Monday, January 23, 2017

NIFTY RETREATS FROM IMPORTANT HURDLE; STAY SHORT WITH STOP-LOSS OF 8410

NIFTY RETREATS FROM IMPORTANT HURDLE; STAY SHORT WITH STOP-LOSS OF 8410

WORLD MARKETS                             

US indices gained 0.3%-0.5%, with the Dow snapping a five-day losing streak.

Donald Trump took a protectionist tone in his first speech as president by saying that "We must protect our borders from the ravages of other countries making our products, stealing our companies, and destroying our jobs," and added that "We will follow two simple rules: Buy American and hire American.”

Trump signed his first executive order on shortly after his inaugural parade ended, directing agencies to ease the regulatory burdens associated with Obamacare. A special session of the US Congress will soon be held to "repeal and replace" Obamacare.

Trump also spelled out his priorities for trade policies, Security and job creation through White House website in which he said that he is committed to renegotiate NAFTA and should the partners refuse negotiation, US will withdraw from NAFTA. Personal and Corporate tax rates are also likely to go down.

U.S. Treasury yields gave back some gains after Trump's speech, with the benchmark 10-year note yield trading around 2.489% and the two-year note yield near 1.19%. Dollar index fell about 0.3% to 100.81.0

GE posted in-line adjusted earnings per share while revenue came slightly below estimates. P&G's results topped estimates on both the top and bottom lines.

European markets, except a 0.1% lower FTSE and marginally lower Italy, gained upto 0.3%.

For the week, US indices fell 0.2%-0.3%. In Europe, FTSE and CAC tumbled 1.9% and 1.5% respectively but DAX ended flat. In Asia, Nikkei fell 0.8%, Hang Seng was down 0.2% but Shanghai gained 0.3%.

AT HOME

After a modestly lower start, benchmark indices traded in a narrow range in the morning session but saw a sharp plunge in the noon trade to end with deep cuts of 1%, marking the biggest single day fall in a month. Sensex slumped 274 points to settle at 27034 while Nifty ended at 8349, down 86 points. BSE mid-cap and small-cap indices tumbled 1.5% and 1.3% respectively.

FIIs net sold stocks and stock futures worth Rs 26 cr and 656 cr respectively but net bought index futures worth Rs 437 cr. DIIs were net sellers to the tune of Rs 437 cr.

Rupee depreciated 6 paise to end at 68.18/$.

For the week, Sensex and Nifty lost 0.7% and 0.6% respectively, breaking the three-week winning streak.

Ultratech reported better-than-expected 5% rise in net profit at Rs 594 cr. Topline was down 2% at Rs 8372 cr. Operating profit margin improved to 17.5% from 17.1%.


OUTLOOK

Today morning Nikkei is down a percent, other Asian markets are trading and SGX Nifty is suggesting a flattish start for our market.

For couple of session we had been cautioning that a decisive crossover of 34-week moving average, placed around 8435, is required for a fresh upmove. Nifty, after hovering around this level for five-sessions, plunged on Friday to end at 8349, vindicating our caution.

We had also said that 8370 is the immediate support on the hourly chart, upon breach of which 8300-8275, where 200 DMA and the top made in December are placed, would be the downside target area to eye.

As mentioned above, Nifty, on Friday touched a low of 8341 and is set to open flat today. 8300-8275 continues to be immediate support, below which 8244, the 38.2% retracement level of the recent 7894-8461 upmove, would be the next support to eye.

Meanwhile, immediate hurdle on the hourly chart is placed around 8410, with the stop-loss of which trading shorts can be held on to.


HUL and Asian Paints will report their quarterly earnings today.

Friday, January 20, 2017

8440 CONTINUES TO BE A HURDLE; TRUMP INAUGURATION IN FOCUS

8440 CONTINUES TO BE A HURDLE; TRUMP INAUGURATION IN FOCUS

WORLD MARKETS                             

US indices fell 0.3%-0.4% ahead of Donald Trump's inauguration. For the Dow, it was the fifth straight day of losses.

Weekly jobless claims dropped 15,000 to 234,000, around their lowest levels in 40 years. Housing starts spiked 11.3% in December, beating estimates. The Philadelphia Federal Reserve business conditions index rose to 23.6, above a consensus estimate of 15.8.

U.S. Treasury yields extended gains following the data releases, with the benchmark 10-year note yield at 2.487%, while the two-year note yield advanced to 1.238%. Dollar index, after toughing a high of 101.73, slipped to end at 101.17, the previous close being 101.29.

European market, except a 0.7% higher Italy, fell upto 0.5% with FTSE leading the losses. European Central Bank kept monetary policy unchanged. The euro briefly fell versus the dollar after ECB President Mario Draghi said in a news conference there is no sign of a convincing upward trend in underlying inflation.

AT HOME

After a flattish start, benchmark indices managed to add a fifth of a percent through the choppy trade. Sensex settled at 27309, up 51 points while Nifty added 18 points to finish at 8435. BSE mid-cap and small-cap indices rose 0.4% and 0.3% respectively. BSE Oil & Gas and Telecom indices climbed 2% and 1.4% respectively to become top gainers among the sectoral indices while Healthcare and Finance indices were the top losers, down 0.5% and 0.2% respectively.

FIIs net sold stocks and index futures worth Rs 132 cr and 210 cr respectively but net bought stock futures worth Rs 589 cr. DIIs were net buyers to the tune of Rs 380 cr.

Rupee depreciated 4 paise to end at 68.12/$.

Yes Bank's third quarter earnings beat expectations with profit rising 31% to Rs 883 cr. NII grew by 30% to Rs 1507 cr, with loan growth of 39%. Gross NPA ratio stood at 0.85%, up from 0.83% q-o-q while net NPA ratio was unchanged at 0.29%.

Axis Bank however disappointed as profit fell 73% to Rs 580 cr. NII grew 4.1% to Rs 4334 cr. Asset quality weakened with gross NPA ratio at 5.22% from 4.17% q-o-q and net NPA ratio at 2.18%, up from 2.02%. NIMs fell 21 bps to 3.43%. Watch list loans reduced to 2.8% of customer assets in December 2016, from 3.5% in September 2016 and 6.2% at the beginning of the current financial year. However non-watchlist slippages rose 33%. Gross slippages were down by 48% QoQ at Rs 4,560 crore, which were lower than estimates of Rs 4,500 crore.

OUTLOOK

Today morning, Shanghai is marginally higher, Nikkei is flat but Hang Seng is down half a percent. SGX Nifty is suggesting about 25 points lower start for our market.

At the risk of repeating, we have been mentioning that the 34-week moving average for Nifty is placed around 8440, a decisive crossover of which is required for a fresh upmove. For past five sessions, Nifty has been struggling to cross this level decisively.

Today being the weekly close, is would be interesting to see if the benchmark is able to cross this hurdle or moves further away from it. If 8440 is taken out decisively, 8560, the 61.8% retracement level of the 8970-7893 fall, would be the next target to eye.


8370 continues to be immediate support on the hourly chart below which 8300-8275 would be the next support area.

Thursday, January 19, 2017

NIFTY FAILS TO CROSS 8435 HUMP; 8370 CONTINUES TO BE IMMEDIATE SUPPORT

NIFTY FAILS TO CROSS 8435 HUMP; 8370 CONTINUES TO BE IMMEDIATE SUPPORT

WORLD MARKETS                             

Dow lost 0.1% while S & P 500 and Nasdaq gained 0.2% and 0.3% respectively after digesting remarks from Yellen, corporate earnings and economic data.

In prepared remarks, Yellen said the U.S. economy was closing in on the central bank's goals, giving it impetus to start reducing the extreme levels of support it has provided over the past decade.

Fed released its latest Beige Book, which said that a pickup in manufacturing, "widespread" reports of labor shortages and improving business investment set the stage for the Fed's December rate hike.

In economic news, the Consumer Price Index rose 0.3%, in line with expectations, putting it up 2.1% y-o-y. This was also the first time CPI rose above 2% since 2014. Industrial production grew 0.8% in December and the NAHB survey for January showed homebuilder sentiment pull back slightly.

Remarks from Yellen, stronger U.S. data and a positive Beige book pushed the dollar to 101.30, up nearly a percent. Treasury yields rose with benchmark 10-year note yielding 2.42%.

Goldman Sachs and Citigroup posted better-than-expected earnings.

Oil slipped with Brent down 2.8% at $53.92 a barrel and WTI down 2.7% at $51.08.

European markets, except a 0.1% lower CAC, gained 0.3%-0.5%.

AT HOME

After gaining about three fourth of a percent in first hour and half, benchmark indices gave away quite a bit of them through the session to end just marginally higher. Sensex settled at 27255, up 22 points while Nifty added 19 point to finish at 8417. BSE mid-cap and small-cap indices rose 0.4% and 0.6% respectively. BSE Metal and Basic Material indices climbed 2.3% and 1.9% respectively to become top gainers among the sectoral indices while Telecom and Oil & Gas indices were the top losers, down 0.9% and 0.2% respectively.

FIIs net bought stocks and stock futures worth Rs 319 cr and 245 cr respectively but net sold index futures worth Rs 896 cr. DIIs were net buyers to the tune of Rs 245 cr.

Rupee depreciated 13 paise to end at 68.08/$.

The Cabinet yesterday approved plans to divest a 25% stake in each of the five fully-owned public sector general insurance companies by listing these on stock exchanges.

OUTLOOK

Today morning Nikkei is up more than a percent while Hang Seng and Shanghai are down about four tenth of a percent. SGX Nifty is suggesting a flattish start for our market.

In yesterday's report we had reiterated the view that a decisive crossover of 8435, where 34-week moving average is placed, is required for a fresh upmove.

The benchmark, after touching a high of 8460, slipped to end at 8417, failing to close above the 8435 hurdle.

Upon a decisive crossover of this hurdle, next target to eye would be 8560, which is the 61.8% retracement level of the 8970-7893 fall.

Meanwhile, 8370 is where Nifty has been taking support for past couple of days. If that is taken out, next support to eye would be 8300-8275 region where 8300 is 200-DMA and 8275 is the top made in December.

Traders are advised to hold on to long positions with the stop-loss of 8370.


Axis Ban and Yes Bank will report their quarterly earnings today.

Wednesday, January 18, 2017

NIFTY AGAIN RESISTED NEAR 34-WMA; TRAIL STOP-LOSS TO 8370


NIFTY AGAIN RESISTED NEAR 34-WMA; TRAIL STOP-LOSS TO 8370

WORLD MARKETS                             

Dow and S & P 500 fell 0.3% each while Nasdaq lost 0.6% with financials leading the losses on concerns of a hard Brexit and as uncertainty around President-elect Donald Trump's policies grew ahead of his inauguration scheduled for Friday.

Dollar index tumbled about 0.8% to 100.30, a one-month low, after Trump's comments that "dollar was too strong which makes it hard for American companies to compete with China".

In a speech, British Prime Minister Theresa May indicated the United Kingdom would seek a clean break from the European Union. She added, however, The U.K. government will put the Brexit deal it agrees with the European Union to a parliamentary vote.

The British pound skyrocketed more than 2.5% against the dollar, trading around $1.24, on track for its best day since 2008.

European markets, except a 0.2% higher Italy, fell 0.2%-1.5% with FTSE leading the losses

Speaking at the World Economic Forum in Davos, Chinese President XI Jinping said that nobody would emerge as a winner in a trade war. This was the first time a Chinese president ever attended the forum

AT HOME

After gaining about a third of a percent in the initial trade, benchmark indices saw a sustained downward move through the session to end lower by a fifth of a percent. Sensex lost 53 points to settle at 27236 while Nifty finished at 8398, down 15 points. BSE mid-cap index ended flat while small-cap index gained 0.3%. BSE Energy and Metal indices tumbled 2.1% and 1.5% respectively, becoming top losers among the sectoral indices while FMCG and Utilities indices were the top gainers, up 1% and 0.6% respectively.

FIIs net bought stocks worth Rs 142 cr but net sold index futures and stock futures worth Rs 170 cr and 305 cr respectively. DIIs were net sellers to the tune of Rs 607 cr.

Rupee appreciated 15 paise to end at 67.95/$.

In a relief to FPIs who were fearing multiple taxation, the tax department yesterday kept in abeyance its recent circular on indirect transfer of shares by foreign investors.

OUTLOOK

Today morning, except a 0.2% higher Hang Seng, other Asian markets are trading with cuts of upto 0.8% with Nikkei leading the losses. SGX Nifty is suggesting a marginally higher start for our market.

Readers would recall that after Nifty achieved 8430 target, we have been mentioning that a decisive crossover of this level, which coincides with 34-week moving average, is required for the fresh upmove.

Nifty, yesterday, after touching a high of 8440, slipped to end at 8398.

We would like to reiterate that a decisive crossover of 34-WMA, placed around 8435, is required for the fresh upmove. If that happens, 8560, the 61.8% retracement level of the 8970-7894 fall, would be the next target to eye.

Meanwhile, Nifty has been taking support around 8370 mark for past 3-sessions. A breach of 8370 would pave the way for further correction and next support area to eye in that case would be 8300-8275 where 8300 is the 200-DMA while 8275 is the top made in December.


Traders are advised to trail the stop-loss in long positions to 8370.

Tuesday, January 17, 2017

NIFTY CONSOLIDATES AROUND 34-WMA HURDLE; MAY SPEECH IN FOCUS

NIFTY CONSOLIDATES AROUND 34-WMA HURDLE; MAY SPEECH IN FOCUS

WORLD MARKETS                             

US markets were shut yesterday on account of Martin Luther King Day.

European markets ended with cuts of 0.2%-1.4% ahead of British Prime Minister Theresa May's speech on Brexit plans due today.

The British pound fell to three-month lows, following media reports that suggested May will announced a "clean" and "hard" Brexit, pulling the country from the European market and the European customs union, in exchange for the ability to control immigration laws and leave the jurisdiction of the European Court of Justice.

Euro zone exports rose in November, exceeding the number of imports by 25.9 billion euros ($27.6 billion).

AT HOME

After opening with cuts of about three tenth of a percent, benchmark indices saw a sustained northward journey through the session to end higher by about a fifth of a percent. Sensex settled at 27288, up 50 points while Nifty added 12 points to finish at 8413. BSE mid-cap and small-cap indices gained 0.3% and 0.6% respectively. BSE Realty index soared 1.6%, becoming top gainer among the sectoral indices, followed by 1.03% rise in Finance index. IT and Teck indices were the top losers, down 1% and 0.8% respectively.

FIIs net sold stocks, index futures and stock futures worth Rs 347 cr, 119 cr and 200 cr respectively. DIIs were net buyers to the tune of Rs 203 cr.

Rupee appreciated 6 paise to end at 68.10/$.

India’s wholesale inflation rate grew 3.39% in December, marginally quicker than November’s 3.15%.

Reliance Industries reported 4.1% q-o-q rise in net profit at Rs 8022 cr, boosted by other income that grew sharply by 33% q-o-q to Rs 3025 cr. Revenue rose 3.5% to Rs 66606 cr. Gross refining margin stood at USD 10.80  barrel, up from 10.1 a barrel but were lower than the expected 11.50 mark.

IMF cut India's growth forecast for current fiscal to 6.6%from 7.6% earlier due to the "temporary negative consumption shock" of demonetisation.

GST is likely to be rolled out from July 1 as the Centre and states reached an agreement over the two thorny issues of "dual control" and taxing rights of goods moved through high seas.

Under the agreed model, all assesses with an annual turnover of Rs 1.5 crore or below will be split on a 90:10 ratio between the states and the Centre. States would assess 90% of businesses with an annual turnover Rs 1.5 crore, while the Centre will assess the remaining 10%. Businesses with a turnover of more than Rs 1.5 crore will be split equally with the states assessing 50% of such traders and the Centre the remaining 50%.

The issues agreed upon on Monday will now be incorporated in the draft IGST, CGST and SGST laws. Once those drafts are approved by the council, respective legislative bodies (the Parliament and state Assemblies) will take these for approval.

OUTLOOK

Today morning, Hang Seng is flat, Nikkei and Shanghai are down about half a percent and SGX Nifty is suggesting a flattish start for our market.

As we have been mentioning, Nifty has achieved the 34-week moving average target placed around 8435 and a decisive crossover of this hurdle is required for a fresh upmove. 8560, the 61.8% retracement level of the 8970-7893 fall, would be the next target if that happens.


Meanwhile, 8300 continues to be immediate support on the hourly chart, with the stop-loss of which trading longs should be held on to.

Monday, January 16, 2017

NIFTY ACHIEVES 20,34 WEEK AVERAGE TARGET; TRAIL STOP-LOSS TO 8300

NIFTY ACHIEVES 20,34 WEEK AVERAGE TARGET; TRAIL STOP-LOSS TO 8300

WORLD MARKETS                             

While Dow ended flat, S & P 500 and Nasdaq gained 0.2% and 0.5% respectively on Friday, after digesting strong quarterly earnings from U.S. banks and several pieces of economic data.

JPMorgan Chase, Bank of America and PNC Financial all reported better-than-expected profits, but only JPMorgan exceeded revenue estimates. Wells Fargo disappointed slightly and posted a decrease in earnings.

U.S. wholesale prices rose 0.3% in December, led higher by more expensive gas, food and cars. The producer price index increased 1.6%. December retail sales rose 0.6%. December consumer sentiment came in slightly below estimates and business inventories rose 0.7% in November.

U.S. Treasuries fell with the benchmark 10-year note yield rising to 2.393%, while the two-year note yield advanced to 1.197%. The U.S. dollar rose slightly. Gold fell $4 to $1196 per ounce.


Earlier data from China showed exports dropped 6.1% and imports rose 3.1%, leaving a lower trade balance of USD 40.81 bn compared to 44.61 bn in previous month.

European markets climbed 0.6%-1.9%.

For the week, Dow and S & P 500 fell 0.4% and 0.1% respectively but Nasdaq was up 1%. FTSE soared 1.8% while DAX and CAC were up 0.3% each. In Asia, Hang Seng was up 1.9% but Nikkei and Shanghai lost 0.9% and 1.3% respectively.

AT HOME

Benchmark indices ended marginally lower after a rangebound but choppy trade, consolidating after hefty gains made in past three sessions. Sensex settled at 27238, down 9 points while Nifty lost 7 points to finish at 8400. BSE mid-cap and small-cap indices were also little changed. BSE IT and Teck indices tumbled 1.9% and 1.7% respectively, becoming top losers among the sectoral indices while FMCG index climbed 1.2%, becoming top gainer, followed by 0.6% higher Finance index.

FIIs net sold stocks and stock futures worth Rs 118 cr and 172 cr respectively but net bought index futures worth Rs 91 cr. DIIs were net sellers to the tune of Rs 474 cr.

Rupee depreciated 7 paise to end at 68.15/$.

For the week, Sensex and Nifty gained 1.8% and 1.9% respectively, extending the winning streak to third straight week.

Infosys delivered mixed set of earnings and lowered full year dollar as well as rupee revenue guidance. Dollar revenue slipped 1.4% q-o-q to USD 2531 mn and rupee revenue declined 0.2% to Rs 17273 cr. Dollar revenue in constant currency fell 0.3%. Net profit rose 2.8% to Rs 3708 cr. The company tightened its constant currency revenue guidance to 8.4-8.8% from 8-9% earlier. Full year dollar revenue guidance was lowered to 7.2-7.6% from 7.5-8.5% and rupee revenue guidance to 10-10.4% from 10.9-11.9%.

India's trade deficit narrowed to $10.3 billion in December from $13 bn in November as exports rose 5.7% y-o-y to $23.88 bn while imports remained flat at $34.25 bn.

Oil Marketing Companies hiked petrol and diesel price by 42 paise and Rs 1.03 per litre respectively.

To bring down the overall cost of transaction in the stock market, markets regulator Sebi on Saturday reduced its turnover fees by 25% to Rs 15 per Rs 1 crore worth of turnover from Rs 20 earlier. It also allowed mutual fund (MF) companies to invest in hybrid instruments such as Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs). The regulator, however, has put certain conditions on mutual funds for such investments.

OUTLOOK

British pound fell more than 1% to about $1.2043 after media reports suggested Prime Minister Theresa May's government was prepared to make a "hard" or "clean" exit from the European Union, ahead of her speech Tuesday.

Today morning Asian markets are trading with cuts of 0.3%-1% and SGX Nifty is suggesting about 25 points lower start for our market.

After Nifty achieved 8275 target, we had been working with next major target of 8400-8450 where 20 as well as 34-week moing averages were placed. The benchmark touched a high of 8461 before closing at 8400, achieving the targets mentioned above and vindicating our view.

8430-8440 is the region where these two averages are placed currently. A decisive crossover of this region would be required for a fresh upmove.

Meanwhile, immediate support on the hourly chart has moved up to 8300, with the stop-loss of which existing longs can be held on to.

Reliance Industries will report its quarterly earnings today. Net profit is expected to rise 1.9% q-o-q to Rs 7850 cr. Gross Refining Margins is expected at $11.5 per barrel, up from $10.10.


The GST Council will meet for the ninth time today with the issue of dual control being the single biggest issue on agenda. The council has been deadlocked in the last four meetings, the last one being on January 4, with states seeking sole powers to control assesses with annual turnover of up to Rs 1.5 crore. Centre, however, is not in favor of a horizontal split as it feels states do not have the expertise to administer levies like service tax. Jaitley is also not favour of dual agencies auditing and scrutinizing each taxpayer as he reckons multiple authorities could end up acting at cross-purposes.

Friday, January 13, 2017

NIFTY SET TO ACHIEVE 8430 TARGET; 8285 IMMEDIATE SUPPORT

NIFTY SET TO ACHIEVE 8430 TARGET; 8285 IMMEDIATE SUPPORT

WORLD MARKETS                             

US indices fell 0.2%-0.3% with financials leading the losses following disappointment from the Trump conference.

In economic news, weekly jobless claims rose less than expected, while U.S. import prices rose in last month, boosted by higher oil prices.

Dollar fell 0.4% to 101.45. U.S. Treasury prices rose, with the benchmark 10-year note yield falling to 2.35% and the short-term two-year note yield slipping to 1.17%.

US oil rose 1.5% to $53.01 and Brent added 1.7% to settle at $56.01 a barrel.

European markets, except a marginally higher FTSE, fell 0.5%-1.7%. Auto sector was the worst performer followed by healthcare. Eurozone industrial production grew by 1.5% on the month and 3.2% on the year in November.

AT HOME

Benchmark indices gained about a third of a percent, extending the winning streak to third straight day and closing at fresh two-month high. Sensex settled at 27247, up 107 points while Nifty finished at 8407, up 27 points. BSE mid-cap index gained 0.2% but the small-cap index lost 0.2%. BSE Power index climbed 3.2%, becoming top gainer among the sectoral indices, followed by 2% higher IT index. FMCG and Healthcare indices were the top losers, down 1% and 0.7% respectively.

FIIs net sold stocks worth Rs 13 cr but net bought index futures and stock futures worth Rs 1052 cr and 927 cr respectively. DIIs were net sellers to the tune of Rs 110 cr.

Rupee appreciated 23 paise to end at 68.09/$.

India's factory output measured by the index of industrial production grew by a surprisingly robust 5.7% in November compared to 1.8% contraction in October and 3.4% fall in November 2015.

India's retail inflation measured by CPI grew 3.41% in December from November's 3.63%.

TCS reported sequential dollar revenue growth of 0.3% for the December quarter at $4387 mn. Constant currency revenue growth stood at 2%. In Rupee terms, revenue increased 1.5% to Rs 29735 cr while Net profit rose 2.9% to Rs 6778 cr. EBIT margin stood at 26%.

N Chandrasekaran, the CEO and Managing Director of Tata Consultancy Services, has been named the new Chairman of Tata Sons, roughly three months after the former Chairman Cyrus Mistry was unceremoniously ousted. He will take charge from February 21.

OUTLOOK

Today morning Asian markets, except a modestly lower Shanghai, are trading with gains of upto 0.6% and SGX Nifty is suggesting about 20 points higher start for our market.

Readers would recall that we have been bullish on Nifty since immediate hurdle of 8050 was taken out in late December. More recently when 8275 target was achieved, we have been working with next major target of 8430, where 20 as well as 34-week moving averages are placed.

The benchmark touched a high of 8417 before closing at 8407, coming in very close to the target mentioned above.

Upon a decisive crossover of 8430, next target to eye would be 8560, which is the 61.8% retracement level of the entire 8970-7894 fall.

Immediate support on the hourly chart has moved up to 8285, with the stop-loss of which trading longs can be held on to.

Infosys will report its quarterly earnings today. Dollar revenue for the quarter is seen down 1% to USD 2560 mn. Rupee revenue is expected to be flat at Rs 17313 cr while profit might fall 1% to Rs 3569 cr. More important would be the full year guidance which has been changed twice from the start of current financial year.


Fed Chair Yellen hosts a town hall meeting later today with educators in Washington, D.C., that will be eyed for any possible remarks on a Fed forecast of as many as three interest rate hikes in 2017.