Friday, 6 Feb 2015 - AMC

Dow -60.59 at 17824.29, Nasdaq -20.70 at 4744.40, S&P -7.05 at 2055.47

The bull run was not convincing in my opinion as I feel the bears are sitting out to watch prior to the Non-farm payroll and unemployment number.

Technically we are seeing the indices are looking to break out of their consolidation and so Friday will be an important session.

Direction for Friday 6 Feb, 2015; Abstain

Well market took a turn after it couldn't break above its resistance. We can see some profit taking after the market consolidated. 

NFPR shown an improvement but the strange part is that we see the unemployment rate goes up instead. Certainly it puts me into the doubt to the accuracy of the employment situation over at the US.              

Market Summary

Industry Watch

Strong: Financials, Industrials, Telecom Services

Weak: Consumer Staples, Health Care, Materials, Utilities

Other Market Moving Factor:

• January Nonfarm Payrolls (257K, Briefing.com consensus 235K) beat estimates: December reading revised to 329K from 252K
• Crude oil extends gain from Thursday

[BRIEFING.COM] The major averages capped a strong week with a defensive finish. The S&P 500 lost 0.3%, to narrow its weekly gain to 3.0% while the Nasdaq (-0.4%) underperformed, but managed to end the week higher by 2.4%. 

Equities climbed at the open in reaction to the release of a better than expected Nonfarm Payrolls report for January. According to the Bureau of Labor Statistics, January payrolls increased by 257,000 (Briefing.com consensus 235,000) while the December reading saw a large upward revision to 329,000 from 252,000. Hourly earnings (+0.5%; consensus +0.3%) surpassed estimates, which bolstered the report. 

The gain in hourly earnings shaped a consensus view that the employment report showcased strong labor market conditions, but that analysis may not be completely correct. According to the National Conference of State Legislators, the minimum wage in 20 states increased on January 1, 2015. The change in state policies resulted in a 0.3% increase in the average minimum wage, with all of the states equally weighted. When weighted by state payrolls, the average minimum wage increased by a slightly less but still hefty 0.2%, which is not a trivial gain. Since the Bureau of Labor Statistics reports wages based on averages and not medians, the increase in the bottom of the wage spectrum caused an overall increase in average wages. Just about 0.2 percentage points of the 0.5 percentage point gain in hourly earnings came from the three lowest paid sectors -- retail trade, leisure and hospitality, and other services. Those three sectors are also the most likely to employ minimum wage workers. 

That being said, the report caused participants to reassess their expectations for the timing of the first fed funds rate hike. On that note, The Wall Street Journal's Jon Hilsenrath said today's jobs report increased the chance that the Fed will alter the language that indicates plans to remain ‘patient' before hiking rates. In addition, this year's FOMC voting member and Atlanta Fed President Dennis Lockhart said liftoff should begin "around mid-year, or a little later." 

Accordingly, the Treasury complex responded with a slide led by the 5-yr note. The 5-yr yield surged 17 basis points to 1.48% while the benchmark 10-yr yield climbed 12 basis points to 1.94%, representing a 27-basis point rally since last Friday. 

Equities held modest gains through the first half of the session, but market breadth never turned positive, which hinted at a potential reversal. That reversal materialized after Standard & Poor's downgraded Greece to ‘B-‘ and said another downgrade could be in the cards. Later in the day, Eurogroup Chief Jeroen Dijsselbloem said Greece must apply for a bailout extension by February 16 in order to maintain financial backing from the eurozone. 

The downgrade and subsequent comments from Mr. Dijsselbloem sparked some profit taking after a strong run earlier this week; however, it is worth mentioning that the market was probing a resistance level and its failure to clear that area could signal more downside in the near term. Despite the afternoon slip, nine sectors posted weekly gains between 0.7% (health care) and 7.0% (telecom services), while the rate-sensitive utilities sector lost 4.1% today to end the week lower by 3.7%. 

Outside of utilities, the health care sector (-0.8%) was the only group that lost more than 0.6%. Biotechnology contributed to the relative weakness with the iShares Nasdaq Biotechnology ETF (IBB 315.59, -4.32) falling 1.4% to end the week lower by 1.9%.  

On the upside, telecom services (+1.9%) and financials (+0.7%) held gains throughout the session. The telecom sector was underpinned by Verizon (VZ 49.33, +1.47), which surged 3.1% after confirming a sale of its wireless assets in three states to Frontier Communications (FTR 7.93, +0.23) for $10.54 billion, leasing the rights to over 11,300 wireless towers to American Tower (AMT 95.73, -3.86) for about $5 billion, and entering into an accelerated $5 billion share repurchase program. 

Meanwhile, financials benefited from the rise in short-term interest rates with the sector adding 4.8% for the week. Elsewhere among cyclical groups, the energy sector lost 0.3%, but jumped 5.4% for the week as crude oil rallied 2.4% to $51.67/bbl. The energy component spiked more than 9.0% since last Friday. 

Also of note, the top-weighted technology sector (-0.6%) settled a bit behind the broader market. Earnings were in focus today with LinkedIn (LNKD 263.40, +25.43) and Twitter (TWTR 48.01, +6.75) soaring 10.7% and 16.4%, respectively, after beating estimates. On the flip side, GoPro (GPRO 47.12, -7.25) and Yelp (YELP 45.11, -12.36) stumbled. GoPro slid 13.3% in reaction to cautious guidance while Yelp tumbled 21.5% after its report revealed a slowdown in user growth. 

Today's participation was ahead of average with more than 900 million shares changing hands at the NYSE floor. 

Economic data was limited to Nonfarm Payrolls and Consumer Credit: 

• Nonfarm payrolls added 257,000 new jobs in January after adding an upwardly revised 329,000 (from 252,000) in December while the Briefing.com consensus expected a reading of 235,000 
  • Private payrolls increased by 267,000 in January, down from an upwardly revised 320,000 (from 240,000) in December while the consensus an increase of 225,000 
  • The decline in the average hourly wage in December (-0.2%) was more than offset by a surge in wage growth (0.5%) in January, which easily topped the consensus forecast of a 0.3% gain. However, the sustainability of this growth remains in question considering 20 states raised their minimum wage in January 
  • The unemployment rate ticked up to 5.7% in January from 5.6% in December as a result of an uptick in the labor force participation rate 
• Consumer credit increased by $14.80 billion in December, up from a downwardly revised $13.50 billion in November while the Briefing.com consensus expected an increase of $15.00 billion 

Monday's session will be free of economic data. 

• Nasdaq Composite +0.2% YTD 
• Russell 2000 +0.2% YTD 
• Dow Jones Industrial Average UNCH YTD 
• S&P 500 -0.2% YTD

Week in Review: Stocks Recover January Losses 

The stock market began February on a higher note. The S&P 500 spiked 1.3% while the Nasdaq (+0.9%) and Russell 2000 (+0.9%) underperformed. Overall, the Monday session was fairly quiet with the market spending some time on each side of its unchanged level. The S&P 500 began with a slim gain, but relative weakness among high-beta biotechnology and chipmaker names kept heavily-weighted health care (+0.6%) and technology (+1.0%) sectors on the defensive. The S&P 500 tried to overcome that weakness, but was rebuffed by its 100-day moving average in the 2,010 area. However, a second effort in the late afternoon sent the S&P 500 well above the 100-day average to end the day. All ten sectors finished in the green with energy (+3.0%) spending the entire session in the lead. The sector benefitted from a 2.8% advance in crude oil ($49.59/bbl) while also drawing strength from ExxonMobil (XOM), which reported better than expected earnings thanks to a $1 billion non-cash windfall resulting from deferred tax items and a favorable ruling for expropriated Venezuela assets. 

The market registered its second consecutive advance on Tuesday with the S&P 500 climbing 1.4% to retake its 50-day moving average (2,044). The price-weighted Dow (+1.8%) fared a bit better while the Nasdaq Composite (+1.1%) underperformed. Equities displayed strength from the get-go after markets in Europe responded positively to a Financial Times report suggesting Greece will soften its negotiating stance; however, Finance Minister Yanis Varoufakis said there has been no ‘U-turn' in Greece's position while German Chancellor Angela Merkel set expectations for a drawn out process, saying the ongoing talks will ‘drag on for months.' Despite a rocky road ahead, the market happily continued retracing its losses from January. The S&P 500 narrowed its quarter-to-date decline to 0.4% with all ten sectors ending in the green. 

The major averages finished the Wednesday session on a lower note. The S&P 500 lost 0.4% after tumbling from its high to a new low during the final 30 minutes of action after it was reported that the European Central Bank has lifted its waiver that allowed for the acceptance of Greek government debt as collateral. The announcement came with a caveat that the counterparty status of Greek banks remains unchanged and they may satisfy their liquidity needs through Emergency Liquidity Assistance. However, the news showed that the negotiations are likely to be tumultuous, which contrasted with the rosy picture painted in previous days. Despite the closing slide, a handful of influential sectors like consumer discretionary (+0.7%), technology (+0.1%), and consumer staples (+0.1%) were able to finish in the green. 

Equities zoomed higher on Thursday, allowing the S&P 500 (+1.0%) to reclaim its loss from Wednesday and then some. The benchmark index erased the remainder of its decline from January while the Dow (+1.2%) and Russell 2000 (+1.3%) outperformed. The key indices made the bulk of their advance during the opening hour and spent the rest of the day in narrow ranges near their highs. The opening spike took place after investors realized that Wednesday's ECB decision to lift a waiver that allowed for the acceptance of Greek government bonds as collateral was political at its core. Germany's Die Welt reported that the ECB has granted up to EUR60 billion in funding to the Bank of Greece through ELA channels. That being said, the negotiations are unlikely to unfold without a hitch, evidenced by the press conference after Greece's Finance Minister Yanis Varoufakis met with his German counterpart Wolfgang Schaeuble. Mr. Schaeuble said he was advised to say the two "Agreed to disagree," but Mr. Varoufakis countered, saying "We didn't even agree to disagree."

DOW

NASDAQ

S&P

Macroeconomic Data

Economic Data

from Briefing.com

• Nonfarm Payrolls : 257K vs 235K (Prior 329K - Up)
• Nonfarm Private Payrolls : 267K vs 225K (Prior 320K - Up) 
• Unemployment Rate : 5.7% vs 5.6% (Prior 5.6%)
• Hourly Earnings : 0.5% vs 0.3% (Prior -0.2%)
• Average Workweek : 34.6 vs 34.6 (Prior 34.6)
• Consumer Credit : $14.8B vs $15.0B (Prior $13.5B - Down)

NON-FARM PAYROLLS

Highlights

• Nonfarm payrolls added 257,000 new jobs in January after adding an upwardly revised 329,000 (from 252,000) in December. The Briefing.com Consensus expected nonfarm payrolls to add 235,000.
• Private payrolls increased by 267,000 jobs in January, down from an upwardly revised 320,000 (from 240,000) in December. The consensus expected private payrolls to increase by 225,000 jobs.
• The unemployment rate ticked up to 5.7% in January from 5.6% in December. The consensus expected the unemployment rate to remain at 5.6%.

Key Factors

• The headline payroll gain was undoubtedly good. Early January initial claims readings in excess of 300,000, negative job reports from the oil and gas sector, and relatively weak employment indices in the regional and national business surveys conveyed that January’s jobs data would be poor. Not only did payrolls top expectations, but payroll levels in December and November were revised up by at least 70,000.
• More importantly, the decline in the average hourly wage in December (-0.2%) was more than offset by a surge in wage growth (0.5%) in January, which easily topped the consensus forecast of a 0.3% gain.
• Add in the increase payrolls, aggregate wages increased by a solid 0.7%. That is more than enough for an acceleration in consumption growth from fourth quarter levels.
• As we mentioned previously, there were a lot of anecdotal reports that low oil prices were boosting layoff activities in the oil and gas sector. We assumed that these layoffs were the root cause for the 300,000 plus initial claims readings from the beginning of January even though those claims reports never directly implicated the oil and gas sector for the increase. The payroll showed that jobs in the oil and gas extraction industry were only down by 1,900 in January. That is a very minor blip and not enough to cause the increase in the initial claims level.
• Right now, there is no conclusive evidence about why the claims level increased during the first couple weeks of January. The recent reduction in claims back below 300,000 could be a steady trend.
• The January unemployment data includes annual revisions to the seasonal adjustment factors. The actual labor force, employment, and unemployment levels cannot be compared to December.

Big Picture

• Strong employment and wage growth in January shows that the sluggishness in the December employment report was not the start of a new labor trend.

CONSUMER CREDIT

Highlights

• Consumer credit increased by $14.8 bln in December, up from a downwardly revised $13.5 bln in November. The Briefing.com Consensus expected consumer credit to increase by $15.0 bln.

Key Factors

• Typically, consumer credit goes through substantial revisions before the final numbers are released. Any future revision, however, is unlikely to alter current trends.
• Revolving credit increased by $5.8 bln in December, from $882.1 bln in November to $887.9 bln. That was the largest increase in revolving credit since increasing by $9.4 bln in April 2014.
• Nonrevolving credit increased to $2,423.9 bln in December from $2415.0 bln in November, a gain of $9.0 bln. That was the smallest increase in nonrevolving credit since only $8.8 bln was added in February 2012.

Big Picture

• Consumer credit increased by an average of $17.8 bln per month in 2014.

Market Internals

NYSE:

Higher Volumes than the day before – 926.8M vs 793.7M 


Decliners outpaced Advancers (adv/dec): 1145 / 1963

New Highs outpaced New Lows (highs/lows): 125 / 15

NASDAQ:

Lower Volumes than the day before – 2020.2M vs 2020.8M

Decliners outpaced Advancers (adv/dec): 1280 / 1474

New Highs outpaced New Lows (highs/lows): 104 / 35

VOLATILITY S&P500 (VIX)

17.29 +0.44 (+2.61%)

I am seeing some divergence in the market internals. I suppose that is why we see a retreat in the VIX as well. Let's see if the bulls manage to keep on fighting.     

Technical Updates

DOW JONES INDUSTRIAL AVERAGE ($INDU: CBOT)

17,824.29 -60.59 (-0.34%)

Volume: 93,610,013 (above average of 92,503,064)

Range: 17,764.40 - 17,951.09

NASDAQ COMPOSITE INDEX ($COMPQ.IDX: NASDAQ)

4,744.40 -20.70 (-0.43%)

Volume: 494,103,022 (above average of 450,639,707)

Range: 4,731.22 - 4,787.19

S&P 500 INDEX (SPX: CBOE)

2,055.47 -7.05 (-0.34%)

Volume: 590,733,000 (above average of 526,745,477)

Range: 2,049.97 - 2,072.40 

The indices are getting back to consolidation as they could not break higher. However this might be a knee jerk reaction since the week has been positive. For confirmation, we still have to observe for the next few sessions. 

Commodities

Closing Commodities: WTI Crude Oil Closes The Day Higher

• WTI crude oil was actionable again today
• Mar crude oil initially began to fall following the weekly Baker Hughes rig count, but has since pulled back.
• Despite some pullback, Mar crude still closed $1.20 to $51.67/barrel
• Precious metals remained weak today after dropping hard following the morning jobs numbers
• Apr gold closed pit trade $28.40 lower at $1234.60/oz, while Mar silver fell $0.51 to $16.68/oz

Energy Price Action

• Mar crude oil futures rose $1.20/barrel to $51.67/barrel
• Mar natural gas fell $0.02 cents to $2.58/MMBtu
• RBOB Gasoline closed $0.03 higher (or +2.0%) at $1.56/gallon
• Heating oil closed $0.03 higher (or +1.7%) at $1.84/gallon

Agricultural Price Action

• Mar corn closed $0.01 higher at $3.86/bushel
• Mar wheat closed $0.02 higher at $5.28/bushel
• Feb soybeans ended $0.07 lower at $9.74/bushel
• Ethanol closed $0.01 lower at $1.44/gallon
• Sugar #11 closed 0.10 cents higher at 14.51 cents/lb

Metals Price Action

• Apr gold ended today’s session $28.40 lower at $1234.60/oz
• Mar silver ended $0.51 lower at $16.68/oz
• Mar copper closed $0.02 lower at $2.58/lb

Currencies

Currency Commentary: Dollar Rallies on Jobs Report

• The Dollar Index is rallying back toward the 95 level following a strong January jobs report. The detractors will point to January typically being a difficult read due to seasonal adjustments, but the headline read was certainly bullish for the dollar. Nonfarm Payrolls and revisions came in well above expectations. Perhaps even more importantly, Hourly Earnings was up 0.5% against expectations of a 0.2% increase. The number has raised expectations that the Fed will take its next step in the long tightening cycle and drop the term ‘patient’ in its March meeting. DXY is currently trading at 94.63. The multi-year high is 95.48 set on January 23.
• With the dollar on the rise, the euro is coming under selling pressure as it dips back to 1.1339. The single currency is also seeing some selling pressure after it once again failed to break above 1.15 in trade. Markets have taken a small break from the Greek headlines as Hollande and Merkel travel to Russia to discuss the Ukraine issue with Putin.
• The pound has given up some of its recent gains against the dollar as it dips back below the 1.53 level. Sterling is trading at 1.5250. A test of 1.52 support would be closely monitored by markets.
• The yen has finally broken out of the 117 area as a risk on rally ensues following the U.S. jobs report. The yen spiked through the 118 support level and has fallen to 119 on the heels of the U.S. jobs report. A test of 120 is likely in the cards for the yen

Bonds

U-G-L-Y: 

• There was nothing pretty about Friday's trade for market bulls. Treasuries got clobbered following the stronger than expected January Employment Situation report.
  • 2-yr yield +13 bps to 0.65%
  • 5-yr yield +16 bps to 1.47%
  • 10-yr yield +12 bps to 1.94%
  • 30-yr yield +9 bps to 2.52%
• The notable headlines from the report are as follows:
  • Nonfarm payrolls increased by 257,000 (Briefing.com consensus 235,000) 
    • December nonfarm payrolls revised to 329,000 from 252,000 
    • November nonfarm payrolls revised to 423,000 from 353,000
  • Private sector payrolls increased by 267,000 (Briefing.com consensus 225,000) 
    • December private sector payrolls revised to 320,000 from 240,000 
    • November private sector payrolls revised to 414,000 from 345,000 
  • Unemployment rate was 5.7% (Briefing.com consensus 5.6%) versus 5.6% in December
    • The U6 unemployment rate, which accounts for the total unemployed plus persons marginally attached to the labor force and the underemployed, was 11.3% versus 11.2% in December 
    • Persons unemployed for 27 weeks or more accounted for 31.5% of the unemployed versus 31.9% in December 
  • Average hourly earnings increased 0.5% (Briefing.com consensus 0.3%) after an unrevised 0.2% decline in December 
    • Aggregate earnings were up 0.7%, which is solid indicator for a pickup in spending 
    • Over the last 12 months, average hourly earnings have risen 2.2% 
  • The average workweek was 34.6 hours (Briefing.com consensus 34.6)
    • Manufacturing workweek was 41.0 hours versus 40.9 hours in December 
    • Factory overtime was 3.5 hours versus 3.6 hours in December 
  • The labor force participation rate was 62.9% versus 62.7% in December 
• It didn't take much to read between the lines of the price action. Faced with an indication that average hourly earnings rose 0.5% in January and that annual benchmark revisions helped drive much stronger payroll increases than previously reported, market participants priced in the prospect of an earlier than expected rate hike by the Federal Reserve
  • That thought process was evident in the sharp selling at the front of the curve
  • It was also evident in the fed funds futures market
    • Probability of first hike at the July meeting moved up to 47% from 31% on Thursday
    • Probability of first rate hike at the September meeting moved up to 64% from 47% on Thursday
• Considerations about the timing of the first rate hike won out above all else. To wit, Treasuries went out at their lows despite:
  • Negative headlines surrounding Greece
    • S&P cut its credit rating to "B-" from "B" with a negative watch
    • Reports that Eurogroup head Dijsselbloem saying Greece needs to apply for bailout extension by Feb. 16
  • The U.S. stock market failing to hold early gains and selling off late in the session
• 10-yr yield cleared resistance at 1.90%, which was the top end of a trading range that had held intact since mid-January. 
• U.S. Dollar Index surged 1.2% to 94.65, bolstered by rate hike expectations and some safe-haven positioning in front of the weekend
  • Fed speak: Atlanta Fed President Lockhart (an FOMC voter) reiterated his position that the interest rate lift-off is on track for mid-2015; expects 1H15 to be 'noisy'; sees low inflation as transitory

Week Ahead:

• Monday: No economic data; Fed Governor Powell (FOMC voter) lecture on "Audit the Fed and Other Proposals" (16:00 ET)
• Tuesday: Richmond Fed President Lacker (FOMC voter) speaks on Education, Innovation, and Economic Growth" (08:20 ET); December Wholesale Inventories (10:00 ET); December JOLTS -- Job Openings (10:00 ET); $24 billion 3-yr note auction (13:00 ET)
   
• Wednesday: Weekly MBA Mortgage Index (07:00 ET); Dallas Fed President Fisher (non-FOMC voter) on "Monetary Policy and a Reflection on Almost 10 Years at the Fed" (08:00 ET); Weekly Crude Oil Inventories (10:30 ET); January Treasury Budget (14:00 ET); $24 billion 10-yr note auction (13:00 ET)
   
• Thursday: Weekly Initial Claims (08:30 ET); January Retail Sales (08:30 ET); December Business Inventories (10:00 ET); Weekly Natural Gas Inventories (10:30 ET); $16 bln 30-yr bond auction (13:00 ET)
   
• Friday: January Export and Import Prices (08:30 ET); February University of Michigan Consumer Sentiment (10:00 ET); Dallas Fed President Fisher (non-FOMC voter) reprises speech on "Reflections on Almost 10 Years at the Fed" (13:30 ET)

Treasury Yields:

• 2 Year Note 0.65% +0.13
• 5 Year Note 1.48% +0.18
• 10 Year Note 1.95% +0.12
• 30 Year Bond 2.51% +0.09

2/30 Spread: 186 bps ( -4 ) …  2/10 Spread: 130 bps ( -1 )

Preview for the week Monday 9 Feb to Friday 13 Feb, 2015

Economic Data

Monday (9 Feb) :

• No Economic Data

Tuesday (10 Feb) :

• Wholesales Inventories : 0.2% (Prior 0.8%)
• JOLTS - Job Openings : (Prior 4.972M)

Wednesday (11 Feb) :

• MBA Mortgage Index : (Prior 1.3%)
• Crude Inventories : (Prior 6.333M)
• Treasury Budget : (Prior -$10.3B)

Thursday (12 Feb) :

• Initial Claims : 285K (Prior 278K)
• Continuing Claims : 2405K (Prior 2400K)
• Retail Sales : -0.5% (Prior -0.9%)
• Retail Sales ex-auto : -0.5% (Prior -1.0%)
• Business Inventories : 0.2% (Prior 0.2%)
• Natural Gas Inventories : (Prior -115bcf)

Friday (13 Feb) :

• Export Prices ex-agri : (Prior -1.2%) 
• Import Prices ex-oil : (Prior -0.1%) 
• Michigan Sentiment : 98.5 (Prior 98.1)

Earnings Highlights

Monday (9 Feb) :
BMO - BWP CBZ CYOU CNA DO EXXI ENSG HAS LGND L MAS MCY MPAA OAK GOLD SOHU TE WEX

AMC - ALSN AMAG AMKR AGII BRX CMP CSC CRK COUP CCK DAC DNB ESE GIG GSM HMN ICUI IPHI KS MXL MCC MERU MODN MOH MRH NTES NBIX NEWP OTTR PKY PRI QLYS RLD SSNI TDW WCN YDLE

Tuesday (10 Feb) :
BMO - ACM ALR ALLT BILE CDW KO OFC CVS CYNO DF ENTG GWR HCP HNT IMN NSP KKR MLM TAP MWW OMC PCG REGN SALE RAI SEE SFUN SAVE HOT WYN

AMC - ATEN AKAM ANDE ACGL BLKB CAP CERN CRL ELON FRT FSRV FTI FWRD GHDX GNW HIW JIVE KFRC KGC LOCK MKTO NCR PAYC PAHC PXD RLOC RPXC RKUS SGMO SGEN SCI SKT TMH TSRA THOR TRMB USNA VSAT WU WSH XOOM

Wednesday (11 Feb) :
BMO - WBAI ACCO AFSI AOL ARMH BGCP CSTE EG EEFT EZCH GNRC HSIC LO LPX MRKT MDLZ MOS OC PAG PEP RTI TRI TWX USAK WOOF VPG VOYA WCG WEC WIX ZTS

AMC - ACHC ABCO HIVE AEM AMBR AMAT BIDU CJES CTLT CTL CAKECSCO CPA CSOD CXW CVA CRAY CYS DDR DIOD EFC EFX EXL FEYE FORR FET GLOB HNI HOS HUBS NSIT ITRI LPSN LXFT MET NAVG NCIT NTAP NTWK NU NVDA OII PNRA PPC QDEL REG SWM SCSS SKX STMP SLF SPRT TAL TTGT TSLA TSO TRIP TCS WFM AUY ZEN ZU

Thursday (12 Feb) :
BMO - ACOR AAP AB ANR APA AAWW AVP BWA BG CAB CPLA CVE CCE SCOR COR CS DBD DPS FAF FLO GNC HE HERO HIMX HSP INCY IFF JAH K LPNT LMNS MANU MFC MHFI MPW MDWD MPEL MIXT MINI TYPE NNN NCI NLSN NWE PBF PBFX PNK POOL PDS Q RDN RYN RWLK TRIX SNI SHPG SKYW LNCE SON SPW STC TIME TOWR THS VNTV VG WD WSO WWAV WWE

AMC - ALNY AEL AIG AIZ BCOR BYD BFAM CBS CGNX CXP COLM CUZ CYBR DVA DLR ELLI EGN GRPN GUID INWK IRWD JCOM KING KN KRFT LOGM MTSN MOBL MGI NEWR NR PFIE PRO QLIK RGC RSG RBCN SFLY SSTK SSNC TNGO TCO TRLA TRUP VCRA WAGE WWWW INT ZNGA

Friday (13 Feb) : 
BMO - BAM CPN DTE ESNT EXC HPY IPG ITT SJM POR RRGB NGLS TRW VFC VTR WBC

AMC - None Scheduled

Summary

From the technicals point of view, I think the market is likely to continue in consolidation. Unless the market manage to go higher, then maybe we might see a change in sentiment.

It is likely there are more profit-taking on Monday as market did not break above its resistance level. And that is likely to set the tone for next week...

Direction for Monday 9 Feb, 2015; Up

Direction for the week Monday 9 Feb to Friday 13 Feb, 2015; Down

2015 Daily Directional Accuracy: 9/22 (40.91%) 
2015 Weekly Directional Accuracy: 4/5 (80.00%)