Market Alert - Pre-Market

Futures vs FV: SP +0.50; DJ -1.3; NASDAQ +1.52

Not much economic news out this morning, no scheduled releases. Italian 6+ earthquakes is the big story and an unfolding tragedy.

Oil: API reports +1.4M bbl versus -1.0M prior
Gasoline: -2.2M vs +2.2M prior
Oil is lower on this news.

Earnings beats: LCI, DY, INTU (but lower guidance)
Misses: EXPR (top and bottom line). It is said the clothes line is not that great and kids tell me that is the case.

Gold: Lower as someone dropped $1.5B on the market this morning.

Fed: Barclays says the Fed has to hike in September or it will never hike. JPM says Yellen will disappoint the market on Friday with her Jackson Hole speech. Ooh, scary.

Seattle: New studies find that, golly gee, raising the minimum wage has reduced jobs for those the pay hike was designed to help. The next difference is that group is on average worse off in terms of take home pay after the minimum wage was hiked.


OTHER MARKETS
Bonds: 1.546% vs 1.54%

EUR/USD: 1.1215 vs 1.1309. Dollar higher.

USD/JPY: 100.27 VS 100.20. Higher vs yen as well

Oil: 47.37, -0.73. Off even as dollar rises as inventories news is not conducive to higher prices.

Gold: 1332.50, -13.60


Futures are at the session lows as the market continues its inability to push a gain, hold a lead, whatever cliche you want to use. Watching the small cap index as it made the sharp break Tuesday. Will see if it can hold the gains. Also watching SOX as it has run higher and is due a test. Will other areas outside RUTX take up its slack?

Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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