The Closing Look

Stocks opened lower on Monday as investors wait for a busy week of “data.” On Wednesday, the Fed will conclude its latest two day meeting, on Thursday U.S. GDP will be announced and the Bank of Japan (Japan’s Central Bank) will conclude its latest policy meeting.

Plus, it will be another busy week for corporate earnings. Overnight, two big stories broke from Asia: First, the FT reported that China’s total debt rose to a record 237% of GDP according to the FT. Second, Bloomberg reported that The Bank of Japan has become the Tokyo Whale and currently owns about 10% of the Nikkei 225 index. We have said for a long time Central Banks are buying stocks, now it is confirmed.

Gary’s Thoughts: Markets again weak throughout day and good rebound by close but finally, commods start pulling in as well as a few others.