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Equities Roundup: Mildly Mixed/Inside Narrow Range

US STOCKS
  • Stocks are trading mildly higher ahead midday Monday, holding to narrow ranges in the first half due to a number of potential factors: much of Asia/Pac closed for Lunar New Year holidays, difficult commute for the East coast tomorrow due to heavy expected snowfall, data risk with January CPI tomorrow sidelining some accounts.
  • Currently, the DJIA is up 27.02 points (0.07%) at 38697.66, S&P E-Minis up 2 points (0.04%) at 5046, Nasdaq up 24.2 points (0.2%) at 16014.49.
  • Leading gainers: Energy and Materials sectors outperformed in the first half, equipment and services shares supporting the former Schlumberger +1.87%, Halliburton +1.25%, Baker Hughes +0.89%. Meanwhile, construction material shares buoyed the latter: Martin Marietta Materials +1.28%, Vulcan Materials +0.68%.
  • Laggers: Health Care and Consumer Staples underperformed in the first half, equipment and services names weighing on the former: Cardinal Health -2.11%, ResMed -1.57%, Boston Scientific -1.38%. Meanwhile, household and personal product shares weighed on the latter: Clorox and Procter & Gamble both -0.95%, Church & Dwight -0.88%.
  • Looking ahead: corporate earnings expected next Monday (after the close): Arista Networks, Avis Budget Group, Cadence Design, Waste Management, Goodyear Tire and Vornado Realty Trust.
  • Technicals: The trend condition in S&P E-Minis is unchanged and remains bullish - last week’s gains reinforce current conditions. The contract traded to a fresh cycle high again on Friday, confirming a resumption of the uptrend. Recent corrections have been shallow - this highlights a strong uptrend. The focus is on 5050.14, a Fibonacci projection. On the downside, initial key short-term support has been defined at 4866.00, the Jan 31 low.
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