Market Alert - Pre-Market

Futures vs FV: SP -7.59; DJ -51.06; NASDAQ -23.22

Futures are lower across the board as the rally runs out of a bit of steam. Tuesday saw SP500, NASDAQ and SOX resume the moves but today they are starting a bit softer. That does open the door for a move higher, however, after a softer open as those indices showed good moves from stocks that are set up well from that pause.

PPI, Oct: 0.0 vs 0.3% expected vs 0.3% exp
Core: -0.2 vs 0.2 ex vs 0.2 prior.
Core year/year: 1.2% versus 1.2% prior

Gasoline: 9.7%

Final demand services -0.3%
Final demand products 0.4%


EU: Considering 50B euro stimulus for 2017. Another 'Trump effect' as EU sees itself getting left behind in another US economic expansion as the US moves back to growth policies versus regulate and higher tax policies.


Earnings beats: TGT

Earnings misses: LOW (BL, TL)


OTHER MARKETS
Bonds: 2.265% vs 2.23%. Bond selloff continues as odds of December rate hike hit 94%

EUR/USD: 1.0718 vs 1.0725

USD/JPY: 109.24 vs 10..13

Oil: 45.42, -0.39

Gold: 1227.20, +2.70


Futures are at the morning lows approaching the bell. The metals, financials, industrial equipment, transports and other immediate Trump rally leaders need a break. Oil, biotech, chips, techs are in good position for a move while they rest. As noted, though, everything is down early. Still think those latter can catch a bid and resume the moves. Just have to be patient.


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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