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Friday, March 17, 2017

Market Alert - Pre-Market

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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