The Morning Look
Market Update:
Stock futures are quiet before Friday’s open as investors digest the latest round of earnings data and wait for the inauguration.
Gary’s Thoughts: IBM down a couple on no growth. SWKS up nicely on no growth. AXP down couple percent…same for GE. Futures up decently on this, inauguration day.
Economic Calendar:
- Harker Speaks 9:00 AM ET
- Baker-Hughes Rig Count 1:00 PM ET
- John C. Williams Speaks 1:00 PM ET
Highlights:
- Obama Commutes More Sentences Than Any Other U.S. President
Gary’s Thoughts: Bye bye. Thank you for your service to this country and the $9 trillion of new debt left for us. - Netflix Throws Extra $1B at Original Content, Shares Rally
Gary’s Thoughts: It’s working so far.
Thank God and Greyhound he’s gone.
The market:
What it boils right down to is,,,, will we see a short covering rally into EOM ( end of month) , or won’t we ?
Maybe a lower high near the top into February, …. then a pull back ?
My two secret indicators are telling me, that short term the market is far more bullish, than bearish.
My bet: Long; …..on a short covering rally, …..in the banks.