Market Alert - Pre-Market

Futures vs FV: SP -2.11; DJ -20.49; NASDAQ -3.84

End of Q1 with NASDAQ up over 10% as the post-election rally continued, just getting a bit slower. Thursday NASDAQ posted a new closing high and the indices started moving through next resistance. Weak volume, narrow breadth, but no sellers to stop the move. Oh they show up for a day or half day now and then, but there is no staying power and stocks drift back upside. It has worked for quite awhile.

Some important data out this morning, at least data that is being discussed versus the usual headlines of 'will there be healthcare reform?' 'how is tax reform shaping up?,' are the Russians actually taking over DC?


Personal spending 0.1% vs 0.2% January. Inching along, and who gets the blame? Slower tax refunds. Wow, when you have to count on tax refunds to boost spending, your tax rate is too damn high (along with the rent, right?)

Real Personal Spending: -0.1% vs -0.2% prior. This is adjusted for inflation. Rather pathetic. Spending is not going up versus inflation rate.

Personal Income: 0.4% vs 0.4% prior


PCE Deflator: 2.12% year/year. This is supposedly the Fed's favorite indicator and it is over 2% for the first time in 5 years.


china PMI: 51.8 vs 51.6 prior.


OTHER MARKETS
Bonds: 2.425% vs 2.41% 10 year

EUR/USD: 1.0677 vs 1.06855

USD/JPY: 111.906 vs 111.728.

Oil: 50.27, -0.08

Gold: 1242.90, -5.10


Stocks are well off the pre-market lows but softening into the open. A sluggish morning but we have seen sluggish mornings each session this week. It is end of quarter so there will be some volatility then likely some upside to start next week.

Today we still see a lot of good stocks in good position, and we may pick some up if the moves are decent in anticipation of a move higher on new money for the new quarter next week.


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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