Futures vs FV: SP -2.22; DJ --24.45; NASDAQ +5.18
The Article 50 letter for Brexit has been delivered to the EU, starting the move to extricate Britain from the EU.
Oil: Libya wage dispute has a pipeline shut, reducing world supply by 250K bbl/day. Oil is yawning.
Mortgages: -0.8% on the week from -2.7% prior. Higher rates, lower inventory hurting.
M&A: MXL buying EXAR in semiconductors.
Earnings beats: RH, PLAY
MISSES: SONC (top line)
Government shutdown: DB places the odds as rising to 40%. Border Wall showdown is a big reason for the concern.
OTHER MARKETS
Bonds: 2.396% vs 2.41% 10 year
EUR/USD: 1.0756 VS 1.0815. Dollar bouncing on UK exit
USD/JPY: 110.87 vs 111.105. Not bouncing versus yen
Oil: 48.53, +0.16. P/L shutdown in Libya over wage dispute reducing output 250K/day to world.
Gold: 1256.10, -2.70. Struggling a bit at the 200 day MA, again.
Stocks are muddled again pre-market, but that allows the bids to return if they want, and frankly futures are showing some life moving toward the bell. Nothing major and that is always subject to change when the bell rings, but thus far nothing is impairing a nice soft open and potentially bids returning.
There is more talk this morning about healthcare pulling the old 'Monty Python and the Holy Grail' line "I'm not dead yet", as we are told there are ongoing discussions on how to do it right this time. Hmmm.
Anyway, a soft open with tech leading the early trade sets up the opportunity for bids to come in and try to continue lifting DJ30, SP500, NASDAQ off their 50 day MA's. Watching oil to see if it can continue what it started Tuesday, i.e. some bounces off of the selling and some support.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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