- U.S. court test on abortion reflects success of strategy shift
- Exclusive: Democratic Party slams GOP candidates on climate change
- Rookie police officer killed on first day, two others shot in Virginia
- Iran’s pragmatic Rouhani cheers election wins, says government stronger
- Militants launch largest attacks in months on Baghdad outskirts
We are wearing a Dusty Rhodes tee shirt and black dockers on the red carpet tonight!
We continue to be amazed by those on Wall Street that continue to say we need more stimulus. We continue to be amazed by those that say central banks have more they can do. Are these people just wishful thinking or are they smoking the evil weed? Do these people not know that central banks have kept rates at 0% for years, printed $15-20 trillion and are still at it, entered the negative rate zone and that’s not enough? Are these people not able to count? Have they seen the numbers on the global debt rise that has been enabled by all this easy money sloshing around the globe? Do they not understand it is just all these actions by the so-called geniuses that have killed the potential for global economies to flourish? We are supposedly the sane one in the room, the country with the best economy. We say bulls–t to that. The fact is our debt has skyrocketed over $8 trillion under this administration. The fact is our central bank kept rates at 0% for 7 years and now we are supposedly tight at 1/4%. The fact is our central bank started the printing frenzy with their $4-5 trillion of money printing. But hey…facts do not mean s–t! Everything is just fine. Just ask the people running this comedy act.
We’ll talk markets tomorrow. Just had to get this off our chest after reading, watching and listening to the G-20 assclowns that have put us into this abyss. Don’t you feel better that they are still running the show?
Stocks opened higher but ended mixed on Friday after the government said GDP rose 1%, beating estimates for a 0.4% gain. It was a volatile week on Wall Street but after all was said and done, stocks rallied nicely and are now trading near stubborn resistance (declining 50 DMA lines). The G-20 meeting of central bank governors and finance ministers kicked off in Shanghai, and China’s central bank governor Zhou Xiaochuan made it clear that they want to restore confidence and repeated earlier reassurances the country would not stage another devaluation of its currency to support the economy.
Gary’s Thoughts: Notice it continues to be governments trying to restore confidence in markets when they should stay out of the way of markets. Booms and busts occur because of the non-stop interference of these people who know nothing. Big report this weekend!
As a lesson…the nut jobs bought up WEIGHT WATCHERS ($WTW) because of Oprah! And now we find out no one cared. WTW is down 25% this morning on poor numbers…and has now almost round-tripped. If you bought the excitement, you paid mid-high 20s…trading now under $12. PAY ATTENTION!
Stock Market Overview:
Futures are up nicely ahead of Friday’s open and the GDP report. Stocks are higher after Wednesday’s very strong positive reversal. The next level of resistance to watch is Monday’s high and the 50 DMA line.
Gary’s Thoughts: Gap to the upside as Dow/S&P back above 50 day as of yesterday’s close. Maximum overbought at hand and massive resistance getting close.
- GDP 8:30 AM ET
- Personal Income and Outlays 8:30 AM ET
- Consumer Sentiment 10:00 AM ET
- Jerome Powell Speaks 10:15 AM ET
- John Williams Speaks 10:15 AM ET
- Baker-Hughes Rig Count 1:00 PM ET
- Lael Brainard Speaks 1:30 PM ET
Highlights Of The Day:
- Biggest Wave Yet of U.S. Oil Defaults Looms
Gary’s Thoughts: More to come!
Bloomberg: China sends a stimulus signal
The People’s Bank of China tweaked the description of its monetary policy stance overnight, defining current policy as “prudent with a slight easing bias.” While the change may seem small, it is being viewed as a clear signal to markets when coupled with comments from Governor Zhou Xiaochuan in which he said: “China still has some monetary policy space and multiple policy instruments to address possible downside risks.” The Shanghai Composite Index rallied 1 percent, regaining some stability following Thursday’s plunge of over 6 percent.