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The Closing Look

ByGary Kaltbaum

Stocks were very quiet on Thursday even though the Bank of England announced a large round of easy money.The Bank of England cut rates for the first time in seven years by 1/4 point to 0.25%. They are buying corporate bonds and amazingly, ANOTHER 455 BILLION EUROS in printed money (QE). This is on top of the several trillion additional printed yen Japan just already announced. This is on top of the (depending on what abacus you are using) $2-3 trillion of printed money already happening each year. This is on top of the ever-deepening negative rates. This is on top of the outright buying of markets. This is on top of the 0% rates (which is now considered a piker). Tomorrow is the fake jobs report.

Gary’s Thoughts: Market looked in trouble this week…now looks like wants another leg up. Will know off fake jobs number tomorrow.