DOW 17958.79 +58.69 (+0.33%), NASDAQ 4780.76 +11.32 (+0.24%),
S&P500 2075.37 +3.45 (+0.17%)
The big day – Nonfarm Payrolls are due before the open, and judging from the market momentum today, there isn’t a lot of confidence for those numbers.
I’d say the best strategy would be to stay out of the market.
Direction for Friday 5 Dec 2014: ABSTAIN
Despite the nice beat on the Nonfarm numbers, the market didn’t respond so favourably. The initial rally was mostly hesitant and edgy, and true enough the afternoon session gave way to profit-taking and the market retreated. Both the NASDAQ and S&P500 touched their red lines just before the close.
Market Summary
from Briefing.com
Industry Watch
Strong: Consumer Discretionary, Financials, Industrials, Materials, Health Care
Weak: Consumer Staples, Energy, Technology, Utilities, Telecom Services
Other Market Moving Factors
November Nonfarm Payrolls surge past estimates (321,000; Briefing.com consensus 230,000): Treasuries slide
Dollar Index climbs to highest level since early 2009
[BRIEFING.COM] The Dow (+0.3%), Nasdaq (+0.2%), and S&P 500 (+0.2%) ended the Friday session near their flat lines, allowing the benchmark index to register its seventh consecutive weekly advance. The S&P 500 added 0.4% for the week, while the Russell 2000 (+0.8%) outperformed to extend its weekly gain to 0.7%. Also of note, the tech-heavy Nasdaq outperformed slightly today, but still ended the week in the red (-0.2%).
Prior to the open, the Nonfarm Payrolls report revealed the addition of 321,000 jobs in November while the Briefing.com consensus expected a reading of 230,000. Although the data point came in well ahead of estimates, the stock market struggled for direction before following the financial sector (+1.0%) higher. Outside of financials, only the health care sector (+0.8%) was able to add more than 0.3%. As for the broader market, the S&P 500 notched its high just ahead of noon ET and slipped from that level into the close.
The lack of broad strength following a solid jobs report was a reflection of concerns that the Fed may be inclined to hike the fed funds rate sooner than the market expected. These concerns showed up in the Dollar Index (89.34, +0.64) and the Treasury market with the 10-yr note diving to send the benchmark yield higher by seven basis points to 2.31%. At the front of the curve, the 2-yr yield climbed nine basis points to 0.64%.
Conversely, higher Treasury yields contributed to the strength in the financial sector, which is poised to benefit from improved net interest margins of banks. If rates rise at the short end of the Treasury yield curve that would allow banks to charge higher interest on loans while deposit rates would likely remain close to where they are now. Top-weighted sector members rallied across the board with Dow components JPMorgan Chase (JPM 62.70, +1.32) and Goldman Sachs (GS 195.45, +3.50) spiking 2.2% and 1.8%, respectively, while the sector ended the week ahead of the remaining nine groups (+1.8%).
Meanwhile, the remaining cyclical sectors settled closer to their flat lines. Consumer discretionary (+0.3%) and industrials (+0.2%) registered modest gains while energy (-1.2%), materials (-0.1%), and technology (-0.2%) ended in the red.
The industrial sector was underpinned by defense and transport stocks. The PHLX Defense Index rose 0.6% while the Dow Jones Transportation Average gained 0.4%.
Elsewhere, the discretionary sector received support from restaurants, homebuilders, and media names while retailers underperformed after American Eagle Outfitters (AEO 11.91, -1.90), Big Lots (BIG 40.00, -7.95), and Five Below (FIVE 37.61, -5.24) disappointed with their results or guidance. Gap (GPS 40.74, +0.18) bucked the trend, climbing 0.4%, after reporting better than expected same store sales for November, but the SPDR S&P Retail ETF (XRT 92.43, -0.30) shed 0.3%.
Also of note, the top-weighted technology sector spun its wheels throughout the day as large cap components weighed while chipmakers rallied after Freescale Semiconductor (FSL 24.79, +1.36) was upgraded to ‘Buy’ from ‘Hold’ at Evercore ISI. Shares of FSL jumped 5.8% while the PHLX Semiconductor Index settled higher by 1.0%.
Chipmakers helped the Nasdaq Composite finish a little ahead of the broader market while biotechnology also chipped in with the iShares Nasdaq Biotechnology ETF (IBB 308.81, +2.61) climbing 0.9%. In turn, the strength helped the health care sector (+0.8%) register a solid gain.
On the downside, the energy sector (-1.2%) was pressured by a 1.8% decline in crude oil ($66.75/bbl) while the rate-sensitive utilities sector (-0.8%) lagged as Treasury yields climbed.
Today’s participation was a bit below average with 738 million shares changing hands at the NYSE floor.
Economic data included nonfarm payrolls, trade balance, factory orders, and consumer credit:
Nonfarm payrolls increased by 321,000 in November, up from an upwardly revised 243,000 (from 214,000), while the Briefing.com consensus expected nonfarm payrolls to add 230,000 new jobs
That was the biggest increase in payrolls since 360,000 jobs were added in January 2012
Private payrolls increased by 314,000 in November after adding an upwardly revised 236,000 (from 209,000) in October. The consensus expected 228,000 new private jobs
Obviously, a three-handle jobs gain is impressive, which tells us that there was still a considerable amount of people unemployed who were looking for jobs
However, those who already had jobs were able to demand a 0.4% increase in average hourly earnings, which suggests that the number of available qualified workers is diminishing, thus forcing employers to pay their workers more money to keep them at their current job
Gains in hourly earnings and the average workweek led to a 0.9% increase in aggregate wages, which was the largest increase since 2006
The unemployment rate held at 5.8%, as expected
The U.S. trade deficit narrowed slightly in October, falling from an upwardly revised $43.60 billion (from $43.00 billion) in September to $43.40 billion while the Briefing.com consensus expected a decline to $42.00 billion
The goods deficit was virtually unchanged at $62.70 billion while the services surplus increased to $19.20 billion from $19.10 billion
Factory orders declined 0.7% in October after declining an upwardly revised 0.5% (from -0.6%) while the Briefing.com consensus expected an increase of 0.3%
The large downside surprise resulted from weaker oil prices, which caused a 6.5% decline in petroleum refinery orders. This led to a 1.5% decline in nondurable goods orders after those orders declined only 0.2% in September
The Consumer Credit report for October showed an increase of $13.20 billion, which was lower than the Briefing.com consensus estimate of $16.50 billion
Global Markets
ASIA
Asian Markets Close: Nikkei +0.2%, Hang Seng +0.7%, Shanghai +1.3%
Markets gained across much of Asia.
Rumblings of further rate cuts by the People’s Bank of China provided support.
More polls point to Japanese Prime Minister Shinzo Abe winning a super majority in the upcoming election.
Japan’s Nikkei (+0.2%) edged up to its best levels since July 2007 as the yen slide below 120.00. Exporters continued to reap the benefits of the weak yen as Komatsu jumped 3.0% and Sony tacked on 1.3%.
Hong Kong’s Hang Seng (+0.7%) tested its best levels since mid-September, but was unable to break out. Financials led the way amid continued speculation of a PBOC rate cut. China Construction Bank and Industrial & Commercial Bank of China rallied 3.0% and 2.6%, respectively.
China’s Shanghai Composite (+1.3%) gained for the 11th time in 12 sessions, and is up 20% over that time. Financials saw robust gains with Agricultural Bank of China surging 8.9%.
India’s Sensex (-0.4%) posted its first losing week in seven. The Index was dragged down by profit-taking in IT names as Wipro fell 2.3% and Infosys shed 1.5%.
Australia’s ASX (-0.6%) ended its three-day win streak as action was rejected by the 50 dma. Miners weighed as BHP Billiton and Rio Tinto gave up 1.5% and 3.4%, respectively.
Regional Decliners: Philippines -1.0%…Taiwan -0.2%
Regional Advancers: South Korea UNCH…Vietnam +0.1%…Indonesia +0.2%…Malaysia +0.2%…Singapore +0.6%
Closed: Thailand (H.M. The King’s Birthday)
Fx: USDCNY ticked up to 6.1505…USDINR climbed to 61.84…USDJPY +85 pips @ 102.65…AUDUSD -15 pips @ .8365
EUROPE
Major European indices trade higher across the board with Italy’s MIB (+2.5%) in the lead. Elsewhere, Germany’s Bundesbank cut its 2014 GDP forecast for the country to 1.4% from 1.9% and lowered its 2015 outlook to 0.8% from 1.8%. Harmonized inflation for 2014 is expected to come in at 0.9%, down from 1.1%, while the 2015 forecast was lowered to 1.1% from 1.5%
Eurozone Q3 GDP was left unrevised at 0.2% quarter-over-quarter, as expected
Germany’s Factory Orders rose 2.5% month-over-month (expected 0.6%; last 1.1%)
Spain’s Industrial Production increased 1.2% year-over-year (consensus 1.4%; last 1.0%)
Closing Prices
UK’s FTSE: + 1.0%
Germany’s DAX: + 2.4%
France’s CAC: + 2.2%
Spain’s IBEX: + 2.7%
Portugal’s PSI: + 1.9%
Italy’s MIB Index: + 3.4%
Irish Ovrl Index: + 1.8%
Greece ASE General Index: + 4.1%
Economic Data
from Briefing.com
Economic Data is listed as Actual vs Consensus. Prior Data is given in brackets. If Prior Data has been revised, revised data will be given instead, together with an indication whether it was revised upward or downward
Nonfarm Payrolls (08:30) – 321K vs 225K (Prior 243K)
Nonfarm Private Payrolls (08:30) – 314K vs 215K (Prior 236K)
Unemployment Rate (08:30) – 5.8% vs 5.8% (Prior 5.8%)
Hourly Earnings (08:30) – 0.4% vs 0.2% (Prior 0.1%)
Average Workweek (08:30) – 34.6 vs 34.6 (Prior 34.5)
Trade Balance (08:30) – -$43.4B vs -$42.0B (Prior -$43.6B)
Factory Orders (10:00) – -0.7% vs 0.2% (Prior -0.5%)
Consumer Credit (15:00) – 13.2B vs 17.3B (Prior 15.9B)
EMPLOYMENT DATA
Highlights
Nonfarm payrolls increased by 321,000 in November, up from an upwardly revised 243,000 (from 214,000) in October. The Briefing.com consensus expected nonfarm payrolls to add 230,000 new jobs.
Private payrolls increased by 314,000 in November after adding an upwardly revised 236,000 (from 209,000) in October. The consensus expected 228,000 new private jobs.
The unemployment rate remained at 5.8% for a second consecutive month. That was exactly what the consensus expected.
Key Factors
That was the biggest increase in payrolls since 360,000 jobs were added in January 2012.
Over the past few months, initial claims fell to levels that are normally associated with full employment. During that time, however, payroll growth was moderate. The lack of strong jobs growth suggested that there wasn’t much slack in the labor market.
Interestingly, the November jobs report provided evidence both for and against the slack argument.
Obviously, a three-handle jobs gain is impressive. That tells us that there was still a considerable amount of people unemployed who were looking for jobs.
Yet, those who already had jobs were able to demand a 0.4% increase in average hourly earnings. That tells us that the number of available qualified workers is diminishing, which is forcing employers to pay their workers more money to keep them at their current job.
What we may be seeing is that there is a disconnect between the top and bottom wage earners. The number of qualified top tier employees is shrinking but the number of people who are willing to work more menial hourly work remains large.
The average workweek increased to 34.6 hours from a downwardly revised 34.5 hours (from 34.6).
Overall, the combined increase in the average workweek, private payrolls, and hourly earnings led to a 0.9% increase in aggregate wages in November. That is more than enough to drive an acceleration in consumption growth even if consumers opt to continue increasing their savings.
The household survey did not show much change in labor conditions from October.
Underemployment softened as the number of people working part-time for economic reasons fell by 177,000 jobs in November.The unemployment rate, including discouraged workers and underemployment, dipped to 11.4% in November from 11.5% in October.
Big Picture
The November employment report showcased a strongly improved labor market.
TRADE BALANCE
Highlights
The U.S. trade deficit narrowed slightly in October, falling from an upwardly revised $43.6 bln (from $43.0 bln) in September to $43.4 bln. The Briefing.com consensus expected the trade deficit to fall to $42.0 bln.
Key Factors
The goods deficit was virtually unchanged at $62.7 bln while the services surplus increased to $19.2 bln from $19.1 bln.
Total exports increased by $2.3 bn in November, from $195.2 bln in October to $197.5 bln. Most of the gain was the result of a $1.7 bln increase in capital goods exports, of which $1.0 came from civilian aircraft sales. Consumer goods exports increased by $0.4 bln.
Imports increased by $2.1 bln in November to $241.0 bln from $238.8 bln. Strong gains in capital goods imports ($1.1 bln) offset a large drop in consumer goods demand ($0.8 bln). Cell phones, which boosted imports significantly in September, fell by $1.1 bln in October as demand for the new Apple (AAPL) iPhone 6 slowed. Automotive imports increased by $1.3 bln.
The sharp drop in petroleum prices did not impact the overall petroleum trade deficit. That deficit increased to $15.2 bln in November from $14.0 bln in October. Both exports of petroleum-based products (-$1.4 bln) and imports (-$0.1 bln) declined during the month.
The real goods deficit was nearly unchanged, falling to $50.8 bln from $50.9 bln.
Big Picture
Large declines in oil prices had no impact on the trade deficit.
FACTORY ORDERS
Highlights
Factory orders declined 0.7% in October after declining an upwardly revised 0.5% (from -0.6%) in September. The Briefing.com Consensus expected factory orders to increase 0.3%.
Key Factors
The large downside surprise was the result weaker oil prices. Lower oil prices caused a 6.5% decline in petroleum refinery orders, which led to a 1.5% decline in nondurable goods orders. Nondurable goods orders declined only 0.2% in September.
Durable goods orders were revised down from an advance reading of 0.4% to 0.3%. Excluding transportation, durable goods orders were revised down from -0.9% to -1.1%.
Orders of nondefense capital goods excluding aircraft were also revised down from -1.3% to -1.6%. Shipments, which factor into fourth quarter GDP, were revised down to -0.7% from -0.4%.
Big Picture
Unfilled orders growth should help boost production.
CONSUMER CREDIT
Highlights
Consumer credit increased by $13.2 bln in October, down from a negatively revised $15.5 bln (from $15.9 bln) in September. The Briefing.com consensus expected consumer credit to increase by $16.5 bln.
Key Factors
Credit has now increased by at least $10.0 bln for the last 11 consecutive months.
Typically, consumer credit goes through substantial revisions before the final number is released. Any future revision is unlikely to alter the current growth trend.
Revolving credit increased by $1.0 bln, from $881.6 bln in September to $882.6 bln in October.
Nonrevolving credit increased to $2,396.3 bln in October from $2,384.0 bln in September, a gain of $12.3 bln.
Big Picture
Consumer credit has increased by an average of $18.1 bln per month in 2014.
Technical Analysis
DOW JONES INDUSTRIAL AVERAGE
17958.79 +58.69 (+0.33%)
Volume: 79,105,759 (below average of 90,017,907)
Range: 17,903.05 – 17,991.19
NASDAQ COMPOSITE
4780.76 +11.32 (+0.24%)
Volume: 449.4M (below average of 493.1M)
Range: 4,769.64 – 4,788.98
S&P500 INDEX
2075.37 +3.45 (+0.17%)
Volume: 492.9M (below average of 533.6M)
Range: 2,070.81 – 2,079.47
Technically speaking, those are stalled and possibly reversal patterns on the S&P500 and NASDAQ. The DOW looks like its broken out of that stall, but that remains to be seen as the other two indices show divergence.
Market Internals
NYSE:
Lower Volumes than the day before – 754.9M vs 798.7M
Advancers outpaced Decliners (adv/dec): 1633 / 1481
New Highs outpaced New Lows (highs/lows): 179 / 143
NASDAQ:
Higher Volumes than the day before – 1755.1M vs 1715.9M
Advancers outpaced Decliners (adv/dec): 1826 / 949
New Highs outpaced New Lows (highs/lows): 155 / 110
VOLATILITY S&P500 (VIX)
11.82 -0.56 (-4.52%)
Advancers outpaced Decliners by 1.42 on marginally lower volumes than the day before (-4.60 -0.18%).
Internals continue to look confused with not even a 2.00 beat on Advancer-Decliner ratios. The New Lows and New Highs numbers have suddenly spiked massively, which is worth watching to see what happens.
Treasury Bonds, Currencies & Commodities
from Briefing.com
Treasury Bonds
The Week in Review: Strong Jobs Report Runs 2Y to Highest Since April 2011
Treasuries lost ground this week as the November nonfarm payroll report (321K actual v. 230K expected) posted its best reading since January 2012 and the unemployment rate held at 5.8%.
The strong jobs number was coupled with a +0.4% increase in hourly wages, causing some to suggest the Fed could alter its ‘considerable time’ language at this month’s policy meeting.
This week’s European Central Bank meeting saw Mario Draghi suggest the central bank would ‘reassess’ sovereign debt purchases.
In Japan, all signs point to Prime Minister Shinzo Abe winning a super majority in the upcoming election.
Weak data out of China fanned further speculation the People’s Bank of China will look to ease policy in early 2015.
Moody’s downgraded Japan’s credit rating to A1 from Aa3 while S&P cut Italy’s credit rating to BBB-, the lowest for an investment grade security.
Th rest of the economic data was mixed as ISM Index (58.7 actual v. 58.0 expected), construction spending (1.1% actual v. 0.6% expected), and ISM Services (59.3 actual v. 57.5 expected) outpaced estimates while productivity-rev. (2.3% actual v. 2.4% expected), unit labor costs-rev. (-1.0% actual v. 0.0% expected), and factory orders (-0.7% actual v. 0.2% expected) missed.
Up front, the 2Y rallied +16bps to 0.639% to close at its highest level since April 2011. The majority of the week’s advance came in response to Friday’s strong jobs number,
In the belly, the 5Y climbed +19bps to 1.682%. The yield busted through 1.600% resistance in response to Friday’s jobs report and finished at a two-month high.
The 10Y added +13bps to 2.307%. The benchmark yield continues to flirt with resistance in the 2.300% area.
The long bond outperformed, causing the 30Y to tack on just +6bps to 2.964%. Interestingly, the yield on the long bond ended Friday’s session little changed despite the strong jobs data. Resistance at the 3.000% level has proved difficult to conquer.
A flatter curve developed over the course of the week as 2-10-yr spread tightened to 167bps.
2Yr 0.65 (+0.10), 5Yr 1.69 (+0.10), 10Yr 2.25 (+0.06), 30Yr 2.97 (+0.03)
2/10 Spread: 166bps (-4); 2/30 Spread: 232bps (-7)
Currencies
Strong Jobs Report Propels Dollar to Best Levels Since March 2009:
The Dollar Index holds on session highs near 89.40 as trade readies for its best close since March 2009.
Traders are paying close attention to the 200 mma, which lurks near 90.00.
EURUSD is -95 pips @ 1.2280 as trade presses to its lowest levels since August 2012. The single currency struggled despite the strong German factory orders reading, and flushed to its worst levels in more than two years in response to the upbeat employment picture in the US. Aiding the decline were reports suggesting some dissent within the European Central Bank to the ability to launch a QE-type program. Italian banks are closed on Monday for Immaculate Conception Day.
GBPUSD is -85 pips @ 1.5585 as action slides to a fresh 15-month low. Sterling held small gains in early trade, but has come under pressure amid the broad-based dollar strength.
USDCHF is +75 pips @ .9785 as trade threatens to put in its best close since the summer of 2012. The pair saw little reaction to the build in the Swiss National Bank’s foreign currency reserves, and instead has moved in lockstep with the euro. Swiss CPI and retail sales will cross the wires Monday.
USDJPY is +165 pips @ 121.45 as trade gains for the fifth time in six days. Today’s advance has run action to its best levels since July 2007, and puts the 124.00 resistance level in focus. Japan’s current account balance and Final GDP are due out Sunday evening.
AUDUSD is -60 pips @ .8320 as action dives to a fresh 53-month low. The hard currency has fallen in nine of ten sessions and has been unable to find traction after this week’s Reserve Bank of Australia Statement suggested the next move could be a rate cut. Australia’s trade balance will be released late Sunday.
USDCAD is +50 pips @ 1.1435 as trade flirts with its best finish since July 2009 following the disappointing employment change (-10.7K actual v. 5.3K expected) reading. Action has struggled in the 1.1450 area over the past month. Canadian data set for Monday includes housing starts and building permits.
Commodities
Closing Commodities: Natural Gas Rallies, Reversing Recent Downtrend
Oil prices extended losses today following news that Saudi Arabia cut selling prices to Asian and U.S. buyers
Jan crude oil settled $0.87 lower at $66.75/barrel
Natural gas rallied today after declining 19% since Nov 20, almost putting the commodity in an official bear market
Jan nat gas ended today’s session 4.1% higher at $3.80/MMBtu
Feb gold fell $17.20 to $1190.20/oz, while Mar silver fell $0.29 to $16.26/oz
Energy price action
Crude oil fell $0.87 to $66.75/barrel
Natural gas rose 15 cents to $3.80/MMBtu
RBOB Gasoline fell 3 cents to $1.77/gallon
Heating oil fell 1 cent to $2.11/gallon
Agricultural price action
Corn closed 14 cents higher at $3.96/bushel
Wheat rose 4 cents to $5.93/bushel
Soybeans rose 28 cents to $10.45/bushel
Ethanol fell 1 cent to $1.73/gallon
Sugar #11 fell 0.07 cents to 15.14 cents/gallon
Metals price action
Gold ended today’s session $17.20 lower at $1190.20/oz
Silver fell $0.29 to $16.26/oz
Copper fell 1 cents to $2.90/lb
Preview: Week of 8 Dec to 12 Dec
Economic Data
Economic Data is listed as Consensus by default. Prior data will be given in brackets. If Consensus Data is not available, Prior data will be given without brackets. If Prior Data has been revised, the revised data will be given together with an indication whether it was an upward or downward revision.
MONDAY 08 DEC
No Economic Data
TUESDAY 09 DEC
Wholesale Inventories – 10:00 : 0.2% (Prior 0.3%)
JOLTS – Job Openings – 10:00 : Prior 4.735M
WEDNESDAY 10 DEC
MBA Mortgage Index – 07:00 : Prior -4.3%
Crude Inventories – 10:30 : Prior -3.689M
Treasury Budget – 14:00 : -$59.0B (Prior -$135.2B)
THURSDAY 11 DEC
Initial Claims – 08:30 : 295K (Prior 297K)
Continuing Claims – 08:30 : 2350K (Prior 2362K)
Retail Sales – 08:30 : 0.4% (Prior 0.3%)
Retail Sales ex-auto – 08:30 : 0.2% (Prior 0.3%)
Export Prices ex-ag – 08:30 : Prior -0.9%
Import Prices ex-oil – 08:30 : Prior -0.2%
Natural Gas Inventories – 10:30 : Prior -22bcf
FRIDAY 12 DEC
PPI – 08:30 : -0.1% (Prior 0.2%)
Core PPI – 08:30 : 0.1% (Prior 0.4%)
Michigan Sentiment – 09:55 : 89.5 (Prior 88.8)
Corporate Earnings
MONDAY 08 DEC
BMO :
TPLM MTN
AMC :
ABM BMND PBY PLAB
TUESDAY 09 DEC
BMO :
AZO BURL CONN HDS JW.A PTRY SAIC UTIW
AMC :
ALOG HELI HQY KFY KKD NCS
WEDNESDAY 10 DEC
BMO :
CMN COST FGP FRAN HOV LAYN TITN TOL VRA
AMC :
AVNW CASY CMTL IRET MW OXM PPHM RH SIGM SURG WTSL
THURSDAY 11 DEC
BMO :
CIEN LULU MEI MNR RSH
AMC :
ADBE DDC ESL NDSN ZQK
FRIDAY 12 DEC
BMO :
None
AMC :
None
Other Events of Interest
MONDAY 08 DEC
Fed/Treasury/Political Events
Fed’s Lockhart – 12:30
Economic Events
German Industrial Production – 02:00
TUESDAY 09 DEC
Fed/Treasury/Political Events
$25-bln 3-Year Note Auction – 13:00
Economic Events
Japan CPI – 21:00
China CPI – 21:30
WEDNESDAY 10 DEC
Fed/Treasury/Political Events
$25-bln 3-Year Note Auction – 13:00
Economic Events
USDA WASDE Report – 12:00
Australia Unemployment – 21:00
THURSDAY 11 DEC
Fed/Treasury/Political Events
Swiss National Bank Decision – 04:00
$13-bln 30-year Bond Auction – 13:00
Economic Events
None
FRIDAY 12 DEC
Fed/Treasury/Political Events
None
Economic Events
China Industrial Production – 01:00
Commentary
Let’s just say that the reaction to the Nonfarm numbers wasn’t very optimistic.
I’ll be looking for follow through on Monday, and that should dictate the direction for the week.
Direction for Monday 8 Dec 2014: DOWN▼
Direction for Week of 8 Dec to 12 Dec: UP▲
Daily Directional Accuracy (from 14 May 2014): 92/139 (66.18%)
Weekly Directional Accuracy (from 16 May 2014): 16/28 (57.14%)