Futures vs FV: SP -1.04; DJ30 -18.88; NASDAQ -10.14
No pre-Christmas rally to end the week unless some bids return. Futures are modestly lower and heading a bit lower toward the open.
Italy: Government has placed 20B euro to bailout banks including Monte Pasci.
DB and Credite Suisse have agreed to terms with the US DOJ regarding mortgage charge disputes.
LMT: Suffering from another Trump tweet regarding the F-35 costs and Trumps desire to explore using a less costly hopped up F-18.
China: After stealing a US drone sub operating in international waters, China is peeved that Trump has named Navarro (wrote "Death by China") as head of the White House National Trade Council. It appears China sees the writing on the wall, that the new administration won't acquiesce to China's expansion desires, and China is maneuvering for position.
Earnings: More misses today than beats. CTAS (BL miss); CALM (TL miss)
Canada: Slips back into contraction after 3 quarters positive as Q4 GDP comes in at -0.3%.
Libyan passenger jet with 118 on board hijacked and flown to Malta.
OTHER MARKETS
Bonds: 2.539% vs 2.55%
EUR/USD: 1.0430 VS 1.0436
USD/JPY: 117.38 vs 117.547
Oil: 52.42, -0.42
Gold: 1132.30, +1.60
As noted last night, outside of Tuesday this first week of the traditional late December run is not running. Volume will be very light but our game plan is the same: let those that work continue to work. If some struggle and we don't like the action, we will look at closing them. New positions? We will see how some of those stocks that gapped away continue to test. Not crazy about the idea of entering today, but not foreclosing the possibility if some of these nice pullbacks get right so to speak.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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