Futures vs FV: SP +4.09; DJ +23.27; NASDAQ +24.50
NASDAQ is again leading futures higher as all melt upside into the open. A flat morning has turned into a steady bid the pat hour and stocks are set to open at new highs for SP500, DJ30, NASDAQ and likely RUTX. SP400 likely as well, SOX will perhaps come later.
Housing Starts, June: 8.3%
Permits: 7.4%. This after 3 months down.
Earnings beats: MS; CSX; UAL; TXT
Misses: IBM (TL). IBM off just under $4
M&A: Discovery buying Scripps. MCK wants food unit of UK's Renkhiser
Other markets
Bonds: 2.266% vs 2.261% 10 year. Basically flat
Oil 46.59, 0.14
Gold: 1241.80, 0.00
USD/JPY: 111.641 vs 112.096
Stocks set to open higher as no new rotation is occurring, at least not the vicious type, for now.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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