The Morning Look
Market Update:
Stock futures are relatively quiet ahead of Tuesday’s open as the market continues to digest last week’s very strong rally.
Gary’s Thoughts: At 835 AM, futures were flat. In a nanosecond, the dead, the down and out, the crushed big Nasdaq-types were juiced with NDX now up .5% premarket. Everything else less so. Last night, we told you gravity would eventually take over where the overbought pulls in and the oversold bounces higher. We are getting that this morning as we are also seeing financials pulling in pre-market. We also want to mention that Warren Buffett taking a position in SW Airlines has all the airlines lifting this morning. The “Trump effect” continues.
Economic Calendar:
- Eric Rosengren Speaks 7:30 AM ET
- Retail Sales 8:30 AM ET
- Empire State Mfg Survey 8:30 AM ET
- Import and Export Prices 8:30 AM ET
- Redbook 8:55 AM ET
- Daniel Tarullo Speaks 9:05 AM ET
- Business Inventories 10:00 AM ET
- Rob Kaplan Speaks 1:30 PM ET
- Stanley Fischer Speaks 1:30 PM ET
Highlights:
- Tech Melts Down for Fourth Day With Amazon Cut by $35 Billion
Gary’s Thoughts: Big oversold bounce on open today. - Trump’s Advisers Recommend Mnuchin for Treasury Secretary
Gary’s Thoughts: He is the chalk for the job.