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The Morning Look

ByGary Kaltbaum

Market Update:

Stock futures are relatively quiet ahead of Friday’s open as investors digest a busy week of earnings, central bank and political news.

Gary’s Thoughts: Fake employment number out…as expected. Futures flat. Not a lot to take from it. The trees…market is very short-term oversold and could bounce at any time. The forest…lots of technical damage done. To take the positive side: financials still act fine…transports actually look like they can break above range…semis, while a smidge below the 50 day, are still not broken…steel stocks, on horrible earnings act decently here. But to repeat…lots of damage done. Patience imperative unless you like trading random bounces.

 

Economic Calendar:

  • Employment Situation 8:30 AM ET
  • International Trade 8:30 AM ET
  • Dennis Lockhart Speaks 8:30 AM ET
  • Rob Kaplan Speaks 12:00 PM ET
  • Baker-Hughes Rig Count 1:00 PM ET
  • Stanley Fischer Speaks 4:00 PM ET

Highlights:

  • Colorado voters have the chance to kill Obamacare in the state
    Gary’s Thoughts: It will be killed by its own weight.
  • Oil hits new 5-week low below $45, as global supply glut scares traders
    Gary’s Thoughts: Recent numbers define glut.