Market Alert - PreMarket

Futures vs FV: SP +2.77; DJ 42.31; NASDAQ +15.05

Off the highs from early, early session, but moving back up into the open as the rally seeks another upside session. This of course is either making analysts cringe and squirm for fear of a selloff, or they are euphoric about the rally going on and on. Of course the reality is usually well in between.

The thing about this rally: there are plenty of leaders in good position to continue higher. Some have already made moves and need a rest, but others are either currently resting after good moves or are setting up for their first moves.

The other thing is that all indices are moving higher now. That is good as you hate bifurcation, but the market wasn't really bifurcating. It can be bad because now all go up and there is like an overall test -- kind of the normal situation, it is just that we were spoiled from the rally that started the move

Lots of earnings.
Beats: DLTR, CBRL, CHS, CPB, JACK (but lower same store sales)

Misses: DWS (TL); PANW (TL); MDT (TL); HRL (BL)

Oil: Was up but the I3 (irag, iran, indonesia) have reservations about a 4.5% production cut.

Terror: State Department warns of EU attacks something like the truck attacks. There are also warnings here in the US as well.

M&A: DPS buying BAI brands


OTHER MARKETS
Bonds: 2.307% vs 2.30%

EUR/USD: 1.061 VERSUS 1.0631. Euro bounces some

USD/JPY: 110.93 vs 110.623

Oil: 48.02, -0.21. Was up but then Iran, Iraq, Indonesia (I3) said they had 'reservations' about a 4.5% production cut. This even as headlines touted a deal is near.

Gold: 1214.70, +4.90

Futures steadily climinb toward the open. We know there are stocks in position to move higher yet again. Many are saying don't buy new, just hold what you have. That makes some sense, but if we see some good setups that are not extended, we can enter. Also, we will see if we get some stocks moving up toward our initial targets.

Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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