Friday February 10 @ 8:55 am

📈 The Markets Overnight

🌏 Asia: Down

🇪🇺 Europe: Down

🇺🇸 US Index Futures: Down

🛢 Crude Oil: Up

💵 Dollar: Up

🧐 Yields: Up

🔮 Crypto: Mixed

🌏 Major Global Catalysts

Russia says will cut oil production by 500k bpd next month

💵 Economic Reports and Events Today

Consensus forecasts shown

10:00am Prelim UoM Consumer Sentiment 65.0 Survey of about 500 consumers which asks respondents to rate the relative level of current and future economic conditions.

10:00am Prelim UoM Inflation Expectations 3.9% Percentage that consumers expect the price of goods and services to change during the next 12 months.

12:30pm FOMC Member Waller Speaks about digital assets at the Global Interdependence Center Conference, in California. Audience questions expected.

2:00pm Federal Budget Balance -40.5B Difference in value between the federal government's income and spending during the previous month.

📰 Selected Earnings Releases

Consensus Estimates shown

After Hours Today:

None

Pre-Market Tomorrow:

None

🔮 Selected Analyst Ratings Changes

CLSK Cleanspark BTIG Maintains Buy Lowers Target to 8.00

CRSR Corsair Gaming Barclays Maintains Overweight Raises Target to 19.00

NET Cloudflare Piper Sandler Maintains Neutral Raises Target to 64.00

NET Cloudflare Keybanc Maintains Overweight Raises Target to 80.00

WMT Walmart Gordon Haskett Upgrades to Accumulate Raises Target to 155.00

💬 Commentary

Yesterday's selloff, following a gap-up, is a noteworthy change in market behavior. The selling was orderly but persistent, and resulted in a bearish engulfing candle on the charts of the major indices. The SPY 410 and .286 Fibonacci retracement support levels have been lost. We were previously warned of a potential pullback, and should have taken appropriate measures. Now, we must exercise patience as we await a suitable opportunity to execute a "buy-the-dip" strategy. Index futures are displaying a choppy trend in pre-market activity, with the SPY finding support at the 21-day exponential moving average. It appears that the market is likely to test the crucial .382 retracement and support levels in the range of 402-400, either today or Monday. In the event of such a test, we should be vigilant for signs of market capitulation, which would signal a favorable buying opportunity.

Happy Trading, everyone!

-KevinD