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Market Recap July 12, 2017

July 12, 2017

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MR

 

MARKET SNAPSHOT
Dow21532.14+123.07(0.57%)
Nasdaq6261.13+67.87(1.10%)
SP 5002443.26+17.72(0.73%)
10-yr Note+13/322.318
NYSEAdv 2268Dec 690Vol 794.2 mln
NasdaqAdv 1849Dec 803Vol 1.8 bln

 

 

IN THE NEWS HIGHLIGHTS:

  • Market reaches new all-time highs.
  • Prepared remarks from Fed Chair Janet Yellen seen as relatively dovish.
  • Apple (AAPL) struggles amid rumors of a possible iPhone 8 delay; tech sector still outperforms.
  • Crude oil continues to rally.
  • US dollar rose slightly following Fed activity.

 

RECAP– The market rallied today following Fed Chair Yellen’s testimony. Crude oil rallied but gave up much of its gains despite bullish inventory report. The US dollar rose slightly following volatility from the Fed testimony.

In-depth look of daily news at Briefing.com (CLICK HERE)

In-depth look at after hours movers (CLICK HERE)


Economic Calendar

Today

  • July 12: Crude Oil Inventories – Actual: -7.6M  Forecast: -3.2M  Previous: -6.3M
  • July 12: Fed Chair Yellen Testifies

 

Upcoming Reports

  • July 13: PPI m/m
  • July 13: Unemployment Claims
  • July 13: Fed Chair Yellen Testifies
  • July 14: CPI m/m
  • July 14: Core CPI m/m
  • July 14: Core Retail Sales m/m
  • July 14: Retail Sales m/m

 

FedWatch July 26 Rate Hike Probability for July 12: 3.1% (View the probability chart here)


A Look At The S&P 500 Chart – KEY Levels

  • RSI is at 50.
  • On Balance Volume is above its moving average.
  • The market rose steadily throughout the day following Chair Yellen’s testimony.

 


A Look Into the Heat Map

The market was consistently bullish throughout all sectors.

 

(click on symbol for chart)
SPX – Bullish
DOWBullish
NasdaqBullish
Russell Neutral

VIX 10.30

COMMODITIES

Oil (USO)Bearish
Ag (DBA)Bearish
GLD Bullish
SLVBearish

THE DOLLAR

UUP USD weighted ETF – Bearish

 


SOLON’S TRADING THOUGHTS

The market is continuing to consolidate as we enter earnings season. This is a great time to break out some of your favorite earnings plays and at the very least practice in a paper account. Make sure to be mindful of the earnings date prior to placing a trade.


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