US markets are closed Jan. 20 for the Martin Luther King holiday. Globex markets are open but expect light volume. US markets resume normal trading Jan. 21.
- The S&P500 index is too hot in the short term, and the overvalued market may surprise some investors. However the favorable season (for stocks) suggests the rally may carry on for a little while, especially if there is a minor pullback this week.
- Oil is at a critical price level which will determine the direction it should go next. $57.35 needs to be held up for a bounce; otherwise the price could move back to the bottom line of the long-term triangle range.
- GOLD is expected to stay above the $1520 level in order to bounce back toward the $1600 zone.
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