Futures vs FV: SP +7.26; DJ +53.6; NASDAQ +18.03
After a pensive Thursday pre-inauguration, it would appear investors and traders feel a bit more confident today, perhaps a 'morning in America again' kind of feeling that inaugurations tend to foster. Good. The country needs it. Or maybe it is just that the protesters in DC have not made an impact yet . . .
Futures up all morning with not a lot to drive them, but there is some news.
Earnings beats: PG; IBM beat, but revenues declined for the 19th straight quarter. Has to be some kind of record.
Misses: GE (TL); AXP (BL)
In line: SLB (TL beat)
China: PBOC injects a lot more liquidity AND reduced bank reserve requirements. I would suggest that things are not going well in China. A country in economic and social strife focuses on foreign issues and China is actively engaged in that. The reserve requirement reduction is a sign it is trying to keep the simmer in the populace from starting to boil.
Australia: 4 dead, 20 injured as car driver, reportedly shouting the infamous radical Islam phrase, plowed into a crowd. How brave.
Inaugural: 11:30 ET the ceremony starts. 12:00 swearing in. Then we wait and see what kind of executive orders issue. Speculation is TPP out, Keystone pipeline in, NAFTA preliminary removal actions begin. Also the Scalia replacement is expected to be announced.
OTHER MARKETS:
Bonds: 2.489% vs 2.468%
EUR/USD: 1.0654 vs 1.0655
USD/JPY: 115.05 vs 114.686
Oil: 52.66, +1.29
Gold: 1203.60, +2.10
Again, futures are up but are now off the highs as the 45th President preps to take office. We will see if they can hold, and if we get some good moves we can pick up some positions in anticipation of perhaps a post-inaugural upside move that continues the post-election rally.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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