The Morning Look

Stock Market Overview: 

Futures are lower ahead of Wednesday’s open after the bulls showed up over the past few days and defended the all-important 50 DMA line… for now.

Gary’s Thoughts: The government crushed Office Depot and Staples’ shareholders as they are worried about a monopoly in office supplies. Really? That office supply business would be a killer. Don’t worry about all the airline mergers! Don’t worry about the biggest monopoly of them all…the Federal government. Don’t you just love people! 

Economic Data:

• MBA Mortgage Applications 7:00 AM ET
• EIA Petroleum Status Report 10:30 AM ET
• 10-Yr Note Auction 1:00 PM ET
• Treasury Budget 2:00 PM ET

Highlights Of The Day:

• Amazon Targets YouTube With New Online Video Posting Service
  Gary’s Thoughts: Amazon is a beast!
• Bank of America: ‘Vortex of Negative Headlines’ to Send U.S. Stocks Plummeting
  Gary’s Thoughts: Hmmmmm! Buy?
• Stocks bounce after Japan’s threatens to intervene in the currency market if the Yen continues to rally… They already own stocks so who knows if they don’t already intervene in the FX market.
  Gary’s Thoughts: Japan intervene? You mean 0% forever, printing of money forever and buying up your stock markets is not intervening?