Market Alert - Pre-Market

Futures vs FV: SP -1.03; DJ -29.44; NASDAQ +2.53

Futures are mixed but mostly flat to up modestly to start an important week that follows the back and forth volatility on the shortened week that started Q3.

Some of the keys this week are how NASDAQ and the semiconductors react after rebounding late week from the 4 weeks of declines. RUTX bounced off the 50 day MA in a solid upside break. Key moves and will they continue.

Very little meaty economic/market news this morning leaving investors to look more toward Yellen's testimony and the CPI later in the week.

TSLA: Reveals no sales in April in Hong Kong as a tax subsidy for electric cars ended. That shows the power of subsidies in making alternative energy items a market.

NVDA: Moving higher after its dip on its autonomous driving inroads.

AMZN: Up in anticipation of Prime Day sales.


OTHER MARKETS
Bonds: 2.373% vs 2.368%

EUR/USD: 1.1389 vs 1.1401. Dollar recovering some but euro still positioned to move higher.

USD/JPY: 114.16 vs 113.913

Oil: 43.92, -0.31. Oil continues sliding in this first test of breaking back into the range. It is now close to the bottom of the range again.

Gold: 1209.30, -0.14


Futures are well off morning highs and still slipping toward the bell. A bit of downside momentum but as noted above, nothing major. After the Friday rally this kind of slippage is normal. Again, the bigger picture key is how the growth indices react after recovering late week from the selling.


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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