The Morning Look

Stock Market Overview: 

Futures are slightly lower ahead of Friday’s open as investors digest a volatile week. The market digested a slew of earnings and economic data this week.

Gary’s Thoughts: And we forgot gold breaking out now. Gold stocks led the metal. And….we think there is a better than 50% shot that market topped for at leas tthe short term yesterday…notwithstanding Yellen announcing QE4…which yes, we believe will eventually happen.

Economic Data:

• Rob Kaplan Speaks 6:30 AM ET
• Personal Income and Outlays 8:30 AM ET
• Employment Cost Index 8:30 AM ET
• Chicago PMI 9:45 AM ET
• Consumer Sentiment 10:00 AM ET
• Baker-Hughes Rig Count 1:00 PM ET
• Farm Prices 3:00 PM ET

Highlights Of The Day:

• U.S. GDP only grew by +0.5% last quarter, missing estimates for +0.7%.
  Gary’s Thoughts: And Obama taking victory laps.
• Carl Icahn sold his entire stake in Apple- after holding it for 3 years
  Gary’s Thoughts: Bad form by Icahn! He promoted his buying and ownership. He does not owe the public anything but if you are going to promote one side, you should alert to the other side…not after.