Futures vs FV: SP 8.34; DJ 79.57; NASDAQ 13.15
Futures up all morning session holding the gains into the open as the stock indices try to shake off the Monday lethargy. Of course DJ30 was up and remains higher, further extending. Gravity defying? Perhaps, but you watch stocks in position to move, and after some pullbacks the metals could be ready to help lead.
China: Data better than expected on retail sales, industrial production.
Italy: UniCredit effectively bailed out, raising 13B euro and firing 14K. Of course that is great news. Firing is always good for the bottom line as seen in the US and what a gushingly great economy we have with the first 10 years of GDP less than 3% since the Great Depression! Brilliant!
Import prices: down for the 28th consecutive month.
OTHER MARKETS
Bonds: 2.444% vs 2.475%
EUR/USD: 1.0626 VS 1.0632
USD/JPY: 115.036
Oil: 53.09, +0.24
Gold: 1162.90. -2.90
Animal spirits are back to start the FOMC meeting. What will Yellen do with a 'runaway' stock market? Better hike as the market expects it.
We will see if this pullback set up some entries that we can take advantage of as we let our existing positions run.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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