Market Alert - Pre-Market

Futures vs FV: SP -0.78; DJ +2.48; NASDAQ -8.15

Futures are sluggish after NASDAQ and SOX led the Monday move while the NYSE indices traded mostly flat to lower. Still at key resistance tests but this morning is just some sluggishness and futures are up off the lows touched about an hour back.

Again there is not a lot of news to drive stocks as the market awaits Yellen on Wednesday and Thursday as well as the new CPI read. Those are not today, however. Today Wholesale Inventories and JOLTS hit the tape after the market opens.

Earnings: PEP announces a top and bottom line beat.

SNAP: MS downgrades its own IPO stock, down to $16/share.

Internet: MSFT to announce a $10B initiative to get high speed internet into rural areas. Recent studies show that the lack of high speed net service is shutting off productivity from much of America. It is no surprise to hear as the net has helped leap productivity. It has to come from the private sector and MSFT is stepping up. Almost makes my tongue snap off to say it.

News headlines: Showing how slow the news is, 4 of the 5 headlines on the CNBC website involve Trump. Like him or not, he dominates the news. He loves branding . . . and those who do not understand why he tweets just don't understand Trump. It is like those analyzing President Obama's actions -- they just did not get what he wanted to accomplish versus traditionally what Presidents want to accomplish.


OTHER MARKETS
Bonds: 2.384% vs 2.375%

EUR/USD: 1.1403 vs 1.13964

USD/JPY: 114.32 vs 113.913

Oil: 43.98, -0.42. Still testing the lower end of the range

Gold: 1210.30, -2.89


Futures are edging back to positive as the bell approaches, indicating the early sluggishness is just that for now. We will see if the bids return and break some of these 'old economy' good patterns higher. Also key is how SOX works as it approaches resistance in the next 10 points.


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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