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The Morning Look

ByGary Kaltbaum

Stock Market Overview: 

Futures are up before Thursday’s open as the market continues to bounce from deeply oversold levels. In the last 4 trading days, the benchmark S&P 500 has soared over 120 points or over 6.5%. That is not “normal” bull market action and moves of that size typically occur during bear market rallies. Gary has done a fantastic job of navigating this difficult market for you as he called the top perfectly for you in the latter half of 2015 for stocks and called the short term low last Thursday on 2.11.16.

Gary’s Thoughts: We are open to anything. Maybe THE low is in and we build stairsteps on the upside once we end this initial “jolt’ off the lows. Or maybe this is another of those “bear market rallies are sharp, quick, get people talking, make you feel good, suck you in…only to bury you soon after. All we know is we felt “A” low last week and will not alter until market shows distribution again. There is still a clear lack of leadership measure by new yearly highs and great growth names coming on. Hopefully, this gets built on. We would rather have bull markets than bear markets.

Economic Data:

  • Jobless Claims 8:30 AM ET
  • Philadelphia Fed Business Outlook Survey 8:30 AM ET
  • Bloomberg Consumer Comfort Index 9:45 AM ET
  • Leading Indicators 10:00 AM ET
  • EIA Natural Gas Report 10:30 AM ET
  • EIA Petroleum Status Report 11:00 AM ET
  • John Williams Speaks 3:30 PM ET
  • Fed Balance Sheet 4:30 PM ET
  • Money Supply

Highlights Of The Day:

    • Fed Minutes showed policy makers are concerned with global market turmoil and are still “data dependent”
      Gary’s Thoughts: As we have stated, they are more interested in rigging markets than anything else as it is the bad markets that drop the curtains on what is really happening.
    • Oil jumps 6% on Wednesday after Iran said they want to stabilize the oil market
      Gary’s Thoughts: Overdue…!
    • AmEx Overhauls Management in $1 Billion Cost-Cutting Effort
      Gary’s Thoughts: Needs new management.