at 5175
5170 is the October intraday low.
5162 is the early November peak, 5176 is the December intraday peak
5100 from the April peak and early May peak
5042 is the March 2015 high
5008.57 is the early March 2015 post-bear market high
5007 is the 12/31 upper gap point from that big gap lower
4999 is the October upper gap point
4980 is the June 2016 peak
4969 is the April 2016 recovery high
4960 is the September 2015 intraday high, an important reversal point for
NASDAQ.
4920 is the lower gap point from mid-October 2015, the January 2016 lower
gap point
4916 is the mid-November 2015 low
4899 - 4902 from the September 2015 peak, July 2015 low
4894 is the September 2015 closing high
S&P 500: Closed at 2297.42
Resistance:
2301 is the late January 2017 high
Support:
The 2016 trendline at 2283
2282 - 2280 from January 2017
2277.53 is the December 2016 high
The 50 day SMA at 2255
The 50 day EMA at 2252
The November 2016 all-time high at 2213.25
2194 is the August 2016 prior all-time high
2175 is the June 2016 high
The 200 day SMA at 2161
2135 is the May 2015 all-time high
2130 is the June 2015 peak
2126 was the April 2015 prior all-time high
2120 is the June 2016 peak
2119 is the September 2016 low; February 2015 intraday high
2116 is the November 2015 high
2111 is the April 2016 recovery high
2104 is the December 2015 high
2094 is the December 2014 high
2079 is the intraday all-time high from November 2014
2062 is the January 2015 lower high
2046 is the July 2015 closing low
2040 is the March 2015 closing low
2026 is the May 2016 low
2023 is the November 2015 low
2020 is the September 2015 intraday high
2011 is the September prior all-time high
1995 is the September 2015 recovery peak
1991 is the July 2014 high
Dow: Closed at 20,071.46
Resistance:
20,126 is the January 2017 high
Support:
19,994 - 19,999 (early January high, upper gap point from late January
19750 is the lows of the December/January range
The 50 day SMA at 19,731
The 50 day EMA at 19,647
18,669 is the August 2016 all-time high
18,595 is the July 2016 peak
The 200 day SMA at 18,550
18,351 is the prior all-time high from May 2015
18,288 from March 2015
18,262 is the upper gap point from the Monday gap lower.
18,247 is the August 2016 low
18,168 is the April 2016 recovery high
18,100 to 18,181: interim peaks in the December 2014 to July 2015 range
18,016 is the June 2016 peak
17,992 is the early September low
17,978 is the November 2015 peak
17,960 is the October intraday low
17,600 is the rough bottom of the April to June range.
17,351 is the September 2014 all-time high.
ECONOMIC CALENDAR
February 3 - Friday
Nonfarm Payrolls, January (8:30): 227K actual versus 170K expected, 157K
prior (revised from 156K)
Nonfarm Private Payr, January (8:30): 237K actual versus 175K expected, 165K
prior (revised from 144K)
Unemployment Rate, January (8:30): 4.8% actual versus 4.7% expected, 4.7%
prior (no revisions)
Avg. Hourly Earnings, January (8:30): 0.1% actual versus 0.3% expected, 0.2%
prior (revised from 0.4%)
Average Workweek, January (8:30): 34.4 actual versus 34.3 expected, 34.4
prior (revised from 34.3)
Factory Orders, December (10:00): 1.3% actual versus 1.4% expected, -2.3%
prior (revised from -2.4%)
ISM Services, January (10:00): 56.5 actual versus 57.0 expected, 56.6 prior
(revised from 57.2)
February 7 - Tuesday
Trade Balance, December (8:30): -$45.0B expected, -$45.2B prior
JOLTS - Job Openings, - (10:00): 5.522M prior
Consumer Credit, December (15:00): $19.4B expected, $24.5B prior
February 8 - Wednesday
MBA Mortgage Applica, 02/04 (7:00): -3.2% prior
Crude Inventories, 02/04 (10:30): +6.500M prior
February 9 - Thursday
Initial Claims, 02/04 (8:30): 250K expected, 246K prior
Continuing Claims, 02/04 (8:30): 2064K prior
Wholesale Inventorie, December (10:00): 1.0% expected, 1.0% prior
Natural Gas Inventor, 02/04 (10:30): -87 bcf prior
February 10 - Friday
Export Prices ex-ag., January (8:30): 0.4% prior
Import Prices ex-oil, January (8:30): -0.2% prior
Mich Sentiment - Pre, February (10:00): 97.9 expected, 98.5 prior
Treasury Budget, January (14:00): $55.2B prior
End part 1 of 3
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