“Oil is the only market that is more volatile than stocks right now, as futures traders continue to digest the implications of the new price war…” said Tyler Richey, co-editor at Sevens Report Research. Click here to read the full article.
Tuesday’s rebound for oil is “relatively modest” compared to Monday’s plunge, said Tyler Richey, co-editor at Sevens Report Research. “We could easily see a retracement higher in prices in the days and weeks ahead…” Click here to read the full article.
Tom Essaye interviewed with Oliver Renick from TD Ameritrade to discuss the market, oil, coronavirus, and much more. Click here to watch the full interview.
OPEC’s recommendation for the 1.5 million barrel per day cut was “a bullish surprise versus expectations on the surface, however, Russia was not willing to participate in the…” which total 500,000 barrel per day, said Tyler Richey, co-editor of Sevens Report Research. Click here to read the full article.
The EIA, however, also reported that domestic production edged up to a fresh all-time high of 13.1 million barrels a day and “exports from the U.S. climbed to their second highest level on record, suggesting that the U.S…” said Tyler Richey, co-editor at Sevens Report Research. Click here to read the full article.
“The geopolitical fear bid supporting the gains in the energy markets in the front half of the week vanished much quicker than most analysts anticipated…” says Tyler Richey, co-editor at Sevens Report Research. Click here to read the full article.
“The geopolitical fear bid supporting the gains in the energy markets in the front half of the week vanished much quicker than most analysts anticipated…” says Tyler Richey, co-editor at Sevens Report Research. Click here to read the full article.
The U.S. military action that killed Iran’s Maj. Gen. Qassem Soleimani last week “served as a reminder that the Trump administration is both unconventional and unpredictable, and that helped reintroduce the geopolitical fear bid that carried the oil market to multi-month highs this week,” Tyler Richey, co-editor at Sevens Report Research told MarketWatch on Tuesday. Click here to read the full article.
What’s in Today’s Report:
Futures are flat following a very quiet night of news.
Economic data was mixed as Australian jobs adds beat expectations (39k vs. (E) 18k) while British retail sales badly missed estimates in November (-0.6% vs. (E) 0.5%. But, neither number is moving markets.
On the earnings front, Micron (MU) had positive commentary and the stock rallied 5% after hours, and that’s helping broader market sentiment this morning (it’s the single biggest reason stocks are flat).
Today’s focus will remain on economic data, and there are three notable reports including (in order of importance): Jobless Claims (E: 221K), Philly Fed (E: 8.5) and Existing Home Sales (E: 5.450M).
As has been the case, the stronger the data, the better, and if we get decent prints from these reports, we’ll be looking at 3200 in the S&P 500 shortly after the open.
The “solid economic data in the U.S. and abroad” paired with phase one/phase two trade deal optimism helped fuel the rally from a fundamental standpoint. From a technical standpoint, recently strong upside momentum is creating a ‘chase’ higher effect, further lifting…” Tyler Richey, co-editor at Sevens Report Research wrote in Tuesday’s newsletter. Click here to read the full article.
