Market Alert - Pre-Market

Futures vs FV: SP -0.58; DJ -8.06; NADSAQ +1.27

Stocks futures are muddling around the flat line. Gee, is that a surprise given the past 5 to 10 sessions and the lateral moves? Except for SOX of course. And SOX many be higher again as TXN beat on earnings and is up nicely pre-market.

Stocks continue their lateral move into the open, pondering Japan's latest stimulus comments, the continued drop in oil prices, and earnings present and earnings to come.

Japan: The Finance Minister said it was leaving stimulus decisions up to the BOJ. Since the BOJ's authority is limited pretty much to rate moves, that means Friday Japan is unlikely to produce any of the more serious stimulus measures that were hyping up the possibilities. Unless this is subterfuge on the Fin Min's part, that shows central banks not so gung ho for stimulus given the world market recovery post-Brexit.

The Fed starts its 2-day rate decision meeting today. Just tossing that in.

Earnings stories are moving stocks.

BEATS: EXAS (up nicely); LLY; DD; UTX (increased guidance): GILD, TXN

MISSES: MMM (TL, lowered guidance); UA (BL); VZ (TL); LVS (TL, BL); BP (BL and cutting spending).

Tuesday irony: Polls in Mexico show that its citizens want a border wall . . to the south between Mexico and Central America.


OTHER MARKETS
Bonds: 1.56% versus 1.57%

EUR/USD: 1.0993 VS 1.0992

USD/JPY: 104.30 vs 105.83. Dollar falls on Japanese stimulus comments.

Oil: 42.46, -0.67

Gold 1328.50, +1.80


Another mushy open for stocks as they continue the lateral move of the past week and more. Still waiting on the next catalyst to send them higher. Some good earnings results, some not so good, still not enough to move the market until the big names such as AAPL (Tues), FB (Wed), AMZN, GOOG (both Thursday) report. Oh, and central banks as well.

The news on the banks front is not as supportive for stocks, but the lateral move thus far continues. So far the consolidation is working, but still seeking the next catalyst.

Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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