I am very hesitant to comment there is little to write about yesterday’s market action for every time I pen such remarks, a dramatic event occurs.
Markets fluctuated and closed essentially unchanged while all awaited the outcome of Greece’s showdown with its euro area creditors and the tenuous peace talks over fighting in eastern Ukraine. The dollar rose and oil fell.
January’s retail sales are posted today. As all recall, December’s were disappointing. Will December’s data be revised higher? Analysts are expecting a 0.4% decline and a 0.5% decline ex autos. Weekly jobless claims are also released. Will the statistics impact trading?
Last night the foreign markets were up. London was up 0.17%, Paris up 1.03% and Frankfurt up 1.65%. Japan was up 1.85% and Hang Sang up 0.44%.
The Dow should open moderately higher on a Ukrainian ceasefire. There is also optimism that next week new bailout terms for Greece will be announced. The 10-year is off 4/32 to yield 2.02%.
Ken Engelke
Chief Economic Strategist Managing Director
The views expressed herein are those of Kent Engelke and do not necessarily reflect those of Capitol Securities Management. Any opinions expressed are statements of judgment on this date and are subject to certain risks and uncertainties which could cause actual results to differ materially from those currently anticipated or projected. Any future dividends, interest, yields and event dates listed may be subject to change. An investor cannot invest in an index, and its returns are not indicative of the performance of any specific investment. Past performance is not indicative of future results. This material is being provided for informational purposes only. Any information should not be deemed a recommendation to buy, hold or sell any security. Certain information has been obtained from third-party sources we consider reliable, but we do not guarantee that such information is accurate or complete. This report is not a complete description of the securities, markets, or developments referred to in this material and does not include all available data necessary for making an investment decision. Prior to making an investment decision, please consult with your financial advisor about your individual situation. Investing involves risk and you may incur a profit or loss regardless of strategy selected. There is no guarantee that the statements, opinions or forecasts provided herein will prove to be correct. If you would like to unsubscribe from this e-mail distribution, please reply to this e-mail and indicate that you wish to unsubscribe in your response.
