Futures vs FV: SP +4.13; DJ +55.60; NASDAQ +10.09
Futures are set to build on the new highs on SP500, DJ30, NASDAQ, SP400. Perhaps RUTX can join in today. Still looking for that 1% move on SP500.
Nothing specific driving the move this day as most analysts are saying this is a holdover from the 'phenomenal tax' claims Trump made Thursday. Still no substance, but another leg in the rally. If it works, it works.
Earnings beats: NVDA; ATVI; SKX
Misses: COLM (TL); EXPE (BL)
M&A: Reckitt Benkiser is buying MJN (baby formula)
China: A couple of stories
Trump agrees to 1-China policy we are told. Not sure what 'The Art of the Deal' strategy he is using. Perhaps writing a new book?
China exports and imports jump, raising hopes across the world, but many caution it was likely due to the early start of the Lunar year. Okay, makes perfect sense to an outsider. It is the year of the Rooster. Again, not sure of the meaning there either.
Oil: OPEC nations are reportedly honoring the production cut deal and thus oil is jumping back near $54/bbl. Hmmm, did hell just freeze over?
EU: Taking further steps to eliminating cash. Has already banned large currency denominations. Hey, it is coming here as well. Talk about the total elimination of freedom. It will be introduced as a way to make us 'safer' because they have to track all of those terrorists and their money transfers. Of course we also saw that many ordinary people in the US were classified as terrorists by our own government. So, they would be protecting us from ourselves. Yeah, that's the ticket.
Immigration: Trump admin, with the aide of newly confirmed AG Sessions, are going to re-draft the immigration EO versus going the long route of the courts. Makes sense as the 9th circuit made constitutional rights available to everyone on the planet who may have the urge some day to come to the US. Kind of like the transgender bathroom rule at Target: if you feel that way that day, then use whatever you want. Seriously, Washington is worried that students that might attend its universities may not be able to get to the US and pay the tuition and thus Washington would suffer irreparable harm as a result? Insane.
OTHER MARKETS
Bonds: 2.488% vs 2.398%. Bonds sell back after a short 2-day bounce.
EUR/USD: 1.0622 vs 1.0655
USD/JPY: 113.642 vs 113.401
Oil: 53.89, +0.89
Gold: 1226.90, -9.90
It's Friday, don't usually buy today, but if they moves are made, we will see what we can get in.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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