Futures vs FV: SP -3.98; DJ -32.86; NASDAQ -9.28
Banks: C, JPM, WFC all beat. WFC reports a 23% drop in mortgage applications.
PIR: Beats but gives weak current quarter guidance.
PPI: -0.1 vs 0.0 exp vs 0.3 February. First drop in 7 months.
Core PPI: 0.0 vs 0.3% prior
China: Reinitiates reverse repos, injecting 110B yuan
Exports jumped to 23.9B versus 10.0 B expected
ACA: Trump finally taking action, hopefully, to end the dividend sweeps from Fannie and Freddie to pay off insurers to not leave the system. Courts ruled illegal so it is easy to not pursue the appeal, stop the payments, and the system does indeed collapse because it cannot survive without subsidies. In other words it cannot function.
Syria: A report just hitting saying hundreds killed by a US air strike that hit ISIS chemical weapons. We will see if there is confirmation. The story is from the Syrian government.
Bonds: 2.264% vs 2.237% 10 year. Bonds off a bit after a run
EUR/USD: 1.0631 VS 1.0671
USD/JPY: 109.144 VS 108.296. Dollar rebounding some from a sharp selloff
Oil; 53.24, +0.13
Gold: 1289.10, +11.00
Earnings started, banks beat but are down. Market is not in a good mood, opening lower, but off the lows. Now is the time to show some bids. Perhaps the best the market can do today is get out holding support.
Jon Johnson, Chief Market Strategist
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