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Required Reading Of The Day

The Closing Look

Stock Market Commentary:
Stocks were relatively quiet on Wednesday as oil prices fell over 3%. Remember, oil is in a steep bear market and wild swings (up and down) are common in bear markets. Elsewhere, Pending home sales fell by 0.9%, missing estimates for a gain of 0.5%. This was the third decline in the past four months.

Gary’s Thoughts: Paint…see dry! That’s what markets were like today…and probably tomorrow. They may just close the Dow down for the year.

The Morning Look

Stock Market Overview:

As of this writing (6:17am), U.S. stock futures are slightly lower on the second to last trading day of the year. Stocks bounced nicely on Tuesday, led by the usual suspects (big glamour names). Oil prices rebounded on Tuesday which also helped lift many beaten down areas of the market. Remember, this is a seasonally strong week for stocks and the S&P 500 just turned positive for the year

Gary’s Thoughts: Some good action in glamour names into the end of the year. Would love that to continue into the new year. Rest of market remains rangebound with a bunch of indices where they were 2 years ago.

Economic Data:

  • MBA Mortgage Applications 7:00 AM ET
  • Pending Home Sales Index 10:00 AM ET
  • EIA Petroleum Status Report 10:30 AM ET

Highlights Of The Day:

  • New Fannie, Freddie Bonds Aim to Shift Taxpayer Risk
    Gary’s Thoughts: We forgot. These corrupt institutions are still around.

  • Home Prices in 20 U.S. Cities Rose at a Faster Pace in October
    Gary’s Thoughts: Nothing bad happens if housing prices continue higher.

  • Putin’s Bailout Bank Needs an $18 Billion Rescue
    Gary’s Thoughts: Nyet!

  • GameStop Says It’s No RadioShack as Investors’ Doubts Increase
    Gary’s Thoughts: The stock’s action is worrisome with a capital W!

  • Global growth will be disappointing in 2016: Lagarde. IMF Managing Director Christine Lagarde said the prospect of rising interest rates in the United States and an economic slowdown in China were contributing to uncertainty and a higher risk of economic vulnerability worldwide.
    Gary’s Thoughts: IMF=International moronic fraternity!

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