January Special Effects

The so-called "January Effect" was seen in a variety of stocks and sectors today, even as the broad market faded along with crude well off session highs.

Some beaten-down names into the end of 2016, such as consumer titans NKE and UAA, are off to a good start in 2017. At the same time, the likes of TWLO just keep getting worse. So, before we rush out and buy all of the laggards in the hopes of they lead for a special January Effect, it is still worth paying attention to whether the market is confirming that thesis. 

There are several setups I am eyeing specifically on the long side this week if the market regains its footing into tomorrow, proving that today was nothing more than a knee-jerk crude oil fade.

It is also worth noting that gold, gold miners, and Treasuries all put in constructive sessions to kick off 2017. I still suspect some relief may be around the corner for those markets if only as a respite to the rough manner in which they closed out 2016.

More in my recap after the bell.