Market Alert - Pre-Market

Futures vs FV: SP -16.98; DJ -114.39; NASDAQ -39.56

Futures are lower after Thursday's modest weakness as the pullback continues. There is no specific story, just all markets are moving in sync after a rally higher.

To wit, bonds continue their rally with German bonds at record lows and indeed there are record lows around the world.

Oil is on a second day of fade and they are talking as if it is done, finished, over. Hey, it just hit a higher high and is taking a test. Perhaps it is over, but at this stage it is just testing.

Follow the money: After a $1.6B inflow last week, $2.6B comes out this week.

Mattress firm has a lumpy quarter, missing estimates (MFIRM)

URBN (apparel) misses on same store sales.


OTHER MARKETS
Bonds: 1.656% vs 1.68%. US bonds continue their rally along with the rest of the world.

EUR/USD: 1.1310 vs 1.1314

USD/JPY: 106.844 VS 106.66

Oil: 49.82, -0.74. Oil continues lower in a second day of fade off its run to a higher recovery high.

Gold: 1273.50, +0.20. Taking a breather after a madcap week to the upside.


Futures continue lower into the open, trading at the morning lows. Obviously a down open and it has many people starting to panic. Amazing how this market can engender such fear in what for now looks like a pretty normal pullback.

Thursday the market came back from some selling. We will see how it works today as the indices are set to test the 10 day EMA, the closest support, on the open.

Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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