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Jan 15, 2021 - Market Blog

1/15/2021

 

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Give a Little Whistle….

Exxon Mobil (XOM) is coming under pressure this morning after a reported SEC probe was just opened in response to a recent whistleblower complaint. Their Permian Basin project which was purchased back in 2019 was allegedly being inflated to reflect unrealistic value and production assumptions. A million barrels a day by 2024 was being touted which may be well outside the expected production range. Some employees were also allegedly fired after pushing back on the lofty assumptions. Shares of the global oil company are down 3% ahead of the open after being up the past nine sessions in a row.   

 

Photo Finish?

Sudden plans to close all Costco Wholesale Corp. (COST) photo departments by February 14th shocked members as the need for printed photographs continue to decline in the digital age. Ink refills and passport photos will also be discontinued at all of their roughly 800 warehouse locations with some services still available online. Shares of the bulk-goods wholesaler are down nearly 4% since the turn of the new year despite reporting sale growth of 12% over the month of December. 

 

Market Movers and Shakers (as of this writing)

S&P 500 futures (/ES) -0.58%, near 3769

U.S. Crude Oil futures (/CL) -1.38%, near $52.89 a barrel

CBOE Volatility Index (VIX) +3.78%, near 24.22

U.S. Gold Futures (/GC) -0.62%, near $1840.00 an ounce

 

Major Economic Reports:

 

7:30 am CT – Empire State Manufacturing Index

7:30 am CT – Retail Sales

7:30 am CT – PPI – Final Demand

9:00 am CT – Business Inventories

9:00 am CT – Consumer Sentiment

12:00 pm CT – Baker Hughes Rig Count

 

Notable Earnings

 

Friday:

A.M. –C, JPM, PNC, WFC

P.M. – N/A

 

Monday:

A.M. – Markets Closed

P.M– N/A

 

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**BOLD above indicates important and potential market-moving news and information

 

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Jan 14, 2021 - Market Blog

1/14/2021

 

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Feeling Some Turbulence

Delta Airlines (DAL) reported worse than expected earnings this morning, but the CEO, Ed Bastian sees an air travel recovery starting this spring.  Delta’s earnings have been hit hard by the pandemic, with the airline losing nearly $12.4 billion in 2020, which marked its worst year ever.  The company lost $2.53 per share for the quarter which was slightly worse than analysts’ expectations of a $2.50 per share loss.  On the bright side, revenues totaled $3.97 billion, which was slightly higher than estimates of $3.59 billion.  DAL is trading over 2% higher in the pre-market.

 

Jobless Claims and Stimulus

U.S. jobless claims came in well above expectations of a 786,000 increase, with claims rising to 965,000 for the week ending January 9th.  The four-week moving average rose by 18,250 to 834,250, after falling the week earlier.  President-elect Biden is expected to unveil a Covid stimulus package tonight that could be upwards of $2 trillion.  The plan is made up of $2,000 direct payments, an extension of unemployment benefits, tax credits, and money for state and local governments.

 

Market Movers and Shakers (as of this writing)

S&P 500 futures (/ES) +0.17%, near 3810

U.S. Crude Oil futures (/CL) -0.66%, near $52.55 a barrel

CBOE Volatility Index (VIX) -0.2%, near 22.17

U.S. Gold Futures (/GC) -0.5%, near $1843 an ounce

 

Major Economic Reports:

 

7:30 am CT – Jobless Claims

7:30 am CT – Import and Export Prices

7:30 am CT – Export Sales

9:30 am CT – EIA Natural Gas Report

11:30 am CT- Jerome Powell Speaks

3:30 pm CT – Fed Balance Sheet

3:30 pm CT – Money Supply

 

Notable Earnings

 

Thursday:

A.M. – APHA, BLK, DAL, TSM

P.M. – N/A

 

Friday:

A.M. C, JPM, PNC, WFC

P.M.– N/A

 

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*Follow us on Twitter @TradeWise

 

**BOLD above indicates important and potential market-moving news and information

 

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Jan 13, 2021 - Market Blog

1/13/2021

 

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Hitting a Bullseye

Target (TGT) reported that winter holiday sales rose solidly as more shoppers bought goods online, adding to a series of strong results from the company during the Covid-19 pandemic.  Comparable sales (from stores or digital channels operating for at least 12 months) rose 17% in November and December from a year earlier.  Same store sales increased 4.2%, while digital sales more than doubled during the period.  The retailer also reported  a 4.3% increase in traffic and a 12.3% increase in their average ticket over the holiday season.  TGT shares are trading slightly higher in the premarket.

 

Forever not Plaid for Visa

Visa (V) has abandoned its $5.3 billion planned acquisition of financial-technology firm Plaid amid a Justice Department antitrust lawsuit that challenged the deal.  The department sued to block the deal in November, alleging the deal would allow Visa to unlawfully maintain a monopoly in the online debit-card market.  San Francisco-based Plaid provides the technological infrastructure underpinning an array of next-generation financial apps, including Venmo, the digital money-transfer service owned by PayPal Holdings (PYPL).  Shares of the credit card giant V are 1% higher in premarket trading.

 

Market Movers and Shakers (as of this writing)

S&P 500 futures (/ES) -0.22%, near 3786

U.S. Crude Oil futures (/CL) +0.80%, near $53.60 a barrel

CBOE Volatility Index (VIX)  -3.7%, near 22.45

U.S. Gold Futures (/GC) +0.75%, near $1858 an ounce

 

Major Economic Reports:

 

Wednesday

6:00 am CT – MBA Mortgage Applications

7:30 am CT – CPI

9:00 am CT –Atlanta Fed Business Inflation Expectations

9:30 am CT – EIA Petroleum Status Report  

1:00 pm CT – Beige Book

1:00 pm CT – Treasury Statement

 

Notable Earnings

 

Wednesday:

A.M. – N/A

P.M. – N/A

Thursday:

A.M. – APHA, BLK, DAL, TSM

P.M. – N/A

 

Option Trade Ideas for your Inbox! Get 2 Free Strategies for 60 days email support@tradewise.com or call 877.733.6786*

 

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**BOLD above indicates important and potential market-moving news and information

 

TradeWise Advisors is offering a free trial for 2 trading strategies for 60 days each: Use coupon code Marketblog to apply this trial on your current account at www.tradewise.com or contact us at support@tradewise.com

 

 

Jan 12, 2021 - Market Blog

1/12/2021

 

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Baby Needs a New Pair of Shoes

Retailers have continued to benefit from the outpouring of stimulus as consumers crack their wallets wide-open for the non-discretionary items that may have been passed over earlier last year.  The footwear space is a prime example as several stocks in the group scream higher.  Boot Barn (BOOT), Crocs Inc. (CROX), and UGG- owner Decker’s Outdoor (DECK) have all recently broke to fresh all-time highs. Foot Locker Inc. (FL) has also joined the party with an amazing 166% rally since its March pandemic lows. 

 

Zoom’s Breakout Room

Shares of Zoom (ZM) are active ahead of the opening bell after the company just announced plans to offer an additional $1.5 billion worth of new shares in a secondary offering scheduled for tomorrow. The stock price peaked in mid-October near $588 a share before seeing a rapid decline which began near the time of the vaccine rollout to rest at $337.71 after Monday's close.  The technology company also shared news of a major milestone reaching one million customers signed up for "Zoom Phone" which was launched just two years ago.  The service offers a suite of: video meetings, chat, and tele-conferencing capabilities which has been an integral part of keeping businesses functioning during the pandemic. ZM is currently down nearly 3% pre-market in reaction. 

 

Market Movers and Shakers (as of this writing)

S&P 500 futures (/ES) -0.01%, near 3790.25

U.S. Crude Oil futures (/CL) +1.14%, near $52.85 a barrel

CBOE Volatility Index (VIX) -0.45%, near 23.99

U.S. Gold Futures (/GC) -0.70%, near $1838.20 an ounce

 

Major Economic Reports:

 

All Day        – Monthly Motor Vehicle Sales

5:00 am CT – NFIB Small Business Optimism Index

7:55 am CT - Redbook      

9:00 am CT – JOLTS

 

Notable Earnings:

 

Tuesday:

A.M. –N/A

P.M. – N/A

 

Wednesday:

A.M. – N/A

P.M– N/A

 

Option Trade Ideas for your Inbox! Get 2 Free Strategies for 60 days email support@tradewise.com or call 877.733.6786*

 

*Follow us on Twitter @TradeWise

 

**BOLD above indicates important and potential market-moving news and information

 

TradeWise Advisors is offering a free trial for 2 trading strategies for 60 days each: Use coupon code Marketblog to apply this trial on your current account at www.tradewise.com or contact us at support@tradewise.com

Jan 11, 2021 - The Week Ahead

1/11/2021

 

The Week Ahead

 

Companies Retreat and Banks Withdraw

 

Corporations and banks are reviewing their contributions to political action committees (PAC’s) in the wake of last week’s riot at the Capitol.  Blue Cross Blue Shield insurance and hotelier Marriott International (MAR) have come forward saying they would suspend donations to Republican lawmakers who objected to President-Elect Biden’s Electoral College win.  Megabanks, JPMorgan (JPM) and Citigroup (C) have decided to pause all PAC donations to Republicans and Democrats for the foreseeable future.  JPMorgan and Citigroup PAC’s have raised $900,000 and $740,000, respectively for federal candidates in the 2019-2020 cycle.

 

Parler Games

 

Parler, a social media service that has gained popularity among conservatives, had support of their service halted by Apple (AAPL) and Amazon (AMZN) over the weekend.  Amazon stopped providing cloud computing services for Parler, and Apple pulled the company’s app from the App Store.  Both companies were concerned that Parler was not adequately addressing threats of violence on the platform.  The service has seen increased interest since November, as larger social media companies such as Twitter (TWTR) and Facebook (FB) increased their policing of content.  On Friday, Twitter banned President Trump’s personal account, TWTR is trading 8% lower in the pre-market

 

Market Movers and Shakers (as of this writing)

S&P 500 futures (/ES) -0.9%, near 3783

U.S. Crude Oil futures (/CL) -1.1%, near $51.60 a barrel

CBOE Volatility Index (VIX) +12.55%, near 24.27

U.S. Gold Futures (/GC) +0.03%, near $1836 an ounce

Bitcoin Futures (/BTC) -15.4%, near $33,420

 

 

Economic Releases (01/11-01/15):

 

Monday:

10:00 am CT – Export Inspections  

10:30 am CT – 3-Month and 6-Month Bill Auction

 

Tuesday

Motor Vehicle Sales

5:00 am CT – NFIB Small Business Optimism Index

7:55 am CT - Redbook      

9:00 am CT – JOLTS

 

Wednesday

6:00 am CT – MBA Mortgage Applications

7:30 am CT – CPI

9:00 am CT –Atlanta Fed Business Inflation Expectations

9:30 am CT – EIA Petroleum Status Report  

1:00 pm CT – Beige Book

1:00 pm CT – Treasury Statement

 

Thursday

7:30 am CT – Jobless Claims

7:30 am CT – Import and Export Prices

7:30 am CT – Export Sales

9:30 am CT – EIA Natural Gas Report

3:30 pm CT – Fed Balance Sheet

3:30 pm CT – Money Supply

 

Friday:  

7:30 am CT – Empire State Manufacturing Index

7:30 am CT – Retail Sales

7:30 am CT – PPI – Final Demand

9:00 am CT – Business Inventories

9:00 am CT – Consumer Sentiment

12:00 pm CT – Baker Hughes Rig Count

 

Major Earnings for the Upcoming Week (01/11-01/15):

 

Monday:

A.M. – CCL

P.M. – N/A

 

Tuesday:

A.M. – N/A

P.M. – N/A

 

Wednesday:

A.M.– N/A

P.M. – N/A

 

Thursday:

A.M. – APHA, BLK, DAL, TSM

P.M. – N/A

 

Friday:

A.M. C, JPM, PNC, WFC

P.M.– N/A

 

 *Follow us on Twitter @TradeWise

 

*BOLD above indicates important and potential market-moving news and information

 

TradeWise is offering a free trial for 2 trading strategies for 60 days each: Use coupon code marketblog to apply this trial on your current account at www.tradewise.com or contact us at support@tradewise.com

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Jan 08, 2021 - Market Blog

1/8/2021

 

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Micro(impressive)

Micron (MU) reported fiscal first quarter revenue of $5.77 billion, up 12% from a year ago, with a profit of $0.78 per share, which exceeded the profit of $0.48 from a year ago and beat the average estimate of $0.69 per share.  The memory chip producer stated the market for DRAM chips, which is commonly used in PCs, smartphones, servers and cars, is past the bottom of the industry cycle, with improving trends through the end of calendar 2021.  The company said DRAM market growth was over 20% in calendar 2020, and it expects high-teen percentage growth in 2021.  Shares of MU are trading 4% higher in the premarket.

 

Fixing a Broken Wing

Boeing (BA) has agreed to pay a penalty of $2.5 billion to settle a criminal investigation with the U.S. Department of Justice relating the 737 MAX jet probe.  The Justice Department levied a criminal monetary penalty of $243.6 million and instructed the company to pay additional compensations of $500 million to the Lion Air and Ethiopian Airlines crash victims’ families.  The airplane manufacturer admitted that two of its former employees intentionally concealed crucial information relating to the 737 MAX’s Maneuvering Characteristics Augmentation System from the Federal Aviation Administration’s Aircraft Evaluation Group.  Shares of Boeing are up slightly in premarket trading.

 

Market Movers and Shakers (as of this writing)

S&P 500 futures (/ES) +0.31%, near 3807

U.S. Crude Oil futures (/CL) +1.50%, near $51.60 a barrel

CBOE Volatility Index (VIX) -0.1%, near 22.22

U.S. Gold Futures (/GC) -1.25%, near $1889.00 an ounce

 

Major Economic Reports:

 

7:30 am CT –  Employment Situation

9:00 am CT –   Wholesale Inventories (Preliminary)

12:00 pm CT – Baker Hughes Rig Count

1:00 pm CT –   Consumer Credit

 

Notable Earnings

 

Friday:

A.M. –N/A

P.M. – N/A

Monday:

A.M. – CCL

P.M. – N/A

 

Option Trade Ideas for your Inbox! Get 2 Free Strategies for 60 days email support@tradewise.com or call 877.733.6786*

 

*Follow us on Twitter @TradeWise

 

**BOLD above indicates important and potential market-moving news and information

 

TradeWise Advisors is offering a free trial for 2 trading strategies for 60 days each: Use coupon code Marketblog to apply this trial on your current account at www.tradewise.com or contact us at support@tradewise.com

 

 

Jan 07, 2021 - Market Blog

1/7/2021

 

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Hitting Paydirt

Shares of Industrial giants Caterpillar (CAT) and John Deere (DE) both extended to fresh all-time highs yesterday as they bask in the light of the latest PMI data. December’s reading indicated a 60.7 expansion in manufacturing levels which is picking up significantly as of late.  Expectations around further stimulus also helped to give shares a push should infrastructure spending be included. Commodity prices have seen a sharp rise which may also become a tailwind in 2021 should the trend continue. Shares of both companies are indicating around a 0.5% rise ahead of the opening bell.    

 

Bank Shot!

JP Morgan Chase (JPM) is getting a pat on the back from a handful of other banking analysts this morning even cited as being “best in class among the financial institutions” by one of their peers.  The company will be on display next Friday as they prepare to kick off the next round of quarterly earnings.  Investors loved seeing the 10-year yield explode above 1% yesterday by rewarding JPM with a 5% jump which directly benefits from the net spread of any deposits. Shares are now only $5 away from pre-Covid levels as the latest round of stimulus also helped to buoy the entire financial sector.  JPM is getting another 3% lift ahead of the open. 

 

Market Movers and Shakers (as of this writing)

S&P 500 futures (/ES) +0.64%, near 3764.75

U.S. Crude Oil futures (/CL) +0.12%, near $50.73 a barrel

CBOE Volatility Index (VIX) -7.46%, near 23.20

U.S. Gold Futures (/GC) +0.45%, near $1917.20 an ounce

 

Major Economic Reports:

6:30 am CT – Challenger Job-Cut Report

7:30 am CT – Jobless Claims

7:30 am CT – International Trade in Goods and Services

7:30 am CT – Export Sales

9:00 am CT – ISM Services Index

9:30 am CT – EIA Natural Gas Report

3:30 pm CT – Fed Balance Sheet

3:30 pm CT – Money Supply   

 

Notable Earnings:

 

Thursday:

A.M. – A.M. – BBBYCAG, STZ, WBA

P.M. – MU

 

Friday:

A.M. – N/A

P.M. – N/A

 

Option Trade Ideas for your Inbox! Get 2 Free Strategies for 60 days email support@tradewise.com or call 877.733.6786*

 

*Follow us on Twitter @TradeWise

 

**BOLD above indicates important and potential market-moving news and information

 

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Jan 06, 2021 - Market Blog

1/6/2021

 

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Dems Nearing Control of the Senate

In the highly watched Georgia runoff election for two U.S. Senate seats, Democrat Raphael Warnock has defeated Republican incumbent Kelly Loeffler to take one of the contested Senate seats.  The runoff between Republican David Perdue and Democrat Jon Ossoff is still too close too call.  Markets are anticipating increased government spending which has sent S&P 500 futures (/ES) 0.4% lower and the yield on the 10yr. Treasury Note (TNX) above 1% for the first time since March.

 

Whole-Sale

Drugstore giant, Walgreens Boots Alliance (WBA) has agreed to sell a majority of its, Alliance Healthcare businesses to AmerisourceBergen (ABC) for approximately $6.5 billion.  The transaction is made up of $6.275 billion in cash and 2 million shares of ABC stock.  Walgreens believes the deal will allow them to focus on expanding its core retail pharmacy business.  In the pre-market, WBA is trading 2% higher, and ABC is almost 4% higher.

 

Market Movers and Shakers (as of this writing)

S&P 500 futures (/ES) -0.4%, near 3701

U.S. Crude Oil futures (/CL) +0.02%, near $49.95 a barrel

CBOE Volatility Index (VIX) -1.34%, near 25

U.S. Gold Futures (/GC) -0.8%, near $1938 an ounce

 

Major Economic Reports:

6:00 am CT – MBA Mortgage Applications

6:00 am CT – Bank Reserve Settlement

7:15 am CT – ADP Employment Report

8:45 am CT – PMI Composite Final

9:00 am CT –Factory Orders

9:30 am CT – EIA Petroleum Status Report  

1:00 pm CT – FOMC Minutes

 

Notable Earnings:

 

Wednesday:

A.M. – N/A

P.M. – N/A

 

Thursday:

A.M. – BBBY, CAG, STZ, WBA

P.M. – MU

 

Option Trade Ideas for your Inbox! Get 2 Free Strategies for 60 days email support@tradewise.com or call 877.733.6786*

 

*Follow us on Twitter @TradeWise

 

**BOLD above indicates important and potential market-moving news and information

 

TradeWise Advisors is offering a free trial for 2 trading strategies for 60 days each: Use coupon code Marketblog to apply this trial on your current account at www.tradewise.com or contact us at support@tradewise.com

Jan 05, 2021 - Market Blog

1/5/2021

 

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Georgia on my mind

U.S. stock futures (/ES) are trading down modestly as investors await the outcome of two run-off races in Georgia that will determine control of the Senate.  Tuesday’s races pit GOP Sen. David Perdue against Democrat Jon Ossoff and Republican Sen. Kelly Loefller against Democrat Raphael Warnock.  This follows the first trading day in 2021, which saw both the Dow Jones Industrial Average ($DJI) and S&P 500 (SPX) decline for the first negative start to a year since 2016.  The $DJI and SPX dropped 1.3% and 1.5%, respectively, in their biggest one-day drops since October 28th

 

A chip off the old block

Qualcomm (QCOM) announced that that Steve Mollenkopf is retiring, and current President Cristiano Amon will become the new CEO of the chip giant, effective June 30, 2021.  Mollenkopf, has been with the company for over 26 years and became CEO in March of 2014.  Under his watch, Qualcomm's share price has gained 96.7%, with an increase of 71.7% in 2020. The company emerged from several challenges recently, including business model scrutiny from the FTC, a legal battle with Apple (AAPL) and a hostile attempt from rival Broadcom (AVGO).  Shares of QCOM are unchanged in premarket trading.

 

Market Movers and Shakers (as of this writing)

S&P 500 futures (/ES) -0.31%, near 3681

U.S. Crude Oil futures (/CL) +1.34%, near $48.25 a barrel

CBOE Volatility Index (VIX) +5.5%, near 28.40

U.S. Gold Futures (/GC) +0.38%, near $1954 an ounce

 

Major Economic Reports:

7:55 am CT - Redbook      

9:00 am CT – ISM Manufacturing Index

 

Notable Earnings:

 

Tuesday:

A.M. –N/A

P.M. – N/A

 

Wednesday:

A.M. – N/A

P.M. – N/A

 

Option Trade Ideas for your Inbox! Get 2 Free Strategies for 60 days email support@tradewise.com or call 877.733.6786*

 

*Follow us on Twitter @TradeWise

 

**BOLD above indicates important and potential market-moving news and information

 

TradeWise Advisors is offering a free trial for 2 trading strategies for 60 days each: Use coupon code Marketblog to apply this trial on your current account at www.tradewise.com or contact us at support@tradewise.com

Jan 04, 2021 - The Week Ahead

1/4/2021

 

The Week Ahead

 

Nifty Fifty?

 

Oil Futures (/CL) will likely be tested again today after just failing to regain its footing back above $50 a barrel which hasn’t occurred since February of last year.  OPEC will be meeting remotely today to decide if the fragile market can handle a 1.5 million barrel a day increase from its current 7.2 million production output which is primarily being urged by Russia. The cartel is planning to meet more frequently at once a month in 2021 in order to better manage their response to the ever-changing Covid-19 situation. 

 

It’s Electric

 

Several electric vehicle companies are on the rise this morning after a solid string of production news hit the wires to start out the new year.  Nio Inc. ADR (NIO) saw auto deliveries spike by 121% in the month of December compared with last year to exceed 7,000 total sales.  Over the 4th quarter, 17K total vehicles were delivered which was an impressive 111% improvement from the same period last year despite the much tougher environment.  Workhorse Group (WKHS) shares are also trading higher after receiving its single largest purchase order to date for 6,320 of their C-Series electric vehicles from Pride Group Enterprises.  Tesla (TSLA) announced on Saturday that they ended the year just 500 vehicles short of 500,000 deliveries for 2020 which has shares trending higher by 2% to a fresh all-time high. 

 

Market Movers and Shakers (as of this writing)

S&P 500 futures (/ES) +0.35%, near 3761.50

U.S. Crude Oil futures (/CL) +0.21%, near $48.63 a barrel

CBOE Volatility Index (VIX) +2.41%, near 23.31

U.S. Gold Futures (/GC) +2.58%, near $1943.60 an ounce

 

Economic Releases (1/4/21-01/08/21):

               

Monday:

8:45 am CT – PMI Manufacturing Index

9:00 am CT – Construction Spending

10:00 am CT – Export Inspections  

11:30 am CT – Investor Movement Index

 

Tuesday

7:55 am CT - Redbook      

9:00 am CT – ISM Manufacturing Index

 

Wednesday

6:00 am CT – MBA Mortgage Applications

6:00 am CT – Bank Reserve Settlement

7:15 am CT – ADP Employment Report

8:45 am CT – PMI Composite Final

9:00 am CT –Factory Orders

9:30 am CT – EIA Petroleum Status Report  

1:00 pm CT – FOMC Minutes

 

Thursday

6:30 am CT – Challenger Job-Cut Report

7:30 am CT – Jobless Claims

7:30 am CT – International Trade in Goods and Services

7:30 am CT – Export Sales

9:00 am CT – ISM Services Index

9:30 am CT – EIA Natural Gas Report

3:30 pm CT – Fed Balance Sheet

3:30 pm CT – Money Supply            

 

Friday:  

9:00 am CT – Wholesale Inventories (Preliminary)

12:00 pm CT – Baker Hughes Rig Count

1:00 pm CT – Consumer Credit

 

Major Earnings for the Upcoming Week (01/04-01/08):

 

Monday:

A.M. – N/A

P.M. – N/A

 

Tuesday:

A.M. –N/A

P.M. – N/A

 

Wednesday:

A.M. – N/A

P.M. – N/A

 

Thursday:

A.M. – BBBY, CAG, STZ, WBA

P.M. – MU

 

Friday:

A.M. – N/A

P.M.– N/A

 

 *Follow us on Twitter @TradeWise

 

*BOLD above indicates important and potential market-moving news and information

 

TradeWise is offering a free trial for 2 trading strategies for 60 days each: Use coupon code marketblog to apply this trial on your current account at www.tradewise.com or contact us at support@tradewise.com