The Closing Look

On Thursday, stocks opened lower after the latest round of economic and earnings data was released. Before the open, Wal-Mart ($WMT) beat by 10 cents but that came after the retail giant lowered guidance several times in the past year. Economic data was mixed,  jobless claims fell by 16k, to 278, missing estimates for 275k. The Philly Fed Survey fell to negative -1.8, missing estimates for a reading of positive 3. The reading was deeper into negative territory and a big miss.

Gary’s Thoughts: After another nauseating day, late action has the market getting back a decent amount of the day with some notable technical stuff…namely S&P undercutting and finishing at support…namely commodities “feeling” the worst is over…for this second. Revisit us in the next second. We suggest a bounce comes off of this as certain areas already not believing what the Fed had to say. Unfortunately, we continue to be held hostage by a select few ex-tenured professors running the world and its conjured up money!