Market Alert - Pre-Market

Futures vs FV: SP +4.08; DJ +14.55; NASDAQ +7.54

Futures up all morning but in more of trying to maintain the gains than build on them as SPY slips from its morning highs heading toward the opening bell. It is Electoral College voting day so after today perhaps the death threats, celebrity commercials, will end? Perhaps, but then we can get back to blaming Russia and China for our troubles. Beats solving them, right?

Not a lot of news this morning after a week heavy on news last week. Today I am noting many are saying the market is trying to figure out what to do post-FOMC, rally, etc. As one said, rally was based on what Trump said he wanted to do and now they have to reconcile that with the reality of what he can do. So, basically, the market is assessing where it stands given the gains, given the realities, and this week, given a week typically light on volume.

M&A: MOS to buy Brazilian VALE

Earnings Beats: LEN

Upgrades: COST; DIS; TEX; UTX


OTHER MARKETS
Bonds: 2.555% vs 2.59 10 year. Bonds rebounding from more losses last week.

EUR/USD: 1.0416 VS 1.0444

USD/JPY: 117.084 vs 117.84

Oil: 51.77, -0.13

Gold: 1141.30, +3.90


Last week some of the leaders came under fire, e.g. industrial machinery, metals, retail box stores. Watching to see if they can hold and start to recover and if other areas can step up into leadership (drugs, telecom) while other leader, e.g. chips, keep leading. The market is indeed trying to assess the lay of ht eland as it digests some gains; want to see some of these other areas start showing some upside to indicate the market will have the leaders to make another push higher.


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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