One of the amazing parts about the market is how something can run for an entire year and then be off the table for the next year. Nike topped out in November 2015 and finished 2016 as one of the worst Dow stocks. With horrific retail sales numbers from some of the stores, Visa goes ballistic, up 4% in three trading days. Natural Gas goes ballastic for 2016 and drops huge on the first day of the year. So the work continues to find the big movers of 2017 and we've only got 51 weeks to get going.
Some of the oil companies are sitting on year long trends. An example would be Apache who found a massive 3 Billion barrels of oil this past year in one of the largest "on-land" rather than offshore finds.
Oil is in the middle of an outside week. The problem here is the oil companies have not followed or led oil higher to the $55 level on the $WTIC chart. Some caution is required on the Oil Co's here.
Here is the USO chart showing Friday's trading level at time of writing. Unchanged from Year end.
Gold has turned up, since the 24th of December. Now the hard part begins, will it hold the gains?
There was a lot of big picture thinking for the 2017 year for Commodities in general like basic materials. There are some compelling charts on the webinar that will give you a new sense of interest in the commodity trade for 2017. Here is a link to the quickly paced webinar! Commodities Countdown 2017-01-05.
Commodities Countdown LIVE! with Greg Schnell - 2017-01-05 17:00 from StockCharts.com on Vimeo.
Probably the most compelling part of the story might be the change in the $USD and some of the ramifications around that. Whether it is short term or starting to play out in the bigger picture is what we have to watch for. Check out the webinar this weekend. I think you'll find the webinar makes a strong case for staying tuned into the Commodities Countdown webinar this year!
I have two upcoming special event webinars in January. On top of the regular ones, I will be doing two more this month. One is with Tom Bowley on Saturday, January 14th at 11 AM ET. This will be exclusive to StockCharts subscribers. This webinar will be jam packed and probably hit the limit in terms of number of registrants of our GotoWebinar plan. I strongly encourage you to enroll early! Tom Bowley and Greg Schnell 2017 Market Look.
Secondly, I will be kicking off the Saturday morning presentations at Chart Summit 2017 on January 28th, 2017. This is a free two day webinar only event organized by my good friend JC Parets at AllStarCharts.com and the MTA (Market Technicians Association). Please use this registration link to register! Chart Summit 2017 This will be a massive -free- online charting event. The speaker list is truly exciting including Arthur Hill of StockCharts.com as well! 18 Speakers! Please use this registration link to register! Chart Summit 2017
If these Commodity Countdown articles have tweaked your interest, thank you for taking the time to follow my work. StockCharts finished the year with more members than ever before. Thousands of market watchers find huge value in StockCharts.com every day. We would be honoured to be part of your market review team. Allow me to take a moment to share some of our efforts to help you analyze the market.
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I feature a Commodities Countdown article every week on the Commodities Countdown blog and webinar series. If you would like to stay tuned into Commodities and try to follow my thoughts on the macro concepts for the equities, currencies and bonds, please join me. You can subscribe at the bottom of this Commodities Countdown blog. You can register for the webinar on the home page of StockCharts each week. I also keep changing a small chartlist that has some important charts for Commodity investors. You can access that here all year long. If you liked my success in 2016, perhaps we can keep it going in 2017. I also keeps a blog for Canadian investors as well. That blog has been running for 5 years. The Canadian Technician Blog.
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Greg Schnell, CMT, MFTA.