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The Morning Look

ByGary Kaltbaum
1 Comment

Stock Market Overview:

U.S. stock futures are up a little ahead of Friday’s open and always fun jobs report. This has been a brutal week on Wall Street and the market is deeply oversold and way overdue to bounce at some point. Gary has expressed caution and has been telling you about how the market has been getting weaker not stronger over much of 2015.

Gary’s Thoughts:  

Greetings from snowy, windy and freezing Denver. Hope you are well. We will have our usual award-winning market report for you over the weekend. As we write this, futures are up nicely as we await the fake job’s number.

Yesterday, we told you the market had to be a day or two away from a good bounce/rally. We suspect it is at hand but frankly, we don’t know if they sell this strong open or keep it going. We just know that the norm here would be a decent rally to work off some of the 1250 point Dow drop we just saw in only six days. It is very important to recognize the biggest up days markets experience occur during bear phases.

Keep in mind, while tons of stuff are down 20% plus, the S&P is not even down 10%from highs (bear phases are a minimum 20 percent). Keep in mind, the same strategists of the big firms who will never tell you it is a bear market until the 20% percent is hit are again out in force telling you this is just a blip and we are still in a bull market. Agenda anyone? If this is not a bear market, we hate to see what one looks like.This weekend, we will cover the fed, China, markets in-depth and also have some thoughts on what it is saying about the economy. We will also cover what this potentially means for the presidential election. Have a great weekend and be careful of “the bottom” calls on every up day.

Economic Data:

  • Employment Situation 8:30 AM ET
  • Wholesale Trade 10:00 AM ET
  • John Williams Speaks 11:30 AM ET
  • Baker-Hughes Rig Count 1:00 PM ET
  • Jeffrey Lacker Speaks 1:00 PM ET
  • Consumer Credit 3:00 PM ET
  • Treasury STRIPS 3:00 PM ET

Highlights Of The Day:

    • China wants to devalue its currency even further to stimulate their economy. They doing a full court press to try and save their market from falling…
      Gary’s Thoughts: We thought China was doing so well. We think they may be in recession regardless of what they tell us.
    • Powerball jackpot hits $700M, largest US prize ever
      Gary’s Thoughts: If we win, we will be writing you from Bora Bora.
    • Tech start-up funding plunged in fourth quarter
      Gary’s Thoughts: oF COURSE IT HAS.
    • Copper Prices Slide to Lowest in Nearly Seven Years
      Gary’s Thoughts: Demand…yikes!

One Comment

  1. After what I saw yesterday, where the bounce got sold off, I would say we will only get a decent bounce near the 1900 level on the S&P. Currently looks like these bounces are being sold even at such oversold levels….needs to get more oversold imo.

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