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First Call January 19, 2021
- S&P and Nasdaq futures up ~0.7% coming out of the long holiday weekend in the US after US equities finished mostly lower last week with growth and momentum plays, including in big tech, among the notable laggards. Pro-cyclical pockets of the market tended to extend their recent outperformance.
- Yellen confirmation, Trump's last full day
- Goldman Sachs good numbers, Bank of America bad numbers
- Erlanger ETS sell signal on XLK (technology)
- Asian markets mostly higher overnight with Hong Kong a big gainer, up over 2.5% (with new DeMark Sell Countdown 13), though China ended down.
- European markets mostly higher.
- Treasuries weaker across the curve with some steepening.
- Dollar stronger vs yen but weaker vs euro.
- Gold up 0.5%.
- WTI crude up 0.4%.