Market Alert - Pre-Market

Futures vs FV: SP -1.17; DJ -9.95; NASDAQ +0.72

The pre-long weekend trend of late continues, i.e. it tends to trade opposite of the overall trend. With 3 indices punching new high tickets Thursday, that means the countertrend move is lower.

The data out today is not helping.

Trump: After glowing headlines on his trip, today a bit more sobering as he says the German car imports to the US are 'bad, bad.' Hmmm. Quite a few are made HERE.


GDP: 1.2 VS 0.8% exp vs 0.7% 1st read (2.1% Q4)

Consumption: 0.6% vs 0.3% prior. Added 0.44% to the bottom line GDP versus 0.23% prior quarter

Corporate profits: -1.9% vs +0.5% Q4. How can that be with the earnings just reported that overwhelmingly beat? Because the earnings reported are non-GAAP. These earnings that go into GDP are closer to reality.


Durable Goods, April: -0.7% vs -1.8% exp vs 2.3% prior (from 0.7%. First decline in 5 months

Ex-transports: -0.4% vs 0.4% exp vs 0.8% prior (from -0.2%)

Business investment: 0.0% vs 0.5% prior. A 2017 low


Earnings beats: COST LGF; GME; ULTA; DECK; MRVL; SPLK

Misses: BIG (tl)


OTHER MARKETS
Bonds: 2.238% vs 2.255%. Bonds up a bit on so-so economic data

EUR/USD: 1.1184 vs 1.12148. Dollar rebounds some

USD/JPY: 111.17

Oil: 48.74, -0.16

Gold: 1269.40, +9.60


Futures are off the lows, trading near the early morning highs. Certainly a bit hung over from rallying to 3 new highs Thursday. Six days up, 3-day weekend, market likely takes a breather. If there is some upside spurting off a softer open, however, and uptrending markets like to rally off a softer open, we will look to see if we can take some more gain.


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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