Futures vs FV: SP -6.09; DJ30 -11.87; NASDAQ -17.99
Futures are struggling after the Tuesday surge with growth, in terms of NASDAQ, struggling the most. The big names on NASDAQ are still in less than great patterns.
Gold is plunging on stronger economic data.
Oil is lower after API shows a jump in gasoline inventories while oil was basically flat.
Durable Goods Orders, Oct: 4.8% vs 1.1% exp vs 0.4% prior (from -0.1)
Ex-Transports: 1.0% vs 0.3% exp vs 0.2% prior
Transpors: +12%
Private (read BA): +138.5%
Military aircraft: +33.1%
Obviously aircraft led the move.
Non-defense capital goods ex-aircraft: +0.4%. Yea, a positive reading!
Earnings beats: DE, GME
Misses: URBN (BL); HPE (TL)
OTHER MARKETS
Bonds: 2.348% versus 2.317%
EUR/USD: 1.0860 VS 1.0672
USD/JPY: 112.02 vs 111.12. Dollar soaring versus yen
Oil: 47.54, -0.49
Gold: 1190.30, -20.90
Futures continue falling into the open, and it is not a modest drop. It looks as if the sellers are going to take a shot on the Wednesday ahead of Thanksgiving. Sometimes the days around Thanksgiving can be violent. This is, however, the last full session of the week as Friday is a half session.
The lower open may give some possibilities for those willing to step in. Looking at positions on AKS and TX from last night's report. TX is basically flat, but AKS is down near 8.80 (closed at 8.89); it could give a decent entry once we see the selling subside.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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