U.S stock market waiting for press conference
The market is waiting for first President Trump press conference today. Although there is much expectation on the hint for President Trump policies, it looks like all expectation might meet with disappointment as the President might hold all comment until the inauguration on 20th January.
Dow Jones Industrial Averages (INDU)
No change in the index short-term sentiment, it will continue the ranging movement unless, in today speech, President Trump announce something outrageous.
Best Buy Co Inc (BBY)
Gap produced in the BBY chart after better than expected earnings result, the price rallied far from the earnings point and printed new high. After the recent rally, the price reverses and give up most of the winning by touching the earnings point. Will the price continue moving lower and close the earnings gap? Alternatively, will it start another rally from current level?
Hot news from VZ, growing rumor said the company ready to take its stake in YHOO. Sources also mention part of YHOO which is not sold will become Altaba, the combination name of “Alternative” and “Alibaba.” It was such a shame, if only YHOO take the $45 billion offer from Microsoft in 2008, it will not end up with $4.8 billion offer from Verizon.
VZ on the chart form bullish pattern with spinning top emerge at the daily SMA 200. If the pattern is confirmed, the share will continue its upward venture.
CVX – the price is moving toward it daily SMA 50, look for a bounce from the averages.
ATW – volume spike with an attempt lower but closed as a bullish candlestick. A bullish sign, especially if the second day closes as another bullish candlestick.
CB – A correction toward the SMA 50,100 and 200 will be interesting to watch.