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The Morning Look

ByGary Kaltbaum

Market Update:

Stock futures are higher ahead of Wednesday’s open as the market continues to rally. On Tuesday, the S&P 500 hit the highest level since July and is now above key resistance at 2,111.

Gary’s Thoughts: The dollar smacked again this morning…oil, gold commodities again on the move. Here is what we wrote after the close yesterday. It remains appropriate:

“Off of a change of central bank stance, the dollar continues to weaken…leading to a rise n commodities. But what happens if Yellen wakes up next week and raises rates? Dollar soars, commodities hit and markets in trouble. Again, markets continue to be held hostage by one woman and a few others running other central banks. The decisions of a few moving markets. Markets are supposed to be about the fear and greed of investors and speculators at a time and at a price. Not any more.”

 

Economic Data:

  • MBA Mortgage Applications 7:00 AM ET
  • JOLTS 10:00 AM ET
  • Quarterly Services Survey 10:00 AM ET
  • EIA Petroleum Status Report 10:30 AM ET
  • 10-Yr Note Auction 1:00 PM ET

Highlights:

  • Valeant Slumps Again After New CEO Fails to Reassure Investors
    Gary’s Thoughts: 90% drop! Lessons!
  • U.S. Airlines Are Succeeding More This Year at Raising Your Fare
    Gary’s Thoughts: That’s because they can!