Futures vs FV: SP -1.44; DJ -15.42; NASDAQ +3.53
Futures are still low-ish but they are well, well off their lows, taking heart with a weaker CPI and some better than expected and relatively decent April retail sales.
Retail Sales: 0.4% vs 0.6% expected vs 0.1% prior (from -0.3%). Nice revision.
4.5% year/year
Ex-auto: 0.3% vs 0.5% exp vs 0.3% prior (from 0.2%)
Control Group: 0.2% versus0 0.4% vs 0.7% (from 0.5%)
CPI: 0.2% vs 0.2% exp vs -0.3% prior. 2.2% year/yr vs 2.4% prior
Core: 0.1% vs 0.2% exp vs -0.1% prior. 1.9% year/year. First sub-2% in 17 months.
Retail: The woes continue as same store sales continue their slide lower and lower for JCP, JWN and basically all non-internet based retailers as we discussed Thursday.
EU Industrial Production: -0.1% vs 0.3% expected versus -0.1% prior.
As you can see, while the meme is the world is in recovery, the data is not. Not sure where the disconnect is coming from but there is one.
OTHER MARKETS
Bonds: 2.345% versus 2.393%. Bonds are rallying after that economic data.
EUR/USD: 1.0917 vs 1.08669. Euro, after the pullback, jumping higher on the US data.
Oil: 47.86, +0.03
Gold: 1228.60, +4.4
Futures posted a nice recovery toward the open, turning NASDAQ from negative to positive. AMZN, TSLA and other 'usual' leadership names at the top of the board.
Friday, the usual 'what will come out this weekend?' questions, but again, the same leaders are still up this morning with wishy-washy futures.
As for new buys we will see how the plays develop. Many plays are past the initial targets, we have taken some gains on them, but with the market patterns we have let them continue working. Plan on doing that unless something changes.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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