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Tuesday, April 18, 2017

Market Alert - Pre-Market

Futures vs FV: SP -6.95; DJ -77.92; NASDAQ -16.30

Futures started weak, rallied into 7:00ET but have faded again since. After a solid Monday percentage gain on no volume, a bit of a Tuesday hangover.

The economic data is still weak but the production data was not bad.

Housing Starts, March: -6.8% vs -3.9% exp vs 5% prior. Worst showing in 4 months.

Permits: +3.6% vs -6.0% prior. Had to snap back some.

Capacity Utilization, March: 76.1 versus 75.7 prior

Industrial Production: 0.5% vs 0.0% prior

Earnings beats: BAC; UNH; CUDA

Misses: GS (TL, BL); HOG (TL); JNJ (TL). Still the same old story for the past several years: the top line miss dominates.

UK: PM May calls for a snap election to try and consolidate her power and make the Brexit push and changes faster and easier.

Oil: Saudi Arabia back tracks some on its statement earlier to extend the production cut 6 months, saying it is "too early" to make that decision. Oil is sluggish in response.

Bonds: 2.225% versus 2.248%

EUR/USD: 1.0692 VS 1.06431

USD/JPY: 108.775 vs 109.150. Dollar lower again versus yen

Oil: 52.43, -0.23. Saudi Arabia back tracks some on its push for a 6 month oil production cut extension

Gold: 1286.30, -5.60. Testing some after the breakout.

Futures are fading into the open as the light volume bids from Monday dry up. The bounce from support Monday gets an early test. SP400, RUTX, SOX did not change their patterns Monday. The other indices are holding support and will have to do the same today and try to find bids. Thus far it is more of the same with the same narrow groups holding their patterns, trends, and moving higher, most of the market struggling.

FAANG was a NASDAQ leaders Monday. NFLX is hanging in after subscriber growth was higher, but it is one to watch for FAANG whether investors are still forgiving.

Jon Johnson, Chief Market Strategist
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