Market Alert - Pre-Market

Futures vs FV:

Q1 GDP: 0.7% vs 1.1% exp vs 2.1% Q4

Employment Cost Index: 0.8% vs 0.5% prior

Price index: 2.3% vs 2.1% expected

Lowest GDP in 3 years. Worst spending since 2009. Where is all that excitement asks Steve Liesman? Where is the spending when he says wages and employment is good? Hint: Garbage in, garbage out. The data is not reflecting the problems most of America is experiencing. Change those taxes as proposed, incent the formation of more businesses, then we get more and better jobs.

ECB: EU CPI at 1.9% year/year, the core hitting a 4 year high. The euro is up as ECB has less and less room to stay accommodative.

Earnings beats: GM, INTC, AMZN, GOOG, CVX, WDC

Misses: SBUX (TL); XOM (TL); MSFT (TL)


Healthcare: No vote today or this weekend says Paul Ryan. Again he cannot deliver the votes.


Shutdown? without the ACA repeal vote this is likely moot, but Trump did have a good answer last night: If the government shuts down, it shuts down and the democrats are to blame. I don't know who would be blamed, but a government shutdown is not a bad thing. the less time they are doing things the better off we all are.


OTHER MARKETS
Bonds: 2.323% vs 2.30%. Bonds fade even on weak GDP

EUR/USD: 1.0923 VS 1.0869

Oil: 49.39, +0.42. Trying to hold the 200 day MA.

Gold: 1264.79, +0.47


Obviously some big NASDAQ names are going to push NASDAQ into the lead for the open and the close of April. GOOG, AMZN are the leaders but the rest of the market is sluggish as futures show, fading as the bell approaches.

Thus, despite AMZN and company, the day could very well turn out to be another consolidation session in that 1-2-3 test of the 2-day surge off the support levels for the indices. That may lead to an overall slow session, but in the bigger picture that works well for the continued upside.

Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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