- Market Wrap
- Gary Breaks Down Tuesday’s Rally For You
- Find out What Gary Is Focusing on Post-Brexit And What It Means For Your Bottom Line
Stock futures are up ahead of Wednesday’s open as the market is bouncing from oversold levels and investors digest Friday and Monday’s steep sell-off.
Gary’s Thoughts: And another gap to the upside. Wasn’t the past few days fun? As we said, end of quarter, pre-holiday, massively stretched and oversold and a big dose of bearishness will get the market to rally back some but just letting you know, we are reading a little too much that everything is back to being fine.
- MBA Mortgage Applications 7:00 AM ET
- Personal Income and Outlays 8:30 AM ET
- Pending Home Sales Index 10:00 AM ET
- EIA Petroleum Status Report 10:30 AM ET
- Farm Prices 3:00 PM ET
- Awful Terror Attack at Turkey’s Airport!
Gary’s Thoughts: Those that do not value their own life have to be destroyed before they destroy.
- EU Chiefs ‘Held Hostage’ Tell Cameron to Lay Out Brexit Plan
Gary’s Thoughts: EU chiefs are morons.
Stocks rallied on Tuesday as the market bounces from deeply oversold levels. Remember stocks have fallen in each of the past 3 weeks and are now bouncing from oversold post brexit levels. Before the open, the government said, the U.S. economy grew at a 1.1% rate in the first quarter of 2016, beating the last estimate of 0.8%. Even though GDP inched higher it was still the third consecutive quarter of slowing output: Q1 2016: +1.1%, Q4 2015: +1.4%, Q3 2015: +2%, Q2 2015: +3.9%. Stocks rallied across the globe as fear eased regarding #Brexit. Just before the close, two suicide bombers blew themselves up at an airport in Turkey.
Gary’s Thoughts: As we stated yesterday, end of quarter, pre-holiday, massively stretched and oversold with a big dose of bearishness insures a rally. As usual, rally is stronger than one would expect.