Market Alert - Pre-Market

Futures vs FV: SP +7.24; DJ +78.20; NASDQ +11.45

Futures are off the morning highs but not much. Gapped higher to start the session and have traded in the same narrow range since. Thus after last Monday started weaker then moved higher, this one is dropping the lower pretense.

Any big news? It COULD be big were it true.

Oil: Venezuela says that there is a possible deal between OPEC and non-OPEC producers. Yes, with eggs at $150/dozen in the socialist utopia, another gambit to launch oil higher surfaces from Venezuela. You feel sorry for the people there as the socialist leader doubles down on socialist policies. Good luck with that.

Oil is higher, however, and stocks are higher as well. Okay the correlation is now back on according to those on the financial stations. Perhaps, but it is the most tangential of relationships. How often has oil been off but the market higher? At least half the time.

China: Devalues yuan rather sharply. At the same time it reports housing price data that several have said are "quite hard to believe." Shocking.

Bombings in NY, attempts in NJ, knifings in MN. Market does not seem that concerned.


OTHER MARKETS
Bonds: 1.691% vs 1.687% 10 year

EUR/USD: 1.1175 VS 11.58

USD/JPY: 101.81 vs 102.328

Oil: 43.65, +0.62

Gold: 1318.10, +7.90


Futures a bit lighter toward the open, but the Friday upside and the recovery in many of the big names continues this morning into the open. As the futures are hanging in all morning, they likely have some initial staying power and at the present nothing seems ready to stall them with the FOMC announcement Wednesday.



Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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