Market Alert - Pre-Market

Futures vs FV: SP +4.29; DJ +54.87; NADSAQ +6.95

The 'nothing to fear not even fear itself' market continues. Comey calls Trump a liar, admits to leaking, details pressure on the Clinton investigation ('matter' as AG Lynch wanted it called). The ECB removes its rate cutting language but says things are bad enough to consider more QE. May's snap election results in a hung parliament and leaves her PM status in jeopardy. All three things could be read as negative. Yet -- the stock market is set to start higher again.

There is little other news. Oh there are upgrades (NVDA again) and downgrades (none of our positions) but little else.

Credit Card defaults increase at the fastest rate since the financial crisis. THAT is news but unreported at the major news and financial outlets because everything is great here in the US, right? No dissent from the company line is allowed.

Other than that . . . not much.


OTHER MARKETS
Bonds: 2.197% vs 2.176%

EUR/USD 1.122 vs 1.12499

USD/JPY: 110.22 vs 109.42

Oil: 45.50, -0.22

Gold: 1285.80, -7.4


US futures are at the morning highs, but have range traded at those highs all morning. That means there are bids but not a continuing swell of bids. Have to watch and see if the move holds. Watching SOX as well as it has been on a straight up run and how it ends the week gives a clue as to how confident buyers feel in their positions at these heights.


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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