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The Closing Look

Stock Market Commentary:

Stocks opened lower on but closed higher on Thursday as the US dollar continued to fall gold continued to bounce. Oil prices fell and closed lower on Thursday after encountering resistance near January’s high. More stocks gapped down after reporting lousy numbers. Shares of Ralph Lauren plunged over 20% after reporting a disappointing quarter. Shares of GoPro (GPRO) tanked over 7% after the company lowered their 2016 outlook. In Europe, Shares of Credit Suisse ($CS) plunged to the lowest level since 1991 after the bank posted its first full-year loss since 2008. Shares of Deutsche Bank ($DB) also plunged to the lowest level in over a decade and both stocks are trading below their 2008 lows! That’s with the European Central Bank printing billions of dollars every week to stimulate markets and their lackluster economy. 

Gary’s Thoughts: Mixed bag of slop with huge gaps to the downside in LNKD and DATA after the close. Does not thrill that big retail like LB,KSS,RL and others continue to implode. Even with some rotation today, we remain less than thrilled.

One Comment

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