The Closing Look

Stocks fell on Wednesday which is perfectly normal after such a strong rally. Oil prices fell which dragged a slew of energy stocks lower. Before the open, Michael Kors ($KORS) reported earnings and beat expectations on both the top line and bottom line but the stock fell 3% on future guidance. Separately, Ralph Lauren ($RL) gapped up after the company reported earnings.

Gary’s Thoughts: Mushy day. Oils continue to swoon as oil prices head lower. Financials, which edged above range, tucked their head in today somewhat. Not much to take away. Earnings season has been blah but market working off the continued raising of the bar of easy money.