Market Alert - Pre-Market

Futures vs FV: SP -2.75; DJ -24.95; NASDAQ -1.73

59 Tomahawk missiles could not stop stock futures. Jobs could. Stocks sold on news of the strike but futures recovered. When the jobs report missed big, futures dropped hard. They are still down, but they are recovering off the post-jobs lows.

Jobs Report: 98K vs 175K vs 219K (from 235K)

Unemployment: 4.5% vs 4.7%

Wages: 0.2% vs 0.3% vs 0.3% prior (0.2%). 2.7% year/year vs 2.8%

Workweek: 34.3 vs 34.4 exp vs 34.3 (from 34.4)

U6: 8.9% VS 9.2% prior

Participation Rate: 63.0% vs 63.0% prior

Not in workforce: 94.123M. Working aged people out of the workforce are too damn high!

Business Professional: 56K
Healthcare: 14K
Retail: -30K
Mining +11K
Manufacturing: +11K (26K prior)
Construction: +6K (from 59K prior, 46K before that).

Weather is blamed and it has some merit if you look at the drop in construction jobs.


Russia and Iran are upset, ISIS and Al Qaeda are happy after the US strike. So, who did the gas? So hard to tell over there and quite frankly, over here. What is the agenda of our intelligence agency? Lots of questions, but it is done. We again have a new President dragged into wars. Of course, we were ALREADY in wars the last two presidencies . .


OTHER MARKETS
Bonds: 2.307% vs 2.34%

EUR/USD: 1.0617 VS 1.0645

USD/JPY: 110.931 vs 110.775

Oil: 51.79, +0.09

Gold: 1265.80, +12.80


Futures are lower but are off the lows. Stocks have shown, again, resilience in bids, recovering from bad news. They will have the opportunity to do so again, and they need to do it for the uptrend's sake as the sellers have taken more frequent shots and have dogged the rallies, undermining moves higher. The trends are in place, but they have to show they are still going to move higher.

Friday, lots of news economically and geopolitically. If there are good buys we will still move in.


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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