The Closing Look

Stock Market Commentary:

Stocks tried to rally but closed mixed on Thursday after China injected nearly $17B into the system to boost markets and The European Central Bank hinted at more money printing. Markets across the globe are deeply oversold and way overdue to bounce. Oil prices jumped as well and are now trading above $30 a barrel. Short term rallies aside, the bigger picture still looks very weak for stocks.

Gary’s Thoughts:  There was not much we liked about a Dow that gave back more than half its gains, a Nasdaq that gave back all its gains, a Russell that was down and financials that don’t have a pulse. Maybe tomorrow. Hopefully for the bulls, Wednesday’s washout still holds sway. Keep in mind, we remain in a bear market where we expect more legs to the downside.