Market Alert - Pre-Market

Futures vs FV: SP -3.83; DJ -12.69; NASDAQ -6.88

Still sluggish as NYSE stocks bump up against prior highs. Same story, but that story has also yielded continued trends higher in NASDAQ and SOX and keeps the NYSE indices in their ranges and near all-time highs. Earnings are not providing a catalyst to move higher, but they are not aiding a selloff despite a return to top line revenue misses. The market appears to be stymied or perhaps more accurately, mesmerized by the politics and what the outcome will be for economic and healthcare issues.

Earnings beats: TWX; Z; GILD (but really bad guidance); AGN; ALK

Misses: DIS (TL); BWLD (TL, BL); MDLZ; CTSH (TL); HUM (TL); PNRA (TL)

India: Does not cut rates 25BP as many were calling for.

Bulls: Investors Intelligence Survey (not the bullish advisors we follow; that will be out later today) rises to 62.7%. Take that for what it is worth.


OTHER MARKETS
Bonds: 2.366% vs 2.393%. Bonds continued their tepid recovery, but recovery nonetheless.

EUR/USD: 1.0675 VS 1.0682. More modest dollar gains today but up.

USD/JPY: 111.93 vs 112.322. Off against the yen after a couple of upside days.

Oil: 51.94, -0.33. Off after the 5x expectations API build reported.

Gold: 1242.20, +6.10. The bid under gold continues

So the market again lacks a lot of -- I am not going to say conviction -- decisional fortitude. How is that for a new buzz phrase to describe a low volatility (as per VIX), range-bound but upward bias market? No sellers want to sell, there are some bids as some stocks move higher, but overall a rather disinterested upside move.

Still feel uncomfortable about this action, but the market does not move for my comfort or discomfort. Protecting gains we have, but still looking for opportunity in line with the trend, and of course that is higher. Not quite holding the nose and buying good moves, but still watching how leadership stocks (and there are many) hold their patterns and trends.

Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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