Market Alert - Pre-Market

Futures vs FV: SP -1.93; DJ +3.45; NASDAQ -23.84

NYSE futures basically flat, NASDAQ is struggling again as those stocks continue to struggle from a lack of bids and some selling.

Case/Shiller, April: +5.5% less than expected. This data is old so it is not that market moving.

GOOG: Hit with a 2.4B euro fine for skewing search results to favor its own ads of items for sale. Shocking that GOOG would do that. What will we find out next, that FB, TWTR and CNN (cable) manipulate results, feeds, and stories?

Draghi: Has some optimistic comments regarding the EU economy, does not see bubbles. Stocks are WTH while the euro rallies.

Earnings beats: DRI, FDS


Fed: Several speakers today including Chairman Yellen. After Dudley's 'hike into a slowdown' comments, the market is a bit wary.


OTHER MARKETS
Bonds: 2.179% vs 2.14% 10 year. Bonds selling back today after a Monday gap higher.

EUR/USD: 1.1284 vs 1.11834. Euro surges post-Draghi economic optimism comments.

USD/JPY: 111.90. Dollar still strong versus yen

Oil: 43.88, +0.50

Gold: 1249.70, +3.24


Futures sluggish, turning back down some heading toward the bell. NASDAQ and SOX simply do not appear to have bids supporting them enough to push higher. The question is whether they have enough to hold the line and continue consolidating.

NYSE stocks do have the bids to hold them in place and even push slightly higher. They will have to take the lead and thus the key for financials as well as small and midcaps.


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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