The Morning Look

Market Update:

We will have a bigger report Monday night on both markets as well as the election but right now, we are in Ryder Cup heaven  as we attended what we believe is the greatest sporting event we have ever been to…and we have been to many. Electric, patriotic, pressure packed just starts to describe it. Mr. Palmer would have been thrilled.

As far as markets…the past 8 days have seen close to triple digit gains or losses each day. One day, Opec says something so the oils jam to the upside. Another day we hear that Deutsche bank is collapsing causing a 200 point drop led down by the financials. The next day we hear government again steps in to save the day for Deutsche bank so we rip 200 to the upside led by financials, but this time to the upside. Vertigo anyone? It seems markets only move when another government entity takes action.

The standout remains the nasdaq/ndx-types as the semis (looks like every name will be bought out), internet and miscellaneous tech continues to lead. We just think this remains about as split tape and a tough tape as we have seen in a long time. This can be evidenced by what we are seeing in many sectors as side by side, we continue to get bull and bear markets. The good news is all bad days have stalled to the downside but on the other end, it seems all good days stall very quickly to the upside.

Economic Calendar

• Motor Vehicle Sales
• Gallup US Consumer Spending Measure 8:30 AM ET
• PMI Manufacturing Index 9:45 AM ET
• ISM Mfg Index 10:00 AM ET
• Construction Spending 10:00 AM ET

Highlights:

• Deutsche Bank, Paschi, Nomura Staff Charged Over False Accounts
  Gary’s Thoughts:
• Near ‘Collapse,’ Minnesota to Raise Obamacare Rates 50%
  Gary’s Thoughts: