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The Morning Look

ByGary Kaltbaum

Market Update:

Stock futures are lower ahead of Monday’s open as investors digest wait a slew of earnings to be announced this week.

Gary’s Thoughts: Will have our weekend report tonight as we were traveling. Futures basically flat but after reversing up Thursday, we reversed down Friday with more deterioration. But indices have not broken support yet. But to be clear, watch it closely as more deterioration will certainly get them. Earnings come out in droves now. Not thrilling that gaps to the upside in financials on Friday were sold off. Will keep watching as well as watching the SOX. Held 50 day again but action starting to look suspect. Still have good relative bid in oils as oil prices remain firm.

Economic Calendar:

  • 3-Yr Note Settlement
  • 10 Yr Note Settlement
  • 30-Yr Bond Settlement
  • Empire State Mfg Survey 8:30 AM ET
  • Industrial Production 9:15 AM ET
  • Stanley Fischer Speaks 12:00 PM ET

Highlights:

  • Yellen’s Talk of Hot Economy Sinks Long-Bonds
    Gary’s Thoughts: Hot economy? Maybe in Albania!
  • More Than 1 Million to Lose Obamacare Plans as Insurers Quit
    Gary’s Thoughts: As we told you 3 years ago, there is only one outcome of a government healthcare plan that had no chance because it never had logical economics…history!