Market Alert - Pre-Market

Futures vs FV: SP +3.55; DJ +35.85; NASDAQ +10.23

Stocks are in damage repair mode, bouncing early off of the midweek gap and reversal. That was not good action, but as noted last night despite the internet troubles infesting my area slowing everything down, it did not break SP500, DJ30, NASDAQ or SOX lower or disrupt their trends. RUTX and SP400 are dogs right now, but they are dogs that are at least no yanking that hard on the leash.


Trump/Xi: Meet in Florida at Trump's resort just as the Japanese leader. That makes the Chinese feel on at least the same level as a strong US ally. Playing the appearances game well.


Fed: After the minutes and something of a 'stocks are too high' call by some, stocks are rethinking. Perhaps the Fed's stock call is gain not the best call and actually a buy. Perhaps, but there was money leaving biotechs Wednesday and that is an area to watch today.


Jobless claims dropped sharply after a slow rise. Who cares you ask? Good question.


Earnings beats: BBBY; KMAX; STZ; YUM


IPO: Schneider truck line.


OTHER MARKETS
Bonds: 2.343% vs 2.33%. Bonds pull back some off the recent run

EUR/USD: 1.0668 vs 1.0672. Dollar off a bit against euro

USD/JPY: 110.858 vs 110.661. Up some against JPY, trying to make a breakout.

Oil: 51.52, +0.37

Gold: 1254.00, +5.50


Basically stocks are up after a reversal session, trading at the morning futures highs, trying to reset and continue the trends that are, for the large cap indices still in place.

As for the Fed 'market call' and the accuracy of those at the FOMC worried about asset prices, we will simply see if the stocks that held their support and patterns resume upside. If so, so be it and we participate. But we also note that leadership thinned again as a group is being lost. We will see if oil and retail can step up and up their game and fill out the leaders a bit.


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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