Futures vs FV: SP +0.34; DJ -2.62; NASDAQ +2.10
Futures lower all morning but rising steadily toward the open as they start swinging positive. Of course the 'Dow 20K watch' is in full swing on the financial stations.
Has to. Not much news this morning, at least market moving news.
Mortgage Apps: 2.25% vs -4.0%. Rising despite jumping mortgage rates
Earnings beats: NKE
Earnings misses: FDX, FINL, ACN (TL)
EU Banks: Monte Paschi (Italy) surges, falls, surges again on each headline today about bail-ins/bail-outs. The bank says it has just 4 months of liquidity left versus the 11 months previously stated.
More banks: Spain banks sell as EU courts rule against the banks regarding mortgage charges.
M&A: TDK (Japan) buying INVN (AAPL chip supplier)
AMZN: Germany, AMZN's second largest market, sees its AMZN centers go on strike until 12/24.
OTHER MARKETS
Bonds: 2.551% vs 2.564% 10 year
EUR/USD: 1.0428 VS 1.0392. Dollar gives back some gains.
USD/JPY: 117.216 vs 117.835
Oil: 53.46, +0.16. EIA showed an inventory draw
Gold: 1137.20, +3.60
The low to high futures moves suggests the Dow may take a run at 20K this morning. If so, after the 'market alerts' on Fox and CNBC die down, we see whether the bids hold. Seasonal strength is helping push stocks, perhaps an early January effect given the strength in the small caps on Tuesday.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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