The Closing Look

Stocks fell on Tuesday after the major indices rallied right into their declining 50 day moving average lines on Monday. This is a logical area of resistance and as we have mentioned a logical area for the market to encounter some trouble. Oil prices fell hard on Tuesday after Saudi Arabia said they do not plan on cutting production anytime soon.

Gary’s Thoughts:  Watch them financials…continue to act awful. Market has no chance if the head lower.

GameStop CEO: Tax Refunds Driving Sales, Boosting Mobile @FoxBusiness

http://www.foxbusiness.com/markets/2016/02/15/gamestop-ceo-tax-refunds-driving-sales-boosting-mobile.html

The Morning Look

Stock Market Overview: 

Stock futures are down sharply as the market remains deeply oversold in the short term. Oil prices are down -4% and are trading in the mid 20’s. Gary called the top perfectly for you in the latter half of 2015 for stocks, helping you sidestep this year’s brutal sell off.

Gary’s Thoughts: Futures yonked again. Need we say more!

Economic Data:

  • Jobless Claims 8:30 AM ET
  • Bloomberg Consumer Comfort Index 9:45 AM ET
  • Janet Yellen Speaks 10:00 AM ET
  • EIA Natural Gas Report 10:30 AM ET
  • Fed Balance Sheet 4:30 PM ET
  • Money Supply 4:30 PM ET

Highlights Of The Day:

    • Republicans Have Already Tripled 2012 South Carolina Ad Spending
      Gary’s Thoughts: Just the beginning.
    • Driverless Cars Also Struggle in the Snow
      Gary’s Thoughts: There is no way I will ever go into a driverless car. Don’t even trust the drivers.

Which Presidential Candidate’s Tax Plan Can Juice the U.S. Economy? @FoxBusiness

http://www.foxbusiness.com/politics/2016/02/01/which-presidential-candidates-tax-plan-can-juice-u-s-economy.html

The Closing Look

Stock Market Commentary:

Stocks fell hard after the Fed concluded its 2-day meeting on Wednesday. The Fed held rates steady but left the door open for a possible rate hike in the future. The market was looking for a more dovish stance whereby the Fed would signal that they are not going to raise rates anytime soon. Steeping back it is important to note that we are in the early stages of a bear market and the defensive stance Gary has told you about for months is front and center.

Gary’s Thoughts: Well…we told you to expect jagged…and jagged we are getting. Facebook will help things a bit tomorrow but not sure how much. We also get Amazon, Microsoft tomorrow and Google on Monday. But the bottom line, today’s high had better not be resistance already. Today’s high had not better be all this rally has. The market already looks bad enough.

The Closing Look

Stock Market Commentary:
Stocks vacillated between positive and negative territory all morning but closed higher as the market tried to bounce after last week’s steep decline. Oil prices opened lower but turned higher as this market tries to bounce from deeply oversold levels. The benchmark S&P 500 also turned higher after briefly falling below the psychologically important level of 2,000 intraday. It was the first time the S&P 500 broke below 2000 since mid-October.
 
Gary’s Thoughts: Reversal day to the upside as a few indices undercut but finished above support. This should lead to some upside testing but don’t blink as markets were all over the map. And of course, Wednesday’s Fed day. Enough said!