Futures vs FV: SP +0.22; DJ -8.66; NASDAQ +1.89
Futures flattish after the Tuesday trumping. There is some buy on the dip mentality as well as a bit stronger British pound on the notion that the PM may not push Brexit so hard. Yeah, that's the ticket.
The FOMC minutes are this afternoon and perhaps investors could be looking ahead to that.
More important: earnings. The first returns are not good. ERIC posts a shocking warning. FTNT warns of a sharp slowdown. The results are very preliminary but they are not instilling a lot of confidence in this sixth quarter of anticipated lower profits. Remember, companies can still beat expectations and have lower profits. Thus far they are not even beating expectations.
All must be well, however, because the financial stations such as CNBC say stocks are 'set to rebound.'
Fed: FOMC minutes day. Dudley says inflation expectations are 'well anchored.' That is one of those absurd throw away statements the Fed officials always make that is basically a blanket 'no comment' statement. Others are speaking, e.g. Messer, and Yellen speaks later this week.
M&A: SWK looking to buy NWL
AMZN: Announces its own streaming service.
EU Industrial Production: 1.6% vs 1.5% exp vs -0.7% July. 1.8% year/year vs -0.5% prior.
OTHER MARKETS
Bonds: 1.792% vs 1.78% 10 year
EUR/USD: 1.1020 vs 1.1055
USD/JPY: 103.92 vs 103.47
Oil: 50.68, -0.11
Gold: 1254.70, -1.2
Futures are muddling along but have stabilized ahead of the open and are actually trying to trend higher. Could it be yet another one-day volatility event? Volatility had backed off, the indices were building toward some upside, then splat.
Perhaps Tuesday was just a shakeout yet again as the indices range-trade. Today's move tells more of that and we will see what kind of rebounds take place and if they can reposition stocks again from the bearish Tuesday action.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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