Market Alert - Pre-Market

Futures vs FV: SP +9.98; DJ30 +93.30; NASDAQ +26.40

Stocks are set to open higher on top of the Wednesday surge to the close post-FOMC and its 'decided just to wait' even if all criteria is met mindset.

CNBC is running cover for the Fed because of a '6-week weak stretch' preceding the meeting. Wow. If a slight slowing for 6 weeks makes such a large difference in the big picture of a Fed believing it needs to hike, then this economy is not the juggernaut that the CNBC anchors and the Administration say it is. Oh, by the way, it is not.

Jobless Claims: 253K vs 262K vs 260K.
CNBC headline: "Jobless claims fall to two month lows as labor market firms." This as the number men age 26 to 54 not working, the strongest earning years in their lives, hits an all-time high. Firming indeed.

Earnings beats: JBL; RHT
Earnings misses: AZO (TL, BL), BBBY (TL, BL), RAD (TL)


OTHER MARKETS
Bonds: 1.643% versus 1.656% 10 year

EUR/USD: 1.1237 vs 1.1188. Dollar falling harder versus euro

USD/JPY: 100.641 vs 100.33. Dollar rebounds some after Wednesday spanking.

Oil: 46.22, +0.88

Gold: 1340.50, +9.10


Not a lot of news out this morning, mostly the aftermath of the FOMC meeting and the Mylan Labs Epipen hearing Wednesday. It amazes me how members of Congress fail to tie the loose ends together in their questioning. I watched the hearing because it was on all of the financial stations (lack of choice?) and I was struck how the MYL CEO kept talking about the company's cost of good sold for the product but no one asked her to break that number down and show what part was for the huge advertising campaign MYL initiated to get schools, governments, etc. to stock the pens. It would have been interesting to see how a $5 device and delivery system's cost was impacted by the advertising to get the device into public places just in case someone developed allergic shock for the first time -- versus those who have a known reaction and have to carry the device with them. See? Slow news day.

Stocks are holding at their morning highs and are set to gap open. It looks for all intents and purposes that the Fed has managed to turn another selloff that was starting to make inroads into the upside back to buying.

We will see how the initial move higher is tested, but there is no buyer's remorse from Wednesday showing up at all.

Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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