The Closing Look

Stocks rallied on Thursday after the ECB held rates steady and extended QE until December 2017. Currently, the ECB is buying 80 billion euros a month and that will drop down to 60 billion starting in April 2017. Financials, transports, steel, industrials, materials, and other areas that are working continued to run and are now very extended by any normal measure.

Gary’s Thoughts: Would like to be long-winded but dont need to be. More of the same. Markets stretched, extended overbought with big dose of bullishness but doesnt matter right now as the ‘Trump rally” continues.