Futures vs FV: SP -9.99; DJ -71.38; NASDAQ -29.37
US futures are just off morning lows but trading at the bottom in a range for the pat 2 hours. The cracks from Thursday are still there to start Friday as some of the leaders test near support and with this open, likely beyond.
Lots of discussions on border taxes again. The Trump CEO meeting turned into a plea for H-1B visas as there just are no skilled workers in the US. Really? My response would have been to ask DIS CEO about why it was necessary to fire HIGHLY skilled US workers and replace them with wholly unskilled workers from Asia. Their hypocrisy knows no bounds.
Retail earnings in the spotlight.
BEATS: FL (top line was in line)
MISSES: JWN (TL); JCP (TL); HPE (TL)
Not a lot of financial news. Discussions about what was used to kill NKorea Leader's half-brother is a main story. Interesting, but hardly market moving unless China and/or Trump invades NK.
OTHER MARKETS
Bonds: 2.33% versus 2.38% 10 year
EUR/USD: 1.0596 vs 1.0583
USD/JPY: 112.110 vs 112.745. Dollar weaker again
Oil: 53.84, -0.61. Again stumbling at 54.
Gold: 1259.30, +7.90. Rising again.
Okay stocks are opening lower on top of an at best equivocal session Thursday, a session that saw leaders cracking and some falling. Prompted us to close positions and if need be we will close more even if Fridays are often head fakes. If they rebound with all of the negative internals, sentiment, etc. so be it.
With the market threatening a downside session and showing some stumbles on the week after a strong open . . .
Perhaps another promise on taxes or something 'phenomenal' needs to be thrown out?
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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