Market Alert - Pre-Market

Futures vs FV: SP -10.44; DJ -81.35; NASDAQ +4.34

MSFT and MCD are helping offset morning losses, but not enough on DJ30 as GE,HON earnings weigh on that index. Today it is all about earnings as the news flow is quite light.

Earnings beats: MCD, MSFT, AMD

Earnings misses: GS (TL); SKX (TL, BL)

M&A: BTI offering to buy RAI (both in tobacco; a smoking deal?)

Japan: Kuroda repeats that all monetary policy decisions are made with yield curve targets in mind. He also added there were no changes in conditions that would warrant any new action.

China: Housing prices +11.2% year/year versus 9.2% prior


OTHER MARKETS
Bonds: 1.738% vs 1.75%

EUR/USD: 1.0875 VS 1.0928. Dollar surging versus euro

USD/JPY: 103.73 vs 103.929

Oil: 50.44, -0.19

Gold: 1268.20, +0.70


Futures are trading just off morning lows as some big NYSE names drag those indices early. If buyers want to enter to try and continue the NYSE index moves off the range lows, they will have that opportunity. The question is whether they will take the offer.

There are plenty of good patterns and good leadership groups, but those only seem to be helping SOX and NASDAQ. NASDAQ is set to lead higher again, and that may bring the buyers back after a weaker open on the NYSE indices.

Expiration Friday so we will look to take the last of the MMM option gain. Still many good patterns in some of our potential buys. Again, we will see what the big money does and see if that gives us some entries on AMZN and company.


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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