Market Alert - Pre-Market

Futures vs FV: SP +5.29; DJ +59.42; NASDAQ +9.49

End of November looked to continue the consolidation, and early pre-market looked to do the same. Then a bid returned to stocks and a steady rise ensued toward the open. Thus all indices show gains heading into the bell.

Oil is still higher, over $50/bbl as the OPEC deal holds for a day. That is worth at least a point for the day, right?

Auto sales in November . . . raced? F +5.2% vs 0.85% expected. There you go again with that optimism. Of course TM missed a bit at 4.3% vs 4.4% expected.

World PMI's higher ahead of US ISM: China, Japan, India beat and in low 5's. EU posts 53.7 as expected.

AAPL: Digitimes says AAPL has lowered its iPhone 7 orders. So it says.

Challenger: -13% is the lowest of 2013.

Jobless: +35K, the biggest rise in 2 years but still low at 268K.


Earnings beats: BOX, PVH

Misses: GES (TL, BL), DG (TL, BL), LE (BL), EXPR warns for Q4. Not the proliferation of apparel makers/sellers. But, PVH beat after a really bad prior quarter.


OTHER MARKETS
Bonds: 2.412% vs 2.388%. Bonds lost $1.7T in value in November.

EUR/USD: 1.0632

USD/JPY: 114.29

Oil: 50.71, +1.27. Over a psychologically important level.

Gold; 1170.10, -3.80. The loss slows but still the slamming continues.


Futures are holding their move higher into the open as perhaps a new month, new money effect takes shape after all. Not so certain this move will hold. The indices had good news Wednesday and could not hold a move higher, typically a tell-tale sign that a move is weary and needs more rest.

Thus we will want to see some of these moves hold before we commit to them, BUT with the energy plays this is a bit of a different story as the driver there is not the same as for the rest of the market.


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
______________________________________
Alert Key
http://www.investmenthouse.com/alertkey.htm


Customer Support: http://investmenthouse.com/contact_us.php