Market Alert - Pre-Market

Futures vs FV: SP +1.8; DJ +7.86; NASDAQ +9.76

Momentum remains upside though futures are well off the early morning highs. They are holding a range post-economic data that saw PPI core slip back below 2.0 year/year.

PPI core: 0.1 vs 0.2% ex vs 0.3% May. Year/year 1.9% vs 2.1%
PPI: 0.1% vs -0.1% exp vs 0.0% prior

Yellen speaks again but there is not much other news. So much so, CNBC just spent 10 minutes with the CBS or NBC or whatever CEO it was of the 3 networks. I mean, networks are worth 10 minutes pre-market?

Also showing it is dead summer and news lacking, SNAP received an upgrade. That's like changing the price of a chainless, flatted tire, rust bucket bike at a flea market from $5 to $15. Doesn't change the value at all.

TGT: Increases its sales forecast. What, from terrible to just crappy?

YNDX: Strikes a deal with Uber. YNDX gapping upside.


OTHER MARKETS
Bonds: 2.334% vs 2.314% 10 year. Bonds bounce back post-dove.

EUR/USD: 1.1413 vs 1.14335

USD/JPY: 113.25 vs 113.16

Oil: 45.51, +0.02. Gartman covers his oil shorts. I guess the oil bounce is now over?

Gold: 1219.80, +0.70


Futures holding gains as noted, but not upside momentum at the open, just holding on after opening sharply higher then fading that move. Perhaps Yellen-Dove can give the market some lift, but frankly, after Wednesday, she cannot come out and say anything more dovish. So, the market will have to reflect on Wednesday to find more lift. Thus far it has not had much trouble with that, but the rally is just over a week old and some chips were showing doji Wednesday. Will see if they fade some, but nothing thus far suggests that the rotation that was helping some, hurting others is returning.


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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