US stock future indexes are fractionally higher this morning but the major averages are NOT expected to gap up at the opening after doing so for the past three sessions. The market is more than overbought in the short-term, this makes any further push into resistance a point of selling interest given the overwhelming momentum seen thus far, it might take a little time to exhaust the current level of buyers however.
Here is the current market situation from CNN Money
European markets are mixed today. The DAX is up 1.50% while the CAC 40 gains 0.75%. The FTSE 100 is off 0.46%.
The Fed's January meeting minutes also reflected a dovish tone, boosting equities sentiment on a likely delay to upcoming rate hikes.
Despite the recent gains, Standard & Poor's has downgraded the credit ratings of several Middle East nations, in its second mass cut of large oil producers in almost exactly a year. Citing pressures from the drop in crude prices, the ratings agency lowered Saudi Arabia by two notches to A- stable.
The monster rally puts the top-side resistance close to 1950 into focus and should momentum continue its strength we may have to look to a prior parallel from the November to January top. That level comes in just over 1960 at this time.
Yesterday, on the Real-time Trader's Feed, it was pointed out that it was the third gap higher in a row and that it should get filled in the near-term (days).
FRANKFURT (Reuters) - Daimler Chief Executive Dieter Zetsche's total pay leapt 16 percent to 9.68 million euros ($10.75 million) last year, when the German car and truck maker posted a 36 percent rise in operating profit.
SINGAPORE (Reuters) - Bombardier is in talks with more potential buyers including United Airlines after winning a lifeline $3.8 billion order for its struggling CSeries jet from Air Canada , its sales chief said on Thursday.
HERZOGENAURACH, Germany (Reuters) - Strong demand for sneakers designed by singer Rihanna helped Puma achieve higher-than-expected sales growth in the fourth quarter and the German sportswear firm said on Thursday a busy sports calendar should help it in 2016.
For all the euphoria about the proposed OPEC oil production freeze deal, the reality is that nothing has been actually decided. As readers will recall, the only "decisions" agreed to between the Saudi and Russian oil ministers were to cap production at already record high levels of output, however contingent on everyone else voluntarily joining said production cap.
Then yesterday, as part of its own meeting, Iran made it clear that while it supports efforts to push the price of oil higher, it would certainly not limit its output at current levels, and instead requires an explicit loophole granting it a production limit from the pre-sanctions period. This put OPEC in a bind: if it grants Iran special treatment, then who else will have a similar request.
The answer was revealed just hours later when Iraq earlier today stopped short of saying it would curb production of oil to prop up sagging prices, saying negotiations are still ongoing between members of the Organization of the Petroleum Exporting Countries.
According to the WSJ, Iraq oil minister Adel Abdul Mahdi said his country supports any decision that will serve producers, prop up prices and achieve balance in the crude markets. However, just like Iran he didn't explicitly say whether Iraq would curb its own output but said any rapprochement between all sides to restrict crude output is a step in the right direction.
As the WSJ summarizes, his comments "came a day after Iran's oil minister didn't commit to limiting production, throwing into question the future of a plan brokered by Saudi Arabia and Russia this week for major oil producing countries to limit their output to last month's levels."
œThe deterioration of the oil prices has directly impacted the global economy and the historical responsibly of the ...
Week 6 of 2016 shows same week total rail traffic (from same week one year ago) only marginally declined according to the Association of American Railroads (AAR) traffic data. Intermodal traffic continued to improve year-over-year, which accounts for approximately half of movements but the weekly railcar counts remained in contraction.
Econintersect wants your comments,
data and opinion on the articles posted. As the internet is a
"war zone" of trolls, hackers and spammers - Econintersect must balance its
defences against ease of commenting. We have joined with Livefyre
to manage our comment streams.
To comment, using Livefyre just click the "Sign In" button at the top-left corner of
the comment box below. You can create a commenting account using your
favorite social network such as Twitter, Facebook, Google+, LinkedIn or
Open ID - or open a Livefyre account using your email address.
You can also comment using Facebook directly using he comment block below.
Econintersect Live Market
Print this page or create a PDF file of this page
The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.
Take a look at what is going on inside of Econintersect.com