The Morning Look
Market Update:
Stock futures are a little higher ahead of Tuesday’s open as the market pauses to digest a strong post election rally. Looking forward, the highlights for this week are: GDP, OPEC’s next meeting, End of Month, and the always fun (and fake) jobs report.
Gary’s Thoughts: OILS smoked on weakening oil prices. Someone in OPEC blinks again. Other than that, market needs to rest/pull back from the election rip to the upside. Doesn’t mean it has to.
Economic Calendar:
- GDP 8:30 AM ET
- Corporate Profits 8:30 AM ET
- Redbook Bullet 8:55 AM ET
- S&P Corelogic Case-Shiller HPI 9:00 AM ET
- William Dudley Speaks 9:15 AM ET
- Consumer Confidence 10:00 AM ET
- State Street Investor Confidence Index 10:00 AM ET
- 4-Week Bill Auction 11:30 AM ET
Highlights:
- Elizabeth Warren slams Wells Fargo over arbitration position
Gary’s Thoughts: Doesn’t she complain about everything? The fact is Wells should pay a price…which they have already. - AT&T Targets Cord-Cutters With DirecTV Now Web Video Service
Gary’s Thoughts: More of this to come. People realizing why pay for 200 channels if they only watch a few channels.
Gary:
Apparently there are jitters over the Italian election next weekend. Depending on how it goes, some see the Italian banking system in big trouble with a ripple effect through Europe.
What do you think? Thanks!
It’s the dollar.
Will it complete another leg up to complete the pattern ?
Or…
Will the dollar pull back, just before the fed raises interest rates ?..??
Will the dollar hold here, waiting on the fed ?
Will the dollar rally on the fed, to another high, or will it pull back from over bought condition?
Will the market follow the dollar up like it has been ? Over bought, to more over bought ????
Or….
Will the market pull back from over bought condition ?
Even my two secret indicators are confused.
Both are setting up, signaling a market pull back, but the important one, is saying we could easily rally.
The log, and the short:
Yoda has no idea where the market will go from here, and neither does the force..
The market is setting up for a fine short.
Sadly, so is the dollar.
Q: Will a falling dollar hold up the extended market.
A: Dunno…
Dam ! Yoda is in a funk..