Futures vs FV: SP -2.13; DJ -5.96; NASDAQ -1.00
Futures rallied into the economic data, though just barely scratching positive, then faded post data back into the early morning range. Thus another lackluster open appears in the cards with not even the move higher into the open as seen Wednesday.
Q3 GDP, 3rd: 3.5% vs 3.3% exp vs 3.2%
As with the prior reads, a one-time soy bean sales spike added 1% of the 3.5% gain. More than half the gain came from spending on utilities and inventories (inventories added 0.5% to the 3.5%).
Personal Consumption 2.03% vs 1.9% Q2. Good to see consumption increasing.
Durable Goods, Nov: -4.6% vs -4.5% exp vs +4.8% prior
Ex-Transports: 0.5% vs 0.2% exp vs 0.9% prior (from 1.0%)
Ex-Defense: -6.6%. Shows a lot of the drop was in defense aircraft orders.
Non-durables were lower.
Earnings beats: MU
Misses: BBBY; RHT; CAG (TL); RAD (TL, BL)
OTHER MARKETS
Bonds: 2.572% vs 2.54%
EUR/USD: 1.0435 vs 1.0422
USD/JPY: 117.925 VS 117.61.
Oil: 52.57, +0.08
Gold: 1130.10, -3.10
Soft to flat open is not bad. The market is moving laterally in a consolidation and we are looking for financial stocks, metals, and chips to resume their moves and lead to year end.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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