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Wednesday, January 18, 2017

Market Alert - Pre-Market

Futures vs FV: SP +3.81; DJ +24.77; NADSAQ +8.75

Up but off the morning highs as the bell approaches. Stocks are recovering from the Tuesday sogginess and the rebound is in line with the range-bound indices. Thus far nothing is breaking them higher, even blowout GS earnings. Even those earnings are not helping GS, a sign the financial sector is just tired right now.

CPI: Biggest year/year move since 2010
Overall: 0.3 vs 0.3 vs 0.2. 2.1%.
Core: 0.2 vs 0.2 vs 0.2 prior. 2.2% year/year, 14th month over 2.0%
Rents: +4.0% year/year; Shelter overall +3.6% year/year. Largest component increase.

Industrial Production, Dec: 0.8% vs 0.6% vs -0.7% (from -0.4%). best gain since 11/2014

Capacity: 75.5 vs 75.4 vs 74.9 (from 75.0)

Earnings beats: GS; CAL

Misses: C (TL)

Warnings: TGT slashes guidance, cites weak Q4 and weak 2017

Jobs: LOW cutting 2400 full-time jobs, pretty much evening out the jobs Trump takes credit for.

Biden farewell speech echoes (according to CNBC) China's Premier's statements re globalization and the world order. Oh THAT is good company, talking the same as a communist.


OTHER MARKETS
Bonds: 2.369% vs 2.372%

EUR/USD: 1.0671 vs 1.07114

USD/JPY: 113.32 vs 112.774. Dollar rebounding

Oil: 51.29, -1.19. As dollar rebounds, oil falls. Also, US shale production is on the rise again . . .

Gold: 1213.30, +0.40

Okay, another higher open but also well within the range. Definitely a market of individual movers and we will see if BIDU can follow NTES, YNDX bouncing. Also still very interested in the drugs/biotech/healthcare area and will see if that can catch bids.

Watching others that are sluggish, e.g. oil and some of the big names. NFLX is after the close with earnings and the last ones were solid.


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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http://www.investmenthouse.com/alertkey.htm


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