The Morning Look
Market Update:
Stock futures are lower before Thursday’s open as investors wait for a slew of earnings to be released over the next few weeks.
Gary’s Thoughts: Futures down…weaker Europe not helping. Big financials reporting earnings tomorrow…very important to watch. On the gold front, looks like the GDX sets up well just above the 50 day. To watch!
Economic Calendar:
- Jobless Claims 8:30 AM ET
- Import & Export Prices 8:30 AM ET
- EIA Natural Gas Report 10:30 AM ET
- Dennis Lockhart Speaks 12:30 PM ET
- Bullard Speaks 1:15PM ET
- Treasury Budget 2:00PM ET
- Fed Balance Sheet 4:30PM ET
- Janet Yellen Speaks 7:00PM ET
Highlights:
- Trump says pharma ‘getting away with murder,’ stocks slide
Gary’s Thoughts: Not smart. - Obama Says Farewell As His Legacy Unravels
Gary’s Thoughts: Listen to the first segment of our radio show yesterday.
The market fell today…
The sky is falling !
The sky is falling !
Ya, maybe the sky is falling, but the earth ( the 50 day MA ) ain’t far below.
Support is very close for IWM, and SMH, ……. if/when they hit the 50 day MA, they could easily hold up the entire stock market.
Q:
Yoda, where is the market going ?
A.
Dunno, …. yet.
.
Gold, …hum, Yoda comments, it looks like the banks are rigging the dollar/Shekel lower , so gold is likely to rise, butt…
The dollar is also on the 50 day, MA, so we are not in a confirmed gold rally….. yet.
The dollar/shekel can bounce here….
As for gold, lets hold our breath, and wait for a confirmed breakdown in the currency.
One more trip up in the shekel, then a break down should pretty well do it.