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The Morning Look

ByGary Kaltbaum

Market Update:

Stock futures are flat ahead of Thursday’s open as investors digested the final Presidential Debate, the latest ECB meeting (they did not add more easy money), and the latest round of earnings data.

Gary’s Thoughts: Futures down a wee bit after being up most of the night. Earnings have been blah but many companies smart enough to guide down during quarter in order to beat the number.

In election news, you obviously know what we think but the big story is that Trump does not have a good ground game, has not been spending money like Clinton and is not campaigning in the right states. If the election was held today, we believe the crook would get at least 300 electoral votes putting this woman into the White House for 1460 days. We think there is a decent chance of a 50-50 tie in the Senate thus the tiebreaker goes to the Dems but we do not think the Dems get the house. Of course, there is just under 3 weeks left so things could change.

Economic Calendar:

  • Jobless Claims 8:30 AM ET
  • Philadelphia Fed Business Outlook Survey 8:30 AM ET
  • William Dudley Speaks 8:30 AM ET
  • William Dudley Speaks 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
  • William Dudley Speaks 4:45 PM ET

Highlights:

  • Investor Cash Levels Jump Toward Levels Not Seen Since 9/11
    Gary’s Thoughts: This is actually potentially bullish as cash is potential ammo.
  • Presidential Election Enters The Final Stretch…
    Gary’s Thoughts: Can’t wait til it is over.