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Market Recap – Thursday, January 11th 2018

January 11, 2018

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MARKET SNAPSHOT

Dow25574.73+205.60(0.81%)
Nasdaq7211.78+58.21(0.81%)
SP 5002767.56+19.33(0.70%)
10-yr Note+5/322.536
NYSEAdv 2319Dec 625Vol 827.8 mln
NasdaqAdv 1944Dec 718Vol 1.99 bln
IN THE NEWS HIGHLIGHTS:
  • ‘Buy the dip’ mentality following first loss of the year; small caps, transports lead.
  • The Producer Price Index declined 0.1% in December, while the Briefing.com consensus expected an increase of 0.2%; core PPI slipped 0.1% (Briefing.com consensus +0.2%).
  • ECB minutes hawkish, note guidance could be changed in early 2018.
  • Crude oil closes flat following early gains.
  • US dollar sold off sharply.

 

RECAP– The market rallied steadily throughout the day to continue to post new all time highs.  Crude oil rallied early, but an afternoon selloff saw it close flat.  The US dollar sold sharply following the US open and did not manage to recover.

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

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


Economic Calendar

Today

  • January 11: PPI m/m – Actual: -0.1%  Forecast: 0.2%  Previous:  0.4%
    • The Producer Price Index measures the cost of producing goods. That cost is usually passed on to the consumer and leads to inflation, making the PPI a leading indicator for inflation.

 

Upcoming Reports

  • January 12: CPI m/m
  • January 12: Core CPI m/m
  • January 12: Core Retail Sales m/m
  • January 12: Retail Sales m/m

 

FedWatch January 31 Rate Hike Probability for January 11: 1.5% (View the probability chart here)


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

  • RSI is above 70 signifies that the market is overbought.
  • On Balance Volume is at its moving average.
  • The market continues to run up higher on its massive bull rally which dates back to August. This is overextended on multiple levels and is outpacing all of its moving averages.

 


A Look Into the Heat Map

The market largely bullish, led by Consumer Services.

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

VIX – 9.88

COMMODITIES

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

THE DOLLAR

UUP USD weighted ETF – Bearish – This looks like a bear pullback on the chart. Be careful of another dip down.

 


SOLON’S TRADING THOUGHTS

The market continues to remain unreasonably bullish without much fundamental data to support it. It is long overdue for a correction, so the question is not if, but when.


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