In the short term, The Price Action is Warning Us (All-Star Charts).
Jeff Saut: “The call for this week: Today is session 23 (26 Thursday) in the typical 17- to 25-session duration of a “buying stampede.” Such skeins only have one- to three-session pauses or pullbacks before they exhaust themselves on the upside. While a few have lasted for 25 – 30 sessions, it is very rare to have one last for more than 30 sessions. That said, this one feels like it will extend towards the State of the Union address slated for February 12th. That address will likely be viewed negatively by the equity markets, which should serve to finally bring about a 5 – 7% correction. How the stock market reacts following such a pullback will tell us a lot about the market’s future direction. In the interim I favor the upside with the caveat that this rally is long of tooth.” Raymond James
House prices are definitely on the rebound: Pragmatic Capitalism
“The housing recovery will kick into a higher gear as the year progresses…We’re going to get a lot of juice from the channels” through which it affects other parts of the economy.” Mark Zandi in Bloomberg.
Crude Oil and Gasoline Stockpiles Both Increase with Gasoline Prices on the Rise at Bespoke.
That is all the worthwhile thoughts I could find for today. I’d be happy to try to answer any questions on L or FNV…