Futures vs FV: SP +1.96; DJ +25.04; NASD +5.36
Futures are modestly higher, moving to pre-market highs ahead of the bell. Nothing earth shaking to start, and nothing really earth shaking across the globe in terms of stock markets. Lots of activity otherwise from the G-20 to the Philippines to Russia, but that is more political than market moving.
M&A: Bayer ups its offer for MON. GE buying AMAVF. DHR buying CPHD. So much for the CPHD play as that stock is up 20% or so pre-market. Oh well.
China: Caixin Services PMI: 52.1 vs 51.9 vs 51.7 prior
Hong King Mftring PMI: 49.0 vs 47.2 prior
EU Q2 GDP: 0.3%, 1.6% year/year. Is it Europe or the US? Hard to tell these days.
Morgan Stanley: Goes back to bullish, giving up its bearish outlook, now seeing SP500 at 2300 and a 19 PE ratio
Earnings: MRVL beats but guidance is light. Down but holding over the 10 day EMA pre-market.
OTHER MARKETS
Bonds: 1.595% vs 1.6015 10 year
EUR/USD: 1.1158 vs 1.1156
USD/JPY: 103.367 vs 103.99
Oil: 44.02 -0.42
Gold: 1338.10, +11.40. Rising off of the bottom of its pennant pattern, attempting to remain overall bullish in the outlook for gold prices.
Wow, more of the same, at least at the start, as summer officially ends for Wall Street and the September/October twilight zone period starts. Thus far the market is trending slowly higher. An uptrend is great for the bulls, but because it is September, new highs or markets near new highs are feared because of declines that might happen.
As noted over the weekend, there are a lot of patterns coming off sound bases/bottoms, and that provides upside potential.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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