The Closing Look

Stocks fell on Thursday as sellers finally showed up. The selling began in Asia and Europe and continued in the U.S. Japan’s stock market continued to fall as the Yen soared. European stock markets were mostly lower even though the European Central Bank (ECB) hinted at even more easy money! President Mario Draghi wrote in the bank’s annual report today that they won’t “surrender” to excessively low price growth. Then, the ECB’s Chief Economist Peter Praet, spoke at a conference in Frankfurt and made it clear that further stimulus would be provided, if needed. Big financials dragged U.S. markets lower as many big banks broke below their respective 50 DMA lines.

Gary’s Thoughts: Don’t worry. We’ll just gap up tomorrow. Our biggest issue remains those Financials. Acting awful…but enough acting just fine. A little bit of distribution up here but no biggie yet.