JFarrish OUTLOOK: January 16th

Markets near highs and with investors cautious OUTLOOK: January 16th Another week of ups and downs for the market as investors remain cautious, yet optimistic in their approach to stocks.  It was a week of give-and-take as news creeps in yet again to temper the moves day-to-day. Friday I was looking for bank earnings to give some insight into the current expectations, but that was more of the same with Bank of America reporting light revenue numbers and in line profits. JP Morgan was the same and Wells Fargo missed on profits. The end result was a day of blah to go with the week. This pushes the expectation button for this week as more earnings are released along with news to drive expectations and results. I am looking for a catalyst and banks failed to offer that on Friday so I now join the wait and see camp for the markets overall. Seven of the eleven sectors ended lower for the week consumer discretionary (XLY), technology (XLK) and materials (XLB) closing in positive territory... barely. The downside was led by REITs (RWR), energy (XLE) and consumer staples (XLP).  That put the S&P 500 index at 2274 off two points for the week or unchanged.  The broad markets continue to churn with no real leadership to speak of from stocks. Gold (GLD) moved higher gaining 2% for the week to provide the leadership. Moving through resistance at the $111.10 level and attempting to fill the gap left in November moving near the $115.17 resistance.  The dollar index (DXY) tested 100.75 support as the buck continues under pressure from investor views of the Fed.  The emerging markets (EEM) are positive as a result of the weaker dollar posting a solid move above the $35.62 resistance and the December highs at $36.43.  The Volatility Index (VIX) offered some intraday activity moving to 12.6 intraday before settling at 11.2 for the week.  No anxiety showing relative to investors psyche.  Overall patiently watching how this unfolds with the month half over and nothing but news and speculation on the horizon...  Subscribers get  >>more KEY INDICATORS/SECTORS TO WATCH Not Yet a subscriber?

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