Stock Market Overview:
As of this writing (6:25am), U.S. stock futures are up nicely for the 3rd day in a row. Stocks are closing early on Thursday (1pm EST) and will be closed on Friday for Christmas. On the earnings front, Nike ($NKE) reported numbers after Tuesday’s close and is up about 3% in the pre market.
Gary’s Thoughts: This may sound crazy but we are always looking for a reason to be bullish. Our bullish or bearish stance comes from reading the tape, its patterns, its fear and greed. We are always looking for changes. We are looking for when the worst areas bottom and the best areas to top. But we need evidence. We need evidence in the form in movement (price) and conviction (volume).
After a nauseating drop into oversold land last week, with today, we now have 3 holiday week gaps to the upside this week. We will let you infer what is going on. The boys do know when they can take advantage to get markets back up.
That said, something happened yesterday we have not seen in a while. The 70 percent of the market that has been horrid and has been DOA, led the market yesterday. We are hearing from some that this is a bearish occurrence. We are not so sure. If the worst areas of the market stop going down and can actually get going, what’s wrong with that? Keep in mind, volume is excruciatingly low, enabling the boys to move price easier.
One day does not change things especially in a shortened, light volume week. We do know that the boys jammed the Dow 700 points in 2 days last year in late December only to sell it off right after the end of the year. We will need to see follow through. We want to see follow through. We are all for changing our tune on the 70% of stocks and areas in bad shape. Stay tuned.
- MBA Mortgage Applications 7:00 AM ET
- Durable Goods Orders 8:30 AM ET
- Personal Income and Outlays 8:30 AM ET
- New Home Sales 10:00 AM ET
- Consumer Sentiment 10:00 AM ET
- EIA Petroleum Status Report 10:30 AM ET
Highlights Of The Day:
- OPEC Sees Demand Falling For The Rest Of The Decade For Crude
Gary’s Thoughts: Sign of an oil bottom?
- Martin Shkreli’s Successor at Turing Had His Own Issues in Past
Gary’s Thoughts: Whoopdee-doo!
- U.S. Signs up 8.2 Million People so Far for Insurance on HealthCare.gov, Missing Estimates
Gary’s Thoughts: We want everyone to have health insurance. But not on everyone else’s back.