The Morning Look
Market Update:
Stock futures are a little lower ahead of Thursday’s open as the market digests its robust post-brexit rally.
Gary’s Thoughts: And Biotech up early as BIIB up $15 on numbers. Market broadening out on crappy earnings. Do we have to say it…central banks!
Economic Data:
- Weekly Bill Settlement
- 52-Week Bill Settlement
- Jobless Claims 8:30 AM ET
- Philadelphia Fed Business Outlook Survey 8:30 AM ET
- Chicago Fed National Activity Index 8:30 AM ET
- FHFA House Price Index 9:00 AM ET
- Bloomberg Consumer Comfort Index 9:45 AM ET
- Existing Home Sales 10:00 AM ET
- Leading Indicators 10:00 AM ET
- EIA Natural Gas Report 10:30 AM ET
- Fed Balance Sheet 4:30 PM ET
- Money Supply 4:30 PM ET
Highlights:
- Wall Street Banks Slashing Pay By Largest Amount in Four Years to Preserve Profits
Gary’s Thoughts: Trillions not enough? - Lynch Says Police Feel ‘Under Siege’ in Wake of Repeated Attacks
Gary’s Thoughts: We’ll tell you why!
Humm, my bet is we just finished a nice rally given to us by the banks; ….for the Republican convention.
Now, and tiny relief pullback, maybe today, and tomorrow.
Monday, I think we start the Democrat convention, sooooo, what’s good for the republicans, is good for the democrats;;; , we should get a rally ( or at least hold the top) through next week.
July end, ,ends the conventions, and end of month window dressing, butt…… by then we will have built support into the market here.. ,Sooo,,,, it’s a rather even bet as to where it will go.
My bet: A pullback for a month or so, then, we $ ZOO,oooo m higher for the elections,
and we rally into early January.
After January 2017……
I dunno.