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Thursday’s Morning Look

ByGary Kaltbaum

Market Update:

Stock futures are lower ahead of Thursday’s open as stocks continue to hit fresh record highs.

Gary’s Thoughts: Futures flat…would love some rest here…NTES big gap to new highs of the day….

One important note: lots of yapping that Jack Dorsey bought $7 million of Twitter stock this week. Terrific but he also bought in previous years at much higher prices. We are not saying that the stock does not go higher but when looking at insider buying, it is important to look at the past.

Economic Calendar:

  • Housing Starts 8:30 AM ET
  • Jobless Claims 8:30 AM ET
  • Philadelphia Fed Business Outlook Survey 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:

  • Yellen Sees More Rate Hikes Ahead If Economy Stays on Course
    Gary’s Thoughts: New president…we guarantee 100% a hike in March bit who cares at this point/
  • IRS won’t reject tax returns if they do not include Obamacare disclosures
    Gary’s Thoughts: Trump ordered this and good…terrible Obamacare mandate/rule…whatever.