Market Alert - Pre-Market

Futures vs FV: SP +3.32; DJ +18.25; NASDAQ +17.09

Stocks are set to open higher, continuing the Wednesday new high march. Nothing today is standing in the way as earnings are good enough and confusing enough to keep the bids. They are works of fiction but this market likes fiction.

Such as . . . the ECB supposedly being more hawkish, but then, as the FOMC, turns dovish. The statement was dovish with the ECB saying it is ready to increase stimulus in "size and duration." Draghi is now taking Q&A to explain his 'whatever it takes' comments in light of a supposed hawkish ECB. As the kidnapper said in 'Taken,' 'good luck.' And, I don't think there is a Liam Neeson to come to the rescue.

PHilly Fed: 19.5 vs 27.0 exp vs 27.6 June. From 3 decade highs back to the 11/16 lows as new orders tumble. Hey, it's just data . . .


Healthcare alert: GOP could not come to a deal last night. Shocking I know.


SHLD (Sears) to sell Alex-enabled appliances on AMZN. They all bend to Bezos.


OTHER MARKETS
Bonds: 2.262% vs 2.270% 10 year

EUR/USD: 1.1553

USD/JPY: 112.20. Dollar recovers from the 111 handle.

Oil: 47.41, 0.21. Still recovering in the range.

Gold: 1238.90, -3.10


Stocks futures are choppy the past hour. While the indices open higher it may not be a slam dunk they hold the moves. Broke to new highs, 2 week moves, lots of rah-rah. At some point they test the new highs, but it would be better to see them surge more first, then test from strength.


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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