Futures vs FV: SP +1.86; DJ +18.29; NASDAQ +7.17
Not a lot of new stories but the French election on Sunday where the field is narrowed to two candidates looms over all markets. And, all markets are rather calm. Even with the Paris attack last night that ISIS takes credit for. Le Pen is the Trump-like candidate in that people voting for her are not telling the pollsters they are.
Earnings beats: V; GE; HON; SWK STI
Misses: MAT (TL)
EU PMI: 56.8 vs 56.0 vs 56.2
German PMI: 58.2 vs 58.3 prior
France PMI: 55.1 vs 53.3 prior
Oil: Sluggish as OPEC was not out with any statements about production cuts and the inventory data is already out.
Bonds: 2.232% vs 2.234% 10 year
EUR/USD: 1.0705 VS 1.07188
USD/JPY: 109.11 vs 109.357
Oil: 50.68, -0.03
Gold: 1284.00, +0.2
Futures have been up all morning but in a very flat range. They are dipping over the past half hour as the open approaches. Not the most inspiring action for a continued upside move, but in the absence of any real conviction, once again the indices are higher.
Not a very inspiring open, but when moving higher, soft, sluggish opens are a good thing. Don't want to give the sellers a lot to shoot at as gaps upside tend to do.
Expiration and it sure is starting quietly after Thursday's forced short covering as the market moved against those starting to bet downside.
Jon Johnson, Chief Market Strategist
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