Market Alert - Pre-Market

Futures vs FV: SP -3.27; DJ -29.97; NASDAQ -43.19

NASDAQ continues to bear the brunt of the pressure on the equities markets. So much so even DJ30 and S&P futures are lower today after DJ30 scored a new high Friday. There is simply not a lot of positive news to move buyers.

JPM: Predicts more "tech wreck" ahead as "lazy money" was "chasing momentum."

On the other hand, Mr. Gartman says that while NASDAQ will eventually fall, buying the NASDAQ weakness "should be wise."

AAPL: Mizuho is not waiting, as it downgrades AAPL saying all the iPhone 8 positives are priced in.

AMZN: price target increased to 1200 by Piper Jaffrey.

GE: Jeff Immelt stepping down as CEO.

Trump: DC and Maryland AG's file lawsuits saying Trump's foreign business operations violate the Constitution's 'emoluments' clause. Basically they are saying that a President cannot be a business man who has businesses that profit from relationships with foreign governments. Sure sounds like the political class trying to protect the political class.

This week: FOMC rate decision on Wednesday and it is expected to raise rates 25BP. PPI, Retail Sales, CPI, Philly Fed, Empire PMI, Capacity and Production, Housing starts -- lots of ECONOMIC data to digest after last week's political data.


OTHER MARKETS
Bonds: 2.214% vs 2.21% 10 year

EUR/USD: 1.12 VS 1.11985

USD/JPY: 109.993 vs 110.344. Dollar weaker here

Oil: 46.55, +0.73. It sure looks like a point in the range oil can bounce and it is doing so. Remember, oil is still trading in a range and it was getting to one level of lower support.

Gold: 1267.10, -4.30


Futures are off the low but not surging into the open. Buyers are pensive, waiting to see if Gartman is correct about buying this NASDAQ weakness. We are happy to wait on NASDAQ and see if money continues to rotate into those areas that were part of the lead higher in late 2016 to early 2017 but then slipped into bases as SOX, NASDAQ took off upside.


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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