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Wednesday, June 21, 2017

Market Alert - Pre-Market

Futures vs FV: SP +3.87; DJ +31.86; NASDAQ +13.44

Stock futures started markedly low very early but have steadily climbed into positive territory and continue moving higher into the bell. Like those trending futures pre-market versus the stagnant at one level mornings.

Not a lot of hard economic news and interestingly some of the political news may be helping.

Last night in elections touted as referendums on Trump and where unprecedented money was spent on House races (much of the Georgia money coming out of San Francisco), republicans won and won handily. As with the Texas governor election last time, there was a lot of reporting that Texas could go blue. Those reports were horribly wrong, and indeed to day would be labeled 'fake news.' The reporting today is that Trump has lost his November luster, but the results show the republicans polled better in the recent elections than in November. The market may be reading that as hope for the tax reform, healthcare reform, regulation reform, infrastructure agenda.


Saudi Arabia: King removes existing crown prince and installs his son. It is said that will mean more confrontation with Iran.


US/Russia: Playing games with planes. After a US recon craft was buzzed by a Russian fighter Tuesday (within 5 feet), a NATO F-16 buzzed a plane carrying the Russian Defense Minister. It is all fun and games until someone gets hurt. Then wars start.


Analysts: Lots of upgrades and downgrades in the vacuum of real news.


Pound: BOE chief economist says he is leaning towards rate hikes in 2017. The pound is up.


OTHER MARKETS
Bonds: 2.170% vs 2.156%. Bonds fade as yields rise following the Tuesday gap and rally to a higher rally high.

EUR/USD: 1.1148 vs 1.1346

USD/JPY: 111.53 vs 111.470

Oil: 43.72, +0.21

Gold 1244.20, +1.20


Some solids earnings from RHT, ADBE, Winnebago and others did not appear to help futures last night, perhaps they are today. The domestic political news is also helping futures.

Whatever the cause, futures continue rising into the open and it looks as if the buyers are returning after that Tuesday response to the Monday new highs.

RUTX, SP400 are key today along with NASDAQ and SOX. Can the former two rebound and hold their trends toward higher highs? Can the latter two continue their recoveries from that big selloff 2 Fridays back?


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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