Markets Close Higher Following Biden-Inauguration
Joe Biden the 46th U.S. President
U.S. Markets impressively rose today as Joe Biden was inaugurated to be the 46th U.S. President while corporate earnings continue to post impressive results. All three major U.S. indices closed in record territory with the Nasdaq leading the way, up 1.97%. Markets are responding positively to the inauguration as last week Biden unveiled his nearly $2 trillion COVID relief package.
Netflix shares over 16% higher today
Netflix led earnings with an impressive release Tuesday which sent shares over 16% higher today while P&G and UnitedHealth saw shares dip after lukewarm earnings data was released. Tomorrow, look for additional earnings from Intel and United Airlines, as well as December housing starts and weekly employment data.
Next week earnings continue
Next week, earnings continue with Microsoft, Starbucks, Apple, Tesla, Facebook, Visa, and many more. We continue seeing strong rotation from growth to value stocks as the SPY retested its recent highs. It is our opinion that the market could be prone to further corrections and the next level of support is set at $354. Until an additional breakout is maintained, our models are projecting SPY to trade in the range of $354-$380. We encourage all market commentary readers to maintain clearly defined stop-levels for all positions. For reference, the SPY Seasonal Chart is shown below:
For reference, the S&P 10-Day Forecast is shown below:
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Thursday Morning Featured Symbol
Our featured symbol for Thursday is Alphabet Co. (GOOGL). GOOGL is showing a steady vector in our Stock Forecast Toolbox’s 10-day forecast.
The stock is trading at $1880.07 with a vector of +0.15% at the time of publication.
10-Day Prediction data is after the market close at 6 p.m., CST. Today’s data is based on market signals from the previous trading session.
Note: The Vector column calculates the change of the Forecasted Average Price for the next trading session relative to the average of actual prices for the last trading session. The column shows the expected average price movement “Up or Down”, in percent. Trend traders should trade along the predicted direction of the Vector. The higher the value of the Vector the higher its momentum.
*Please note: At the time of publication Vlad Karpel does have a position in the featured symbol, GOOGL. Our featured symbol is part of your free subscription service. Not included in any paid Tradespoon subscription service. Vlad Karpel only trades his money in paid subscription services. If you are a paid subscriber, please review your Premium Member Picks, ActiveTrader, or MonthlyTrader recommendations. If you are interested in receiving Vlad’s picks, please click here.
Oil
West Texas Intermediate for Crude Oil delivery (CL.1) at $53.28 per barrel, UP 0.57% at the time of publication.
Looking at USO, a crude oil tracker, our 10-day prediction model shows mixed signals. The fund is trading at $35.8 at the time of publication. Prediction data is after the market close at 6 p.m., CST. Today’s data is based on market signals from the previous trading session.
Gold
The price for the Gold Continuous Contract (GC00) is UP 0.29% at $1871.50 at the time of publication.
Using SPDR GOLD TRUST (GLD) as a tracker in our Stock Forecast Tool, the 10-day prediction window shows mixed signals. The gold proxy is trading at $173.37, at the time of publication. Vector signals show -0.22% for today. Prediction data is after the market close at 6 p.m., CST. Today’s data is based on market signals from the previous trading session.
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Treasuries
The yield on the 10-year Treasury note is down, at 1.088% at the time of publication.
The yield on the 30-year Treasury note is down, at 1.818% at the time of publication.
Using the iShares 20+ Year Treasury Bond ETF (TLT) as a proxy for bond prices in our Stock Forecast Tool, we see mixed signals in our 10-day prediction window. Prediction data is after the market close at 6 p.m., CST. Today’s data is based on market signals from the previous trading session.
Volatility
The CBOE Volatility Index (^VIX) is $22.21 at the time of publication, and our 10-day prediction window shows mixed signals. Prediction data is after the market close at 6 p.m., CST. Today’s data is based on market signals from the previous trading session.
