Bigger Picture
Look ahead: Economic Calendar – for Mon Jan 4, 2016
A midday look ahead in preparation for economic reports and events scheduled for the next trading day.
Highlights: Monday’s PMI data doesn’t usually influence price action. But its relevance is enhanced by being released ahead of the ISM number, which does have a reliable track record for influencing price action. And reactions to pre-open reports are often duplicated in reaction to post-open reports.
*PMI Manufacturing Index
9:45 AM ET
*ISM Mfg Index
10:00 AM ET
Construction Spending
10:00 AM ET
3-Month Bill Auction
11:30 AM ET
6-Month Bill Auction
11:30 AM ET
TD Ameritrade IMX
12:30 PM ET
Gallup US Consumer Spending Measure
2:00 PM ET
Livestox Recording Dec 31, 2015
Thursday’s Livestox recording is below, and the stocks we addressed in order follow that. We covered a lot of ground, so be sure to devote necessary time to listening to reviewing the recording, at least twice tonight. Unless you have other plans, despite this being a weeknight… P.S. Happy New Year!
USO
GLD
RIG
CLF
HAL
TWTR
FEYE
GPRO
SUNE
ERBB
XON
FIT
ZYNE
TASR
DIS
SRNA
CARA
TURV
MDBX
GRNH
SPRWF
AMMJ
GWPH
MSRT
MCIG
LXRP
CANV
Daily Spot…
A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today’s Market Wrap.
Eurodollar Mar Contract (EC, ETF: (FXE, UUP))
Thursday’s weaker open extended down to retest two-week old lows, all but confirming the pullback targeting 1.0750-1.0785 remains underway.
Gold Feb Contract (GC, ETF: (GLD))
Blipping-down to the lower-end of 2057.00-2061.50 provided a rubber band effect that snapped back up… to the range’s upper-end. Any lower would target 1039.00-1041.00. Any higher would make 1074.00‘s test likely.
Silver Mar Contract (SI, ETF: (SLV))
Thursday’s action was very reserved while Gold chopped around its support range, suggesting that Gold will lead the next leg.
30-year Treasury Mar Contract (US, ETF: (TLT))
Starting Thursday firmer only ranged narrowly sideways, keeping alive the potential for probing lower lows.
Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh lows overnight stopped short of the pullback’s 36.00 limit before snapping back up Thursday morning to 37.80. The afternoon’s rig count triggered late weakness, but not enough to require the pullback to resume.
Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Rallying sharply overnight filled the gap back up to Tuesday’s close, from which Wednesday’s gap down had formed Tuesday’s Island. Neutralizing its upside attraction no longer greeted EIA from a position of strength, but not reacting down all day does suggest the recovery’s momentum remains intact.
Look ahead: Economic Calendar – for Fri Jan 1, 2016
A midday look ahead in preparation for economic reports and events scheduled for the next trading day.
Highlights: Happy New Year’s — Globex is closed until its regular Sunday night open at 6:00pm ET. See you then!
New Year’s Day
All Markets Closed
The last Livestox of 2015 is tomorrow
Thursday’s Livestox at 12:15pm ET will be the year’s last. We’ll discuss January Effect candidates and Cannabis sector stocks, and review any stock chart’s you request. HERE’S THE LINK.
On the first two topics, there is increasing overlap.
CANV is the latest to add bullish price action to its expanding volume. The decline has formed a potentially bullish “Falling Wedge” that is trying to break higher today.
NTRR almost came from out of nowhere to quadruple this week. Now it is completing a 61.8% retracement of its initial rally leg, which is natural support.
MDBX may have gotten overdone to the downside. But any bounce would likely be only to neutralize the extended decline, and probably not to reverse it.
Bring your candidates and other requests to Livestox. Alternatively, add your chart analysis request to this post’s comments section.