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Market Lab Report - After the Open 1/17/17

Major averages finished flat to up on mixed volume ahead of the three day weekend. Crude oil is up 1.8% at $53.31/bbl on reports that Saudi Arabia will adhere to its oil output commitment.

Major European indices are lower, but have cut their losses following a Brexit speech from UK Prime Minister May, who confirmed Britain will leave the single market. The UK is aiming for a flexible and phased Brexit transition, which will be put to a parliamentary vote.

UK's FTSE stock market is down 0.9%, having been pressured earlier by concerns surrounding Prime Minister May's Brexit speech and a report showing consumer inflation rose at its fastest pace year-over-year in December since July 2014.

Futures are lower as a result of the weakness in European markets amidst the Brexit uncertainty.

Keep in mind that the market has voted via price/volume action that Brexit is ultimately good for the UK's economy, despite the pessimistic politico-speak.

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This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2024 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.
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