Good Morning Traders,US Snapshot:"Stocks have shrugged off...

Good Morning Traders,

US Snapshot:

"Stocks have shrugged off economic reports lately, looking instead to this week's results from big names in the technology and financial industries. "All eyes on are on the earnings -- they drive stock prices," said Keith Springer, head of Springer Financial Advisors. "The real key is corporate America remaining strong. Little else seems to matter much right now."

In that case, traders will have a lot to digest over the next few days. About 10% of the S&P 500, or 49 companies, will report earnings this week. Analysts say the market is due for a correction, but is "resting" by moving sideways -- instead of lower -- as it awaits the avalanche of earnings this week.

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

Traders will be looking to the earnings reports to see if companies talk about an improving economic picture, said Mark Luschini, chief investment strategist at Janney Montgomery Scott. "They also want to see what company management says about hiring prospects -- because in order to sustain an economic recovery, we need to see jobs growth," he added. Luschini said Wall Street is looking for big numbers this earnings season: "news that doesn't continue to really surprise on the upside looks like it's going to be treated as indifferent." S&P 500 earnings are expected to have climbed 31.8% in the fourth quarter of 2010, according to earnings tracker Thomson Reuters. S&P companies' revenues are expected to have risen 6%.
The recession brought nine straight quarters of losses until the final quarter of 2009, which snapped the downward trend. Then the first three quarters of 2010 logged growth -- so this reporting period could bring the fifth-straight upward quarter." [Source: cnnmoney.com]

Market Reflections - Monday, 17th January, 2011

As the US markets were closed for the Martin Luther King Jr. Day holiday yesterday, there are no 'Market Reflections' to report.

Market Focus in the US this evening

"Housing is struggling to its feet. The housing market index will offer the assessment of home builders." [Source: bloomberg.com]

The DJIA Index last finished the last trading session Up 55.48 points; and
The SPI Futures are currently: Up 3 points atm.

Of note in the US this evening:

Bank of Canada Announcement [ Market moving indicator]

Empire State Mfg Survey [ Merits extra attention]

Treasury International Capital [ Merits extra attention]

Housing Market Index [ Merits extra attention]

...AND...

Of note in Australia today:

Please note there is no noteworthy 'Economic news' due to be reported in Australia today.

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

Gold is currently trading Down $0.30 & is sitting at US$1,361.50/oz atm [Source: Kitco]
Oil is currently trading Down $0.52 & is sitting at US$91.02/bbl atm [Source: Bloomberg]
The Dollar: The AUD is currently trading @ $0.9926c against the US Dollar[Source: Forex. Live]

Have a great day trading today all.

Cheers, Tweets

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