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The Morning Look

Market Update:

Stock futures were higher before Tuesday’s open as the Fed begins its two-day meeting.

Gary’s Thoughts: We are writing this with Dow up 100 . Also, the comatose big cap tech/internet waking up here. Most trade under 50 day but feel like downside may be over.

Economic Calendar:

  • FOMC Meeting Begins
  • NFIB Small Business Optimism Index 6:00 AM ET
  • Import and Export Prices 8:30 AM ET
  • Redbook 8:55 AM ET
  • 4-Week Bill Auction 11:30 AM ET
  • 30-Yr Bond Auction 1:00 PM ET

Highlights:

  • OPEC-Russia Deal Could Drain Almost Half the Global Oil Surplus
    Gary’s Thoughts: Nah!
  • Gold suffering second-worst quarter in 18 years
    Gary’s Thoughts: Comatose right now.

One Comment

  1. I’d not call for a new rally, so..oooo soon; …my little Jewish friend.
    This market is,,, over bought, trend up, with divergence.

    And, the divergence is in the banks !

    Could it be that the xlf(s) are at last waking up to the fact, that higher interest rates slow economic growth,, that higher interest rates …do not … lead a banking sector higher ?

    As this market rallies , ………….trepidation builds. .. Worry is in this market.

    Q: Is Yoda ready to short ?
    A: Nope.

    Yoda is looks to the mystic power of the force, and reveled to him, is a market that is likely to rally a tad more; to even more extended, then go sideways. But it is highly unlikely that the fed will allow the market to pull back…..much.

    Yoda looks to IEF, for a bond market rally, or a bond market pull back. The answer to which, depends upon tomorrow’s announcement from the fed.

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