Futures vs FV: SP +2.31; DJ +4.31; NASDAQ +15.06
Futures clinging to gains as the earlier quasi-strength turns to cold feet ahead of the bell and the 3 stories we are told matter.
Yes, today is the big 3, the triumvirate of supposedly market moving stories. The headlines are almost comical in how they diverge based upon what direction they decide to take them. One reads 'Comey testimony may lead to obstruction charges . . .' while others claim 'even if Comey's claims true, no laws broken.' If true, Trump's dogged comments about Flynn may be cringe worthy and may have made the director uncomfortable, but that is not breaking the law. It sounds like Trump, i.e. rather boorish. Oh well, the circus is on.
ECB: The policy statement dropped wording about further cutting rates, but on the other hand said it stands ready to extend QE. I guess the ECB has on its 'we are tough but compassionate' persona.
Draghi: Says risks are now balanced. Finally.
UK: That election is still to come.
China: Imports surge--14.8% vs 8.5% ex vs 11.9% prior
Exports: 8.7% vs 7.0% vs 8.0% prior
Much better than expected. US traded Chinese stocks look strong, e.g. NTES (another 5.5 pts in pre-market, BABA of course surging as per below information).
Individual stocks: BABA says 2018 rev growth 45% to 49%. Stock is set to open over 15 clicks higher. NVDA upgraded, up 5 clicks. YHOO/VZ deal for YHOO's core internet assets closing. YHOO is up.
NCAA Track & Field Championships: In the prelims the Tennessee runner posted a 9.82 100m, the fastest in the world this year, a collegiate record, and in the top 10 fastest ever. That 100M finals on Friday is LOADED with high power sprinters. The Texas A&M 4x400 team ran the fastest time in the world 2017. Lots of firepower at that meet. Just throwing that in.
OTHER MARKETS
Bonds: 2.202% vs 2.176% 10 year. Bonds peel back after the gap over the 200 day MA. Looks as if TLT will move below the 200 day.
EUR/USD: 1.122 vs 1.12491. EUR a bit stronger after ECB drops reference to cutting rates
USD/JPY: 110.22 vs 109.42. Dollar rebounds some more.
Oil: 45.50, -0.22
Gold: 1285.80, -7.40. Backtracking some after good upside moves.
Futures are mixed. NASDAQ is solidly higher while DJ30 continues flirting with flat to negative while SP500 is modestly positive. Not a huge start, not a huge relief sigh even with the Comey testimony and ECB comments out. The UK election is the biggest issue, and those results are hours away.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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