Tuesday February 7 @ 8:55 am

📈 The Markets Overnight

🌏 Asia: Mixed, mostly near unchanged

🇪🇺 Europe: Mixed

🇺🇸 US Index Futures: Down slightly

🛢 Crude Oil: Up

💵 Dollar: Up slightly

🧐 Yields: Up

🔮 Crypto: Up

🌏 Major Global Catalysts

State of the Union tonight

💵 Economic Reports and Events Today

Consensus forecasts shown

8:30am Trade Balance -68.5B Difference in value between imported and exported goods and services during the reported month.

12:00pm (12:420?) Fed Chair Powell Speaks in a moderated discussion at the Economic Club of Washington DC.

2:00pm FOMC Member Barr Speaks Due to speak at the Hope Economic Mobility Forum and Career Expo, in Jackson. Audience questions expected.

3:00pm Consumer Credit m/m 25.0B Change in the total value of outstanding consumer credit that requires installment payments.

9:00pm Presidents Biden's State of the Union address to Congress.

📰 Selected Earnings Releases

Consensus Estimates shown

After Hours Today:

CMG Chipotle Mexican Grill EPS 8.900 Rev 2.23B

ENPH Enphase Energy EPS 1.240 Rev 705.61M

Pre-Market Tomorrow:

COTY Coty EPS 0.050 Rev 1.18B

D Dominion Energy EPS 1.040 Rev 4.22B

YUM Yum Brands EPS 1.260 Rev 1.92B

UAA Under Armour EPS 0.090 Rev 1.55B

UBER Uber Technologies EPS -0.180 Rev 8.47B

CVS CVS Health EPS 1.920 Rev 76.21B

TEVA Teva Pharmaceutical EPS 0.710 Rev 3.92B

🔮 Selected Analyst Ratings Changes

NET Cloudflare Loop Capital Initiates Coverage at Hold Targets 52.00

ON ON Semiconductor Morgan Stanley Maintains Equal-Weight Raises Target to 89.00

PINS Pinterest Credit Suisse Maintains Neutral Raises Target to 26.00

RIOT Riot Platforms Cantor Fitzgerald Reiterates Overweight Maintains Target at 10.00

💬 Commentary

After a fairly large gap down yesterday morning the major indices chopped sideways all day. We're in the midst of a pullback but so far it's orderly and healthy considering the run we've had. SPY found support right at the 0.236 Fib retracement mentioned in the weekend video but continued downside wouldn't be surprising at all and a move down to the 0.380 retracement at 402 could be in the cards.

Today and tomorrow are very likely going to be driven by Jay Powell's speech at 12:00 or 12:40 (conflicting start times published) and Biden's SOTU at 9:00 tonight. While watching the SOTU and the market's reaction to every potential new policy like the 4% share buyback tax hinted at yesterday, remember most of this is just a wish list and will need the the approval of a divided Congress to become law so is most likely dead in the water.

The pre-market this morning is indecisive and choppy just like yesterday's regular trading hours. It's probably going to be the kind of day that chops up traders who are prone to over-trading. If that's you sit on your hands today.

Happy Trading, everyone!

-KevinD