The Closing Look

Stock Market Commentary:

Stocks fell on Monday as the market paused to digest last week’s big oversold bounce. Oil prices fell again which dragged a slew of energy stocks lower.  Oil plunged more than 7% which is not an insignificant sum. Economic data was thin on Monday. The Dallas Fed January manufacturing index fell to negative -10.2 vs 12.7 in December. The business activity index was minus 34.6 which missed estimates for -14 and last month’s reading of -21.6 the previous month.

Gary’s Thoughts: At 11 am, I looked at my peeps in the office and told them there was something wrong. A/D was again horrid, the small caps were again being trashed and the financials couldn’t get a life. In fact, several big financials have already broken into new low ground. This is less than thrilling for a nascent rally off of last Wednesday’s reversal.  The bear market rally already sucking wind after 3 days…

And lastly, the WSJ has an article this morning titled “SOME MARKET SIGNALS START FLASHING RED!” Really! Really! NOW they are flashing red?