The Closing Look

Stocks fell on Thursday as many important areas of the market are now in “pullback” mode. Gary mentioned on Wednesday’s radio show to watch these important areas and because he felt they were putting in a near term top. In perfect fashion, they fell on Thursday and broke below important areas of support. Earlier today, the European Central Bank reaffirmed their easy money stance but that disappointed some people who wanted EVEN more easy money policies. Earnings roulette continued with several stocks gapping up and several gapping down on numbers.

Gary’s Thoughts: Just about everything we told you was set to pull back, pulled back harshly. But good rotation in biotechs help. And what was sold was defensive!