The Morning Look

Stock Market Overview: 

Futures are up ahead of Tuesday’s open and yesterday’s late reversal as investors wait for the latest round of earnings data to be released. 35% of S&P 500 stocks are expected to release earnings this week. Plus the Fed is scheduled to meet on Wednesday and GDP will be released on Thursday.

Gary’s Thoughts: Earnings stink but most are beating the lowered guidance. Durable goods came in crappy but markets cannot sell off as central banks are MORE THAN all in. Just read about major European company offering debt at 0%…does the ECB know how badly they are distorting things as well as SCREWING THE OTHER SIDE…meaning THE INVESTORS! Tomorrow, we get Yellen. We think it a comedy act that pundits wonderiung about June rate hike. THERE WILL BE NO MORE RATE HIKES. They saw what one rate hike would do to markets so they had to back off. 

Economic Data:

• FOMC Meeting Begins
• Durable Goods Orders 8:30 AM ET
• Redbook 8:55 AM ET
• S&P Case-Shiller HPI 9:00 AM ET
• Consumer Confidence 10:00 AM ET
• Richmond Fed Manufacturing Index 10:00 AM ET
• State Street Investor Confidence Index 10:00 AM ET

Highlights Of The Day:

• Crowded Trade: Hedge Funds Are Bearish on Dollar for First Time Since July 2014
  Gary’s Thoughts: That will change on the first strong up day.
• Bank of Japan Owns 10% Of The Nikkei and 55% Of Japan’s ETF’s…
  Gary’s Thoughts: But don’t worry. It is normal for central banks to buy up markets. Remember, we once joked about Bernanke and asked: why doesnt he just buy up the whole freaking S&P? Looks like the BOJ listened.