daytrades jan 17 morning ...

Good Morning Traders,

DOW Snapshot from the previous trading session:

"U.S. stocks ended moderately higher Friday, as investors shrugged off lackluster economic data and shifted focus to next week's avalanche of corporate reports.

The Dow and the S&P posted their seventh straight week of gains. That's the longest streak for the Dow since the two months of consecutive gains that ended in April 2010.

"The market's moves are extraordinary, considering this morning's economic reports were not great," said Keith Springer, head of Springer Financial Advisors.

Bank of America and American Express -- each of which release earnings next week -- led the Dow in percentage increases after a strong earnings report from JPMorgan Chase. Intel was one of the biggest losers despite strong earnings. Banks including Citigroup and Wells Fargo are on tap to release earnings next week. Several technology companies -- including Apple, Google and IBM -- will also report. "JPMorgan is a precursor to stellar earnings next week, and that's what's really driving markets now," Springer added.

Stocks are overbought right now and the market is due for a correction, Springer said. But rather than moving sharply lower, the market is "resting" by merely moving sideways. Those daily pullbacks are actually good signs that the market is keeping itself in check." [Source: cnnmoney.com]

Market Reflections - Friday, 14th January, 2011

"Retail sales slowed in December yet remain solid, and solid is also a good description for manufacturing given broad strength in related industrial production data. Based on consumer price data, inflation is subdued except for fuel products. But the rise at the pump, together with a still soft jobs market, are hurting consumer sentiment where new pessimism can't be good.

The Dow industrials rose a half percent to 11,787. The dollar slipped slightly while interest rates rose slightly. Oil ends the week near $92.50 with gold near $1,360." [Source: bloomberg.com]

The DJIA Index finished the last trading session Up 55.48 points; and
The SPI Futures are currently: Up 11 points atm.

Of note in the US this evening:

Please note that it is a Federal Holiday in the US this evening (Martin Luther King Jr. Day), and all markets are closed.

...AND...

Of note in Australia today:

New Motor Vehicle Sales (MoM) (YoY) (Dec)
[The New Motor Vehicle Sales released by the Australian Bureau of Statistics measures motor vehicle sales in Australia. It is considered as an indicator for consumer confidence. It is worth noting that motor vehicle sales are a small component of the overall Australian economy. Generally speaking, a high reading is seen as positive (or bullish) for the AUD, while a low reading is seen as negative (or bearish).]

[Sources used: bloomberg.com; dailyfx.com; fxstreet.com; nasdaq.com]

Gold is currently trading Down $12.20 & is sitting at US$1,361.80/oz atm [Source: Kitco]
Oil is currently trading Up $0.14 & is sitting at US$91.54/bbl atm [Source: Bloomberg]
The Dollar: The AUD is currently trading @ $0.9902c against the US Dollar[Source: Forex. Live]

Have a great day trading today all.

Cheers, Tweets

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