Stock Market Overview:
U.S. stock futures are down big on Friday giving back most Thursday’s strong upside reversal. Once again oil prices are tumbling and global markets are selling off. We have mentioned countless times that the market was deeply oversold and way over due to bounce. The inability to bounce speaks volumes to how weak the market is right now. Gary has expressed caution and has been telling you about how the market has been getting weaker not stronger over much of 2015 and has nailed it again for you in 2016.
Gary’s Thoughts: “Bear market rallies are sharp, quick, make you feel good, suck you in and bury you soon after.” That’s our quote. But rallies are right now…ONLY LASTING A DAY before selling off sharply. Do we need to say this is the worst of all worlds for the bulls? Lastly, the esteemed Larry Fink of Blackrock said this morning that he doesn’t think this is a real bear market. With all due respect, either he is not telling the truth or he is living in Fantasy Land. If this is not a bear market, we hate to see what a bear market looks like.
- PPI-FD 8:30 AM ET
- Retail Sales 8:30 AM ET
- Empire State Mfg Survey 8:30 AM ET
- William Dudley Speaks 9:00 AM ET
- Industrial Production 9:15 AM ET
- Consumer Sentiment 9:55 AM ET
- Business Inventories 10:00 AM ET
- John Williams Speaks 11:00 AM ET
- Baker-Hughes Rig Count 1:00 PM ET
- Rob Kaplan Speaks 1:00 PM ET
Highlights Of The Day:
- The oversold bounce we have told you about finally happened on Thursday and we’ll see if it continues…
Gary’s Thoughts: Ain’t happening!
- Fed’s Bullard Did a 180 and Said Oil’s Fall May Delay Inflation Return to 2%
Gary’s Thoughts: Gee…had no idea the Fed would start their flip-flopping.
- The 6th GOP was hosted by Fox Business on Thursday
Gary’s Thoughts: Marvelous debate!