Market Alert - Pre-Market

Futures vs FV: SP +1.55; DJ _23.91; NASDAQ +8.71

Investors are debating the Trump tax plan proposal to negotiate and the market is drifting slightly higher. Earnings are pouring in and are mostly decent, but then again not.

Beats: F (but poor guidance and metrics); UA; CMCAS; RTN; BMY, MRO, PYPL

Misses: AMGN (TL); LUV (TL, BL); DOW (BL); BWLD (BL)


Nafta: Trump says okay I will negotiate after talking with Mexican President and Canadian PM. That is better than the EO, already penned, to withdraw. More 'Art of the Deal' at work.


Wholesale Inventories, March: -0.1% vs +0.2% expected. First quarterly decline since Q1 2016 when there were recession fears.


Jobless claims: 5 month high, rising during the Trump administration as we are, by the way, in recession.


ECB: No change, Draghi says can still use QE if wants. Never say never, right?


OTHER MARKETS
Bonds: 2.314% vs 2.31%

Oil: 48.64, -0.98. It is said oil ran out of patience with OPEC and crude is diving.

Gold: 1267.80, +3.60

EUR/USD: 1.0867 VS 1.0909. Dollar up a bit as ECB has no change, Draghi says can still use QE if it wants.


Futures are sluggish and perhaps the market will put in the second session of testing in a 1-2-3 test of the break higher. That is what we want to have happen, but we will also be watching for stocks already in good patterns to break higher.


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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