The Morning Look
Market Update:
Stock futures are down ahead of Friday’s open as investors digest a busy week of economic and earnings data.
Gary’s Thoughts: Futures worsening as we get near open. MSFT big gap off of flat sales…go figure. MCD beats and rallies…been a terrible stock. Very interested to see if as usual, buyers stop any bleeding preventing indices from breaking another area of important support.
Economic Calendar:
- Daniel Tarullo Speaks 10:15 AM ET
- Baker-Hughes Rig Count 1:00 PM ET
- John Williams Speaks 2:30 PM ET
Highlights:
- ECB Does Not Announce “More” Easy Money
Gary’s Thoughts: Wanna make a bet? - Wells Fargo just lost its accreditation with the Better Business Bureau
Gary’s Thoughts: Stupid! Wells Fargo is a great company that screwed up badly. They will pay the price for their indiscetions. Most of its business is sound and they will fix this up. We have no skin in the game defending them.
This market is not bleeding.
Pfarrt….
The market is pulling back on a very extended dollar, and ( to my mind at least ) every trader out there is holding long positions, waiting for the dollar rally to cool off..
Look at commodities, they are BS, ( bull strong ) .. in the face of a huge dollar rally,,, if that tells you anything, it should tell you ( short term ) that there is no faith in the dollar rally.
Gezz, all you have to do, is look at DBA, and DBC, both are crowding resistance, as the dollar is badly extended … up !
Q: What happened when the dollar pulls back ?
A: DBA, and DBC will both rally up through resistance.
Yoda is looking for longs.