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The Morning Look

ByGary Kaltbaum

Stock Market Overview:

As of this writing (6:08am), U.S. stock futures are up as investors wait for the latest reading from the housing market (S&P Case-Shiller Index 9am EST) and from the U.S. Consumer (Consumer Confidence 10 am EST). Oil prices are up a little as it bounces from Monday’s nearly -4% shellacking. Remember this is the last week of the year and volume tends to be anemic. It is also a seasonally strong period for stocks (that doesn’t mean stocks have to rally this week, just that they have an upward seasonal bias). Stocks will be open for a full day on Thursday (New Years Eve) and will be closed all day on Friday (New Years Day).

Gary’s Thoughts: After yesterday’s decent reversal to the upside…after yesterday’s good action in glamour names…and with 3 days left for the oys to make hay, today we get the obligatory gap to the upside.

Economic Data:

  • Redbook 8:55 AM ET
  • S&P Case-Shiller HPI 9:00 AM ET
  • Consumer Confidence 10:00 AM ET
  • State Street Investor Confidence Index 10:00 AM ET

Highlights Of The Day:

    •  
    • Oil-Producing States Battered as Tax-Gushing Wells Are Shut Down
      Gary’s Thoughts: We expect a lot of damage if prices stay down.
    • Pep Boys: Icahn offer trumps Bridgestone deal.
      Gary’s Thoughts: The dude has game.
    • Russian GDP Shrinks First Time Since June as Longer Slump Looms
      Gary’s Thoughts: Nyet!