Market Alert - Pre-Market

Futures vs FV: SP +4.82; DJ +33.77; NASDAQ +17.68

The usual mix of economic/geopolitical news.

Geo: Iran institutions attacked by Al Qaeda as parliament, mausoleum attacks leave at least 12 dead. Terrorists attacking state terrorists.

Trump names new FBI director pick.


Economic:

Sears closing another 66 stores, Macy's issues a profit warning.

EU: Spain Banco Popular gets bailed in, acquired for 1 euro.

ECB: The story is the ECB will cut its inflation forecast at tomorrow's ECB meeting. European stocks not liking that.


Earnings beats: PLAY (SSS miss); AMBA (but weaker guidance)

Misses: NAV (BL); UNF (TL)



OTHER MARKETS
Bonds: 2.152% vs 2.14%. Bonds sell back, some, after the surge.

EUR/USD: 1.1231 vs 1.1298

USD/JPY: 109.35 vs 109.355

Oil: 47.65, -0.44. Oil still sliding

Gold: 1294.00, -3.50. Taking a morning off.


Futures showing a nice rebound after two sessions this weak started soft and finished soft. Today they started flattish and have steadily improved toward the open. Much better action.

SOX has posted gains this week as the other indices faded in a test. Today SOX may be the laggard, but that is not out of the norm as it has traded somewhat opposite of the overall market but just on a day by day basis as SOX has one of the strongest uptrends in the market.

Okay, so after a 2-day pause following 2 solid upside days that posted new highs, we see if the bids return across the market and not just the select few.


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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