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The Morning Look

ByGary Kaltbaum

Market Update:

Stock futures are flattish ahead of Thursday’s open after The Bank Of England threw more easy money at markets. In response to Brexit, The Bank of England cut rates by a quarter point to 0.25%, expanded QE and is beginning a corporate bond buying program. Remember, the always fun and fake jobs report will be released on Friday.

Gary’s Thoughts:          Bank of England…another 1/4 point rate cut, the buying up of corporate bonds and amazingly, ANOTHER 455 BILLION EUROS printed. This is on top of the several trillion additional printed yen Japan just announced. This is on top of the (depending on what abacus you are using) $2-3 trillion of printed money already happening each year. This is on top of the ever-deepening negative rates. This is on top of the outright buying of markets. This is on top of the 0% rates (which is now considered a piker).

As we told you years ago, the socialist, Keynesian nutcases will never ever, ever be able to roll this nonsense back but to our amazement, we have found out that there are no limits…no limits on how much money printed and no limits on how low interest rates will be taken. We actually thought 0% had to be the low.
We know where this will end. We just do know when this will end. Markets continue to be buffeted by all this nonsense. As long as the Dow and S&P 18 month breakouts hold, all is just about well.

Economic Data:

  • Chain Store Sales
  • Rob Kaplan Speaks 6:15 AM ET
  • Challenger Job-Cut Report 7:30 AM ET
  • Jobless Claims 8:30 AM ET
  • Gallup Good Jobs Rate 8:30 AM ET
  • Bloomberg Consumer Comfort Index 9:45 AM ET
  • Factory Orders 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:

  • No Photo Needed: Texas Agrees to Looser Voter ID Rules for November Election
    Gary’s Thoughts: The world is going nuts!
  • Samsung Wants In On Self Driving Car Market
    Gary’s Thoughts: We are telling you. No one is going to want self driving cars. Then again, we thought the IPOD was just another Walkman!