Required Reading Of The Day

The Morning Look

Market Update:

Stock futures are a little lower ahead of Thursday’s open as investors digest the latest round of earnings data and wait for Friday’s Bank of Japan Meeting.

Gary’s Thoughts: Tons of earnings. Interesting that FB had what we consider a monster quarter…was $132-plus but now trades under $128. Amazon and Google after the close. Two important names.

Economic Data:

  • International Trade in Goods 8:30 AM ET
  • Jobless Claims 8:30 AM ET
  • Bloomberg Consumer Comfort Index 9:45 AM ET
  • EIA Natural Gas Report 10:30 AM ET
  • Kansas City Fed Manufacturing Index 11:00 AM ET
  • Fed Balance Sheet 4:30 PM ET
  • Money Supply 4:30 PM ET


  • Fed Begins Crawl Toward Rate Hike With Near-Term Risks Diminishing – Bloomberg
    Gary’s Thoughts: Horsecrap!
  • Berkshire’s Apple Bet Is Back in the Black After Rally
    Gary’s Thoughts: We forgot to mention Apple…little distribution off the gap. Numbers still stink but will be watching how it trades after the gap.

The Closing Look

Stocks ended mixed on Wednesday as investors digested the latest round of economic and earnings data. Overnight, Japan fired another 28T Yen easy money missile to help stimulate their market and their lackluster economy. That came a few days before their central bank meeting on Friday. Meanwhile, The U.S. Fed held rates steady and the latest round of earnings roulette continued. Apple (AAPL), Garmin (GRMN) and Edward Life Sciences (EW) gapped up after releasing their Q2 results while shares of Twitter (TWTR) and Coca-Cola (KO) were some of the names that gapped down on earnings. Elsewhere, pending home sales grew by 0.2%, missing estimates for a gain of 1.2%.

Gary’s Thoughts: We are thrilled that the market ignored the Fed. We cannot wait for the day where markets stick a certain finger up at them.  Gold/Silver reacted to the nonsense.  Markets spinning wheels right here.