The Morning Look

Stock Market Overview: 

Futures are higher ahead of Tuesday’s open. Today is Super Tuesday and the first trading day for the new month.

Gary’s Thoughts: And the gap to reverse all the selling yesterday as more easy money talk pervades the air.

Economic Data: 

  • Motor Vehicle Sales
  • Redbook 8:55 AM ET
  • PMI Manufacturing Index 9:45 AM ET
  • ISM Mfg Index 10:00 AM ET
  • Construction Spending 10:00 AM ET
  • Gallup US ECI 2:00 PM ET

Highlights Of The Day:

  • Argentina Reaches Debt Accord With Holdouts After 15-Year Battle
    Gary’s Thoughts: That crap still going on?
  • Pending Sales of U.S. Existing Homes Fall by Most in Two Years
    Gary’s Thoughts: It’s all good!

The Closing Look

Stocks opened higher but closed lower on Monday after the latest round of tepid economic data was released. Over the weekend, the G-20 meeting disappointed investors while China announced more easy money.  China’s stock market fell again which prompted China’s Central Bank to cut it’s reserve requirements in another attempt to stimulate their market. In the U.S, economic data remained tepid at best. Chicago PMI fell to 47.6, missing estimates for 52.9. Pending home sales slid by -2.5% in January, missing estimates for a gain of +0.5%. The Dallas Fed Mfg Survey fell to negative -8.5. The Dallas Fed’s general activity index was much worse than expected and fell to negative -31.8 in February vs minus 34.6 in January. Monday was also the last trading day of the month.

Gary’s Thoughts: Feels like the opposite of Feb 11-12 when we told you a low is in. Feels like a high is in now. There is just not much we like about this market.

The Morning Look

Stock Market Overview: 

Futures are slightly higher ahead of Monday’s open. Stocks rallied sharply over the past three weeks and are now trading near important areas of resistance (the 50 DMA line).

Gary’s Thoughts: Caerful! Google the words “eye of the hurricane!”

Economic Data: 

  • Chicago PMI 9:45 AM ET
  • Pending Home Sales Index 10:00 AM ET
  • Dallas Fed Mfg Survey 10:30 AM ET
  • Farm Prices 3:00 PM ET

Highlights Of The Day:

  • Spoiler Alert: G-20 Meeting Ends With A Stalemate
    Gary’s Thoughts: We wish they just go away. They are killing us.
  • Oil Crisis Spreads: Arab States Face $94 Billion Debt Crunch on Oil Slump, HSBC Says
  • Gary’s Thoughts: Wait…there will be more!

The assclowns are still running the show !

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?

The Closing Look

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!

The Morning Look

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.

Economic Data: 

  • 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!

 

The Closing Look

Stocks rallied on Thursday as the market added to Wednesday’s very strong positive reversal. Overnight, the Shanghai composite plunged -6.4% and hit a three-week low. Rumors spread that China’s central bank injected another $52 billion into the money market to help stabilize markets. The ChiNext index which tracks small-cap Chinese stocks tanked -7.7% which clearly is not good for the global risk-on trade. We finally had a strong economic report. Durable goods jumped 4.9%, easily beating estimates for 2%. Excluding transportation equipment, durable goods orders increased by +1.8%.

Gary’s Thoughts: The DOW finished slightly above the 50 day. The S&P finished right on it. Everything else is lagging. Good close. Should lead to more upside but market very very overbought on near term basis here.

The nutjobs running this world are getting desperate!

SOURCE: http://garykaltbaum.com/imf-report-urges-g20-to-prepare-global-economic-stimulus-plan/

The Morning Look

Stock Market Overview: 

Futures are up ahead of Thursday’s open. Stocks staged a big positive reversal on Wednesday after bouncing off their 10 day moving average line. The next level of resistance to watch is Monday’s high and the 50 DMA line.

Gary’s Thoughts: We repeat…watch the 50 day. A move above does not hurt but keep in mind, very little in the way of leadership.

Economic Data: 

  • Dennis Lockhart Speaks 8:15 AM ET
  • Durable Goods Orders 8:30 AM ET
  • Jobless Claims 8:30 AM ET
  • FHFA House Price Index 9:00 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
  • John Williams Speaks 12:00 PM ET
  • Fed Balance Sheet 4:30 PM ET
  • Money Supply 4:30 PM ET

 

  • Brazil Credit Ratings Cut to Junk by Moody’s
    Gary’s Thoughts: If we didnt print money, we would be cut also.

The Closing Look

Stocks opened lower but closed higher on Wednesday after the latest round of lackluster earnings and economic data were released. Oil prices also positively reversed after the latest EIA report was released. Economic data was less than thrilling. First, February’s Flash PMI Services Index Fell to 49.8, miss estimates for 53. Then New Home sales plunged -9.2% last month to an annualized rate of 494,000, missing the Street’s estimate for 520,000. This clearly shows that the economy is slowing, not strengthening and that is a problem for both Main Street and Wall Street. Earnings data was also less than stellar. Avis -Budget Group (CAR) plunged over 23% after the company lowered guidance for 2016. The company lowered adjusted EPS to $2.70-$3.30, which was lower than the Street’s estimate for $3.43. Target TGT ($TGT) also missed estimates but the stock was not hurt because the company raised guidance.

Gary’s Thoughts: Wow…that was one heck of a reversal. Just letting you know fedheads out in force yesterday talking no rate hikes imminent! On Monday, markets hit a wall near the 50 day average. They will now get another attempt!