Market Alert - Pre-Market

Futures vs FV: SP +0.68; DJ +10.18; NADSAQ +6.96

Futures were sluggish and lower, but they have moved positive toward the bell. The pattern is the same as Thursday with NASDAQ, SOX in the lead, DJ30 lagging a bit, but DJ30 is starting to gain momentum. Would love to see it take another breather but may not get it.

Oil: Not dead yet? Hope of a deal remains as Iran receives a new offer. OPEC needs it after that huge 'discovery' that there are another 20B bbl more of oil under the Permian Basin. Makes you wonder just what other old basins are holding billions more.

China Housing: +12.3% year/year overall, but big cities continue to slow with Beijing, Shanghai -0.5%.

Earnings beats: FL, MRVL, CRM, ROST, INTU

Misses: WSM (TL); AMAT (TL); ANF (T, B); BKE (T, B); HIB (BL)

Definitely some nice beats but also a lot of misses. Of course all of the beats get the press.


Buy Backs: YUM adds 2B; MRVL $1B


Jobs: VW -30K (5% of workforce)


F: Won't move the production to Mexico. Interesting.

AAPL: To build iPhones in the US? Reports are suggesting this. Interesting.


OTHER MARKETS:
Bonds: 2.290% vs 2.297%

EUR/USD: 1.0607 vs 1.0650. Dollar continues its surge.

USD/JPY: 110.351 vs 110.24. Dollar continues its surge.

Oil: 45.54, +0.12

Gold: 1212.50, -4.40


Futures are on the upswing heading toward the open as a bit of a dip is getting bought as retail earnings are for the most part stronger. Whether people want to admit it or not, and on the TV some are admitting it, there is suddenly a jump in economic activity with phones ringing to do deals that were dormant, equipment being purchased, etc. before year end. That is very encouraging.

So, we will continue looking at those stocks in good setups that start making good moves. They are there and we have been picking them up. It would be really great if financials, industrial manufacturing, would hold off until next week and let SOX, techs make their moves. But, we will see.


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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