The Morning Look

Stock Market Overview:

U.S. stock futures are down sharply this morning dragged lower by a new round of selling in Asia. The selling began in China when their stock market plunged over 7% and triggered new circuit breakers that were put in place today. The new measures were announced after last summer’s steep decline. Monday marks the first trading day for the month, quarter and year. Stocks ended mixed in 2015 with all the popular indices ending lower except for the Nasdaq and Nasdaq 100. The DJ Industrial Average, Dow Transports, S&P 500, S&P 400 (Mid-Caps), S&P 600 (small caps), Russell 2000 (small-caps), and NYSE Composite all fell in 2015 which illustrates what Gary has been telling you for months and months (leadership is very narrow and most of the market remains in bad shape). We’ll see what happens in 2016 but as of now, the overall action suggests lower, not higher, prices will follow.

Gary’s Thoughts: HAPPY NEW YEAR! Do not forget what we have been writing about for months.

Economic Data:

  • PMI Manufacturing Index 9:45 AM ET
  • ISM Mfg Index 10:00 AM ET
  • Construction Spending 10:00 AM ET
  • TD Ameritrade IMX 12:30 PM ET
  • Gallup US Consumer Spending Measure 2:00 PM ET

Highlights Of The Day:

    • Chinese stocks plunge 7%, trigger world wide sell off.
      Gary’s Thoughts: Yup!
    • Obama May Travel to Cuba as Part of Final Year’s To-Do List
      Gary’s Thoughts: Travel to Cuba…but not Israel!
    • S&P 500 and Dow Jones Industrial Average Experienced Their Worst Year Since 2008
      Gary’s Thoughts: It’s 2016 that matters now.
    • Iran see ‘divine vengeance’ after Saudis execute cleric
      Gary’s Thoughts: We are still depressed about the Giants.