Futures vs FV: SP +3.4; DJ +15.76; NADSAQ +10.71
US futures rallied nicely 2 hours back, but over the past half hour they are eroding into the open. Still positive as noted, but the direction into the open is giving back early gains.
That of course raises questions about Monday's upside, particularly on NASDAQ and SOX. RUTX, SP400 look solid, bouncing off a week long test to the 10 day EMA. DJ30 has not rested in awhile and NASDAQ/SOX are trying to recover from the Thursday pounding.
That has more chorusing that the market rally is over. Jeff Saut says the S&P is at a buying climax. Yes, at some point the sky will fall.
Q3 productivity, Revised: 3.1% vs 3.3% exp vs 3.1% initial.
Big news: Annually, productivity is down 2 straight quarters, the first time in 23 years (1993).
Unit labor costs: 0.7% vs 0.2% exp vs 0.3% prior. That is actually lower than the big surge in Q2.
AMZN: Opening concept food stores with no checkout counter.
BA: Trump tweets the cost of the new Air Force 1 planes is too high. Art of the Deal stuff.
Earnings beats: AZO; TOL
NFLX upgraded to hold from sell. High praise indeed.
OTHER MARKETS
Bonds: 2.387% vs 2.396% 10 year. Modest bid in bonds but still trending lower.
EUR/USD: 1.0735 vs 1.0763
USD/JPY: 113.89 vs 113.753
Oil: 50.63, -1.16
Gold: 1173.10, -3.40
Futures are still up as the stock indices look for more new highs. RUTX, SP400, DJ30 are the leaders, the former two actually putting in decent tests. We will see if retail, FAANG can provide some extra leadership and get that rally breadth spreading back out.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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