Futures vs FV: SP +3.00; DJ +13.15; NADSAQ +9.8
Futures are stone cold flat for the most part as the market takes in a lot of earnings and still contemplates the new Trump administration's policies. I have to say, watching for what comes out of the administration is much more exciting than things have been in this regard for quite some time. New regulations dumping into the Federal Register late, late Friday night was not working for most of the US.
So, Trump is meeting with CEO's of the big 3 automakers today, meeting with some in Congress, Senate, and on and on.
The democrats are proposing at $1T infrastructure package, dangling out that they will 'work with' Trump if he accepts it. Get it in writing! It will be interesting to study the breakdown. The items covered are the usual things but the how, when, where, who controls it, etc. are the big issues.
Earnings beats: BABA; DHI; HYOO; DD; TRV; LMT (but lowered guidance)
Misses: JNJ (TL); VZ (BL); DD (TL)
IN line TL: MMM; KC
UK: Supreme Court rules Parliament must vote on Brexit. The height of governmental arrogance. You put it to the people to make the choice, sure they will not go against you, and when they do, put it to another vote but not by the people, by the people who have vested interests in keeping the status quo though they supposedly represent the people.
World PMI's
Japan: 52.8 vs 52.3 exp vs 52.4
EU: 55.1 VS 54.8 VS 54.9
Germany: 56.5 vs 55.4 vs 55.6
OTHER MARKETS
Bonds: 2.43% vs 2.40% 10 year. Stabilizing some after a bounce higher on worries of what the new administration was going to do.
EUR/USD: 1.0754 vs 1.0761. Dollar recovers some of the recent lost ground.
USD/JPY: 113.228 vs 112.736
Oil: 53.16, 0.41
Gold: 1214.00, -1.60
Stock futures are set to open higher and are improving toward the bell. An upside start for sure, but of course the same questions remain: can it hold and will it lead to a breakout?
As stated before, the market is in the midst of digesting a lot of data each day, not just from economics and earnings, but the plans of the new administration, the odds of those plans being placed into action, and the result of those plans. All we can do is look at good stocks making good moves and make good entries.
Stocks are going to open higher. Some plays we can enter as the move continues, many we want to see hold the move. We will see how this early bump plays out and how the leaders act. Are more going to step up and take the lead to move out of this range?
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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