Futures vs FV: SP -6.48; DJ -39.00; NADSAQ -8.58
After starting the week and new expiration with a ramp, stock futures are definitely lower though trading off the lows of the morning range. That raises the specter of whether the new money ramp Tuesday was just adding to an overdone market. Indeed, EVERY pullback in the morning raises that question.
This one has some sentiment issues adding to the pile of sentiment issues. GS says that market positive sentiment is hitting an inflection point. BAC reports that its big clients started selling some equities for the first time since the election. As noted Tuesday, if enough of the big buyers no longer buy, this can have a self-fulfilling prophecy. The one thing this market has enjoyed is a steady bid.
Small business: 54% expect the economy to improve in the coming year. Compare that to 29% in the summer 2016.
Earnings beats: GRMN; TOL; WWW; MBLY; FSLR
Misses: TXRH (TL, BL); PZZA (TL)
OTHER MARKETS
Bonds: 2.400% vs 2.43% 10 year
EUR/USD 1.0516 VS 1.0536
USD/JPY: 113.019 VS 113.68
Oil: 53.55, -0.79
Gold: 1239.80, +0.90
Today the market shows if the bids are still there after a soft open in a rally. Still many leaders, still people hawking for stocks even as a growing number are questioning the move. Watching how the semiconductors, materials hold their new moves.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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