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The Morning Look

ByGary Kaltbaum

Market Update:

Stock futures are quiet before Wednesday’s open as investors wait for Tomorrow’s ECB meeting and then next week’s Fed meeting.

Gary’s Thoughts: Down a wee bit but for us, the bigger story that Trump was named Time man of the year…BUT…in that interview states he is going to bring down the price of drugs. Guess what? Big drops this morning for biotechs and drug companies. Duh! We stated yesterday that we worry about Trump’s heavy hands. This simply means using the wand of the bully pulpit to control prices, business and outcome. I understand he wants lower drug prices but you run the risk of hurting drug companies. We can write a novel on this and are sure we will. We believe in market forces not forcing of markets. Again, we shall see.

Economic Calendar:

  • Bank Reserve Settlement
  • MBA Mortgage Applications 7:00 AM ET
  • Gallup U.S. Job Creation Index 8:30 AM ET
  • JOLTS 10:00 AM ET
  • EIA Petroleum Status Report 10:30 AM ET
  • Consumer Credit 3:00 PM ET
  • Treasury STRIPS 3:00 PM ET

Highlights:

  • Trump continues “U.S. Thank You Tour 2016” with rally in Fayetteville, NC after Softbank said it would invest $50 Billion in The U.S.
    Gary’s Thoughts: Spiking the ball. Nothing wrong with that and certainly all good when investments come to this country.
  • Vice President-elect Mike Pence delivered remarks at a Heritage Foundation Event
    Gary’s Thoughts: Friendly confines.