Market Alert - Pre-Market

Futures vs FV: SP +9.44; DJ +80.4; NASDAQ +9.74

Futures at session highs, rising all morning as optimism returns . . . after just a 1.5 day layover. Notably NASDAQ lags on this move as it looks to be the same leaders that took two days off (metals, financial, oil, industrial equipment, etc.) are leading the morning move.

The big news is oil. OPEC is said to have a deal in place where Iran freezes, Saudi Arabia takes a 'big hit,' and Russia is placated. The trifecta? Oil has shot higher and oil stocks are following after a rough day Tuesday.

Jobs: Trump supposedly saving 1,000 Carrier jobs in Indiana. Some tax breaks? Or is it in part that 80+% of UTX' revenue (parent of carrier) comes from government contracts? Stranger things have happened. The joke is he is not even President yet and has -- oh, you have heard it already.

ADP: 216K vs 160K expected

Personal Income, Oct: 0.6% vs 0.4% exp vs 0.4% (from 0.3%)

Personal Spending, Oct: 0.3% vs 0.5% exp vs 0.7% (from 0.5%)

Savings jumped ahead of election while spending faded. Typical for October, however.

On top of Consumer Confidence hitting 107 in November (100 expected), the data appears somewhat more favorable. Incomes are still up thanks to . . minimum wage hikes.


OTHER MARKETS
Bonds: 2.377% vs 2.30% 10 year

EUR/USD: 1.0608 vs 1.0649

USD/JPY: 113.59 vs 112.44

Oil: 48.79, +3.55

Gold: 1182.30, -8.50


Futures set to gap up as the market cannot wait for more of a pullback. OPEC is no doubt triggering the event that people were waiting for but just cannot hold back on now that a deal has been cut. Hope it sticks . .

Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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