Stocks rallied on Wednesday after the Fed minutes showed they are concerned about a stronger dollar. Mortgage applications fell by 12% last week, from two weeks earlier as rising interest rates hurt. Separately, Fiat Chrysler, Ford Motor and General Motors all reported better-than-expected auto sales for December, which helped their stocks rally. U.S. auto sales for…
Market Update: Stock futures are lower before Thursday’s open as traders wait for Friday’s jobs report. Gary’s Thoughts: Futures down just a bit but Macys yonked…Kohls yonked, LB, JWN, JCP and other big retailers smacked….big retailers continue to lag. We suspect there will be many more store closings in the years ahead. Macys just announced…
Stocks were closed on Monday in observance of the New Year Holiday. On Tuesday, stocks rallied on the first trading day of 2017 but closed off their highs after energy prices plunged. Natural Gas plunged 10% mid day on ample supply and a seasonally warm January and February. Oil prices U.S. opened higher but closed lower…
Market Update: Stock futures are higher before Wednesday’s open as traders wait for a busy day and week of economic data. Gary’s Thoughts: Futures up a wee bit as beginning of year starts nicely. Economic Calendar: Motor Vehicle Sales MBA Mortgage Applications 7:00 AM ET ADP Employment Report 8:15 AM ET Gallup U.S. Job Creation…
Market Update: Stock futures are higher ahead of Tuesday’s open on the first trading day of 2017. Gary’s Thoughts: Happy new year to all. Hope you had a great holiday. We are back in the states with serious jet lag but nevertheless, alive and well. We will wait til end of week for bigger report…
Stocks opened higher on Wednesday but turned lower before the Dow could reach 20,000. Economic data was light. Pending home sales slid -2.5%, missing estimates for a gain of +0.5%. In other news, GNC said it will close all 4,400 US stores today to overhaul its pricing system. Anthera Pharmaceuticals (ANTH) plunged -65% after the money-losing biotech…
Stocks were closed on Monday in observance of the Christmas holiday. The market edged higher on Tuesday on the first day of the final trading day of the year. The Nasdaq composite and Nasdaq 100 hit new 52-week highs but pulled back and closed in the middle of the daily range. The S&P Corelogic Case-Shiller home…
Market Update: Stock futures are higher ahead of Wednesday’s open as 2016 winds down. Gary’s Thoughts: As we write this, market is open for a few minutes…nominally higher. AMZN indeed jumps above 50 day early. Let’s see if it can hold. Big cap growth has been mostly comatose since the election. Economic Calendar: Redbook 8:55…
Expect volume to continue to be light as we head into the new year. But except for those areas we have been telling you to avoid, all is well. In fact, major indices are sitting tight after the recent move up. This tells you that so far, even with the move up, sellers refuse to…
Stocks were quiet on Thursday as the Dow continued to trade just below 20,000. Economic data was mixed. Initial jobless claims rose to 275,000 last week, missing estimates for 256,000. Separately, durable goods for November slid by -4.6%, which estimates for -4%. On the positive side, the final read for Q3 GDP was +3.5%, beating the Street’s…
