‘Bad loans’ deal lifts Italy recovery hopes

http://www.reuters.com/video/2016/01/27/bad-loans-deal-lifts-italy-recovery-hope?videoId=367192743&videoChannel=5

Required Reading Of The Day

The Closing Look

Stock Market Commentary:

Stocks fell hard after the Fed concluded its 2-day meeting on Wednesday. The Fed held rates steady but left the door open for a possible rate hike in the future. The market was looking for a more dovish stance whereby the Fed would signal that they are not going to raise rates anytime soon. Steeping back it is important to note that we are in the early stages of a bear market and the defensive stance Gary has told you about for months is front and center.

Gary’s Thoughts: Well…we told you to expect jagged…and jagged we are getting. Facebook will help things a bit tomorrow but not sure how much. We also get Amazon, Microsoft tomorrow and Google on Monday. But the bottom line, today’s high had better not be resistance already. Today’s high had not better be all this rally has. The market already looks bad enough.

The Morning Look

Stock Market Overview: 

Stock futures are down on Wednesday as the market digest’s Tuesday strong rally and waits for the Fed’s meeting later today. Gary has nailed this market for you perfectly.

Gary’s Thoughts:  Apple and Boeing will not help this morning but we still believe last Wednesday’s lows holds sway. Just keep in mind the word we used…”jagged” when talking about any further gains. Lots more earnings to come. 

Economic Data:

  • MBA Mortgage Applications 7:00 AM ET
  • New Home Sales 10:00 AM ET
  • EIA Petroleum Status Report 10:30 AM ET
  • FOMC Meeting Announcement 2:00 PM ET

Highlights Of The Day:

    • God and His Angels Can’t Fix Greece: Varoufakis
      Gary’s Thoughts: The country is bankrupt…covered up by issuing more credit cards.
    • The Surge in U.S. Mansion Prices Is Now Over
      Gary’s Thoughts:  As we have said, we believe you will see housing prices, especially rebubbled areas…peak!
    • New Drone Racing League Wants to Be the Next Nascar
      Gary’s Thoughts: Really!

Trump Tells Critics to Lighten Up and Bring on Bloomberg, Bernie @FoxBusiness

http://www.foxbusiness.com/features/2016/01/25/trump-tells-critics-to-lighten-up-and-bring-on-bloomberg-bernie.html