The Morning Look

Stock Market Overview:

Stock futures are down sharply before Wednesday’s open as investors continue to unload their positions. Oil prices fell overnight to a new multi-year low and continue to implode. This relentless selling further signals what Gary has been telling you for months: markets across the globe are forecasting a recession.

Gary’s Thoughts:  Soon the rest of Wall Street will be telling you what we have been telling you for months.

Economic Data:

• Housing Market Index 10:00 AM ET
• MBA Mortgage Applications 7:00 AM ET
• Consumer Price Index 8:30 AM ET
• Housing Starts 8:30 AM ET
• Redbook 8:55 AM ET

Highlights Of The Day:

• Earnings still a mixed bag as most companies still are not able to beat already lowered estimates
  Gary’s Thoughts: Earnings will be blah…and that’s being nice. 

• A slew of Central Banks are meeting this week. Starting with the Bank of Canada and Brazil’s Central Bank on Wednesday
  Gary’s Thoughts: Playing space invaders.
• Atlantic City mayor warns of possible bankruptcy
  Gary’s Thoughts: Possible? Probable!