Market Alert - Pre-Market

Futures vs FV: SP +4.65; DJ30 +53.34; NASDAQ -4.70

A bit more muted, but the stock indices are in position to continue last week's rally. NASDAQ futures are off, similar to its action last week, but just modestly. NASDAQ is a key watch this week as it struggled hard on some money rotation out of the big names into materials, financial, industrial and some retail.

M&A: SIEGY (Siemans) buying MENT. Samsung buying HAR.

Oil: Lower again as Iran opens three new oilfields, casting doubt, at a minimum, on OPEC's ability to reach a production agreement.

Fed: Lots of speakers today and Yellen on Thursday.

EU Industrial Production: -0.8% vs -1.0% vs +1.4% prior
Year/year: 1.25% vs 1.0% vs 2.2%


OTHER MARKETS
Bonds: 2.212 vs 2.130. Bond market reopens (Veteran's Day) and bonds are off again.

EUR/USD: 1.0767 VS 1.0854. Dollar up.

USD/JPY: 107.84 vs 106.621. Dollar stronger against yen again.

Oil: 42.79, -0.62. Oil lower again, one reason being Iran opens 3 new fields, a strong indication there will be no OPEC production deal

Gold: 1223.00, -1.30


We are looking for a pause, but this action this morning is not really it. Slow action this morning and of course in the direction of last week's trend. What it does show is no sellers wanting to step in front of the move, and thus as noted over the weekend, the market may not give much more than a pause as its test -- when it does take a breather.

We will really like when a test comes, but we also have several upside plays to look at entering if the market is not ready to test yet.


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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