Futures flat but a few names lifting numbers in PLCE, LULU, MZOR and DRI. Always good to see raised numbers.
A gargantuan return from the holidays as the boys were relentless last week piling into the markets. We would like to tell you there were some holes but they were few and far between. In fact, don’t think it is bad when Utilities are sold off as they are defensive.
Reporting the news:
Big growth was bought up after lying dormant for weeks. A lot of set-ups showing up with a few names already moving out.
COMMODITIES and ENERGY still in gear but are extended. Doesn’t mean they have to pull back.
FINANCIALS remain fine.
WORLD MARKETS are strong as many countries still printing with 0% rates with some, like Japan and ECB still negative. Look no further on why.
BOEING…continues to lead the DOW…up another $12 Friday on no news.
SEMIS once they broke back above the 50 day, ramped. Just a few names at highs but definite repairing of technical damage done.
RETAIL still acts fine.
No need to talk major indices as we would just be repeating.
Not a lot of earnings this week but later in the week, we get JPM, PNC, WFC and BLK in FINANCIALS. Also get LEN and KBH in HOMEBUILDERS. Gets busier next week.
Lastly, Wall Street looks like they are now going to come out with ETFs for bitcoin…but 2x and 3x because there isn’t enough volatility. Just remember what we have told you.
FINANCIALS (XLF) edging out of a few week range with a few names like BAC, JPM, WFC ascending out of short bases. Keep in mind, they all start reporting late next week.
IBM just off an upgrade yesterday continues on the move with their crappy numbers.
MMM off the 50 day.
AXP edges above short range.
JPM as mentioned. GS off support.
DWDP also moving out.
3 days of the boys back in town. One could say overbought but when has that mattered recently.
Tomorrow the fake job’s number.
We shall be short as to not confuse:
Big institutions representing the big money came back from the holidays and are buying en masse with the NASDAQ again leading the way. Never argue with the big money. Strength remains in commodities, oils, housing with many semiconductor names waking up from weeks of dormancy.
Our latest theme from late last year continues this morning. A weak dollar has commodities and emerging markets strong out of the box. We are always ready for changes in market conditions but right now, all pullbacks in commodity names should be looked at.
A late dive on the last day of the year is being somewhat erased this morning. We will leave that at that.
Keep in mind, January, very often is a pain in the rear. Not necessarily going down but we have seen more than a few whipsaws as we head into the 4th quarter earnings report. Stay tuned.