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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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