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Thursday’s Morning Look

ByGary Kaltbaum

Market Update:

Stock futures are lower before Thursday’s open as investors digest a busy week of Central Banks, Earnings and Economic data. The always fun jobs report is scheduled to be released before Friday’s open.

Gary’s Thoughts:

Futures down a wee bit. As we stated yesterday, starting to see a few failed breakouts…including the indices that broke above range and are now back in range. Not the end of the world. But now we have a situation where major indices are in the 8th week of tight action. One failed move up. We will see what is next. Lastly, financials of all stripes sitting just above all-important 50 day…to be watched.

 Gold spiking higher as the dollar weakens this morning. Watch the gold miners (GDX) as they look to move above a small range.

Economic Calendar:

  • Chain Store Sales
  • Challenger Job-Cut Report 7:30 AM ET
  • Jobless Claims 8:30 AM ET
  • Productivity and Costs 8:30 AM ET
  • Gallup Good Jobs Rate 8:30 AM ET
  • Bloomberg Consumer Comfort Index 9:45 AM ET
  • EIA Natural Gas Report 10:30 AM ET
  • Fed Balance Sheet 4:30 PM ET
  • Money Supply 4:30 PM ET

Highlights:

  • Trump Urges Senate to ‘Go Nuclear’ If Needed to Confirm Gorsuch
    Gary’s Thoughts: He’s getting things done…
  • Facebook reports a strong quarter but loses its Virtual Reality case, has to pay $500 million in damages
    Gary’s Thoughts: Not fun