Futures vs FV: SP -5.62; DJ -49.70, NASDAQ -8.23
Futures are lower so what is the cause? There has to be a smoking gun. There are not many news stories out there, none that appear to be of the caliber to cause selling. Of course the networks are finding a reason, and 'rethinking' the FOMC statement and the possibility of sooner rate hikes is the reason du jour.
It is expiration. That appears to be more of a salient reason than 'rethinking' the FOMC. It is always a compilation of events, and the market just has been back and forth of late, unable to show a sustained move higher. It has to show a move upside again and take out those Monday highs. Today, the open is going to be softer and we will see what kind of bids return. Given it is expiration, however, it won't be that reliable an indicator.
You know the news is slow when CNBC spends 15 minutes on the Viacom soap opera.
Earnings beats: AMAT, ROST, FL
Misses: GPS (TL), DE (TL), HIBB (TL)
OTHER MARKETS
Bonds: 1.57% vs 1.53%. Bonds bouncing down
EUR/USD: 1.323 vs 1.1355
USD/JPY: 100.27 versus 99.19
Oil: 48.40, _0.18
Gold: 1346.30, -10.90
Stocks were up Thursday so down today. Again, we need to see if bids return. Not too hopeful that happens today and will watch the big name NASDAQ leaders.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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