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The Morning Look

ByGary Kaltbaum

Market Update:

Stock futures are relatively quiet ahead of Thursday’s open as investors digest the week long’s sell off, the latest Fed meeting, the latest round of earnings, and are now waiting for the election on Tuesday.

Gary’s Thoughts: FB down about $5.50 near open not helping NASDAQ but S&P futures up a wee bit. FB was down over $9 overnight. As we stated at the close yesterday, put/calls have spiked to extreme levels as massive put buying has appeared. This often leads to a relief rally but leave no doubt, more damage done yesterday. We are well aware November and December are usually decent months but different world right now with fed and election.

Economic Calendar:

  • Weekly Bill Settlement
  • Chain Store Sales
  • Challenger Job-Cut Report 7:30 AM ET
  • Jobless Claims 8:30 AM ET
  • Productivity and Costs 8:30 AM ET
  • Gallup Good Jobs Rate 8:30 AM ET
  • Bloomberg Consumer Comfort Index 9:45 AM ET
  • PMI Services Index 9:45 AM ET
  • Factory Orders 10:00 AM ET
  • ISM Non-Mfg Index 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:

  • 7th Straight Time The Fed Leaves Rates Steady
    Gary’s Thoughts: Blah blah blah…really sick of them. Why arent savers marching on Capitol Hill!
  • Facebook Reacts To Earnings
    Gary’s Thoughts: Down but not nearly as bad as last night. Growth has to slow as the company gets bigger.  Earnings and sales were again strong.