Morning 1-14

• JPM earnings were fantastic Best year ever for a bank trading revenue $3.45B vs. EST. of $2.44B. Earnings $2.57 bs EST $1.98 Stock +1.5%
• Well Fargo not so good Stock down 2% on Earnings miss
• Citi Fixed income revenue $2.9B vs. EST of $2.4B earnings $1.9 vs. EST $1.83 Stock +1%
• U.S. Small Business Optimism Index missed expectations
• Trade deal to be signed tomorrow and it is Likely that all the details of Deal will not be released to public
• TSLA shares +2% pre market as price target raised to $600
• Delta Airlines fantastic earnings Stock +3%
• Front Month Calendar Spread in CL slipping into Contango by a few cents not a good sign for oil bulls

China’s Trade balance Surprised to upside as both Exports and Imports better than expected .From trading Economics” Exports from China jumped 7.6 percent year-on-year to USD 237.65 billion in December 2019, the first increase in five months and well above market expectations of a 3.2 percent rise. This marked the steepest export growth since March, amid strengthening global demand and a progress in trade talks with the US, with a Phase 1 deal set to be signed on Wednesday”. Imports 17.7% vs. F/C 8.6% this should be good news for the world economy.

Markets trading without a Theme so far today Even with a good start to earrings season Spoos a bit a heavy -4 handles, Treasuries little changes, Gold -.3%,Copper Showing some life +.8% and palladium struck a another new all-time high. CPI this morning is Economic highlight of day

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