Futures vs FV: SP +2.83; DJ +25.45; NASDAQ +0.37
Modest gains to start a quadruple expiration session even as the big brokerages again discount further equity upside. Are they trying to paint the tape for a pullback to trade and buy again and thus make money on volatility? They do not like low volatility markets because a lot of GS' and others' profits come from their trading activities. Think about that as we watch the volatility today.
Industrial Production: 0.0 vs 0.2 vs -0.1 Jan (from -0.3)
Capacity: 75.4 vs 75.5 Jan (from 75.3)
Oil: S. Arabia says OPEC could extend cuts into June.
Trump/Merkel meet today. THAT will accomplish a lot.
Earnings beats: TIF; ADBE
Saint Patrick's Day. Not sure what that has to do with anything but they are talking about wearing green on the financial stations. Oh, and there is a pub crawl in town tonight.
OTHER MARKETS
Bonds: 2.517 vs 2.529 10 year. Bonds moving higher again post-FOMC
EUR/USD: 1.0738 VS 1.0766
USD/JPY: 113.137 vs 113.271
Oil: 49.09, +0.34. Saudi Arabia says OPEC could extend cuts into June
Gold: 1229.60, +2.50
Modest futures again as the upside bias remains but is thus far not making good on the Wednesday new break higher after the test. Could be a bit interesting today in terms of volatility, and will not likely tell us much of anything about next week's direction.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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