Futures vs FV: SP -5.77; DJ -62.77; NASDAQ -7.89
It is expiration but also the Friday before a 3-day weekend for the stock market. The news flow is quite low and stocks, in the absence of news, are down. That is something of a change of typical action for this market where no news tends to still show modest gains thanks to the overall upside bias.
Not a ton of news.
M&A: KHC covets UL in the foods sector, but UL doesn't want KHC, at least not at the asking price. Playing hard to get.
Others in the sector are down as they are not the ones KHC is buying: MDLX; GIS; K.
Earnings beats: DE
Misses: VF (TL); MCO (BL); NUS (TL, BL)
The rest of the news is the same political morass of late. Russia says its relations with the US have not cooled. Republicans complain that the democrats have obstructed Trump's cabinet getting in place, democrats claim victory in obstructing Trump's cabinet. It goes on and on.
OTHER MARKETS
Bonds: 2.406% vs 2.45%
EUR/USD: 1.0657 vs 1.0665
USD/JPY: 112.76 vs 113.39. One of the weights on the market this morning.
Oil: 53.01, -0.35
Gold: 1242.10, +0.50
Futures are off the morning lows, trading in an up and down range since opening. While we anticipated a depressed Friday after that run higher, a 3-day weekend, and the Thursday index doji, there is expiration after the indices put in some solid upside runs. That will require some to shuffle their positions some. Also, we will see if the weaker open brings in some bids. Not counting on that, but watching to see how the good setups react, how those testing support hold. Thus far the move is holding, but not going to assume it will given the internal and sentiment indications.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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