Futures vs FV: SP -6.05; DJ -49.04; NASDAQ -7.17
Futures are lower for the second session this week, continuing the post-new highs weakness as investors look around and note that, gee, the indices are at new highs.
Not a lot of news to base the weakness upon. Trump is tweeting again, taking 'credit' for the 'Qatarstrophe' as some are calling it. Not sure I would claim that one . . .
London Bridge offices are evacuated right now.
Bitcoin: Surges again, up 200% YTD.
Treasuries: China says it is ready to start buying more of them. That is ONE of the reasons treasury yields are falling and bonds are rallying.
Earnings beats: HDS; THOR
Misses: LE (TL, BL); MIK (TL, BL); CASY (BL)
MCHP (semiconductors): Increases its guidance. Will see if that again aids the chip sector.
OTHER MARKETS
Bonds: 2.143% vs 2.183%
EUR/USD: 1.1261 VS 1.1268
USD/JPY: 109.33 VS 110.038. Dollar continues diving against yen
Oil: 47.25, -0.15. Worries re Qatar spark worry of OPEC cheating.
Gold: 1295.50, +12.80
Futures bottomed 2 hours ago, bounced, but not much. Another sluggish morning. Monday buyers returned early but had no stamina. Looks as if the market needs another session to digest the rather solid surge Thursday and Friday. Still some good patterns, and waiting for them to show the moves.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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