Futures vs FV: SP +11.97; DJ +81.34; NASDAQ +19.15
The ECB issued a statement that the markets had misunderstood Mario Draghi. His statements were not hawkish, so don't worry. Apparently the markets are heeding the advice as Europe is up and the US is coming along with it.
There is no change in the news feed other than the ECB.
Healthcare: GS says meaningful reform is unlikely. Senator Rand Paul said on Fox Business that he would vote against the bill if it was not a repeal. The problem is that, as is ALWAYS the case and as we noted here way back in 2008, if the abomination that is the ACA was passed, this entitlement would never be repealed. We hoped it would, but entitlements are never repealed, just tinkered with, and we all pay for it until the system and/or country collapses. If it is not repealed there are a lot of small businesses that will go out of business and the US will continue to experience the low levels of business creation suffered the past 9 years.
Ford: Recalling 400K vehicles. That is a gut punch.
Earnings Beats: GIS; KBH
GS: Raises its S&P 500 target to 2400 from 2300.
OTHER MARKETS
Bonds: 2.216% vs 2.20%. Continue the fade off the gap higher, with yields recovering some lost ground.
EUR/USD: 1.1329 vs 1.13409. Euro loses some ground post-ECB statements that market misread Draghi comments. Giving some back, not a lot.
USD/JPY: 112.05 vs 112.254. Dollar weaker after a nice surge.
Oil: 44.09, -0.15. Still holding in the range it recovered.
Gold: 1251.50, +4.60
Market is starting with a gap up and futures rallied higher into the open so we will see if there is staying power in the comeback attempt as NASDAQ tries another bounce off the 50 day MA.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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