Recapping This Week’s Daily Market Insights

I began the week focused on bank earnings, which we will wake up to tomorrow.

In that Daily, I wrote, “one can assume that bank stocks, which already started off the year extremely well, have potential to shine.

However, we know that assumptions can be tricky.

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There are those who still believe credit issues with Regional Banks could put pressure on the financial markets.” Bottom line, the Regional Banks ETF KRE will help us point the way.

“On the monthly chart, 54.00-55.50 is major resistance using the 23-month moving average (blue) and the 80-month MA (green).

That price level also corresponds to the “scene of the crime” from last

Ideally, bulls should feel safer in all the bank stocks if KRE can clear that resistance. And we don’t want to see KRE fail 50.00 once earnings are reported.”

Next Daily was called, Commodities Trade Analysis: Aluminum. With lots of analysis on both Alcoa Aluminum, which reports January 17th and the futures contract, “Bottom line, AA and the futures chart are great tools to use to assess the strength of the industrial metals, economic growth, supply and demand and quite possibly, a reignition of inflation.”

The Next Daily is on what to look for as we head into week 3 of 2024. Plus, please check out the clips on trading commodities I did with CMCMarkets and over the weekend, on Stockcharts concerning calendar ranges.

Summing up the 3rd Daily, “Looking at the Economic Modern Family (weekly charts), to date, they all peaked in December. The Russell 2000, Regional Banks, Transportation and Retail, as far as index and sectors go, backed off the most from their peaks.

Semiconductors are more sideways since the peak as well as Biotech (which remains the strongest sector right now).”

This sets the stage for a January calendar reset- a range that is effective for the entire year (even though we get a new range in July) and will show itself next week.”

What about Commodities?

Now that CPI is out of the way, we are watching for: “The dollar looks more vulnerable in the longer term, even with the recent pop.

Gold still looks poised even though it is more range bound now (another great 6-month calendar ranger to watch). And oil, also rangebound, is starting to consolidate between $70-73 a barrel.

Look out for the videos and the weekend Daily!

We remain of the opinion that commodities can take as long as late spring to
early summer to pick back up.”

Twitter: @marketminute

The author may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author and do not represent the views or opinions of any other person or entity.