Market Alert - Pre-Market

Futures vs FV: SP -2.91; DJ -39.00; NASDAQ -12.83

Futures near the morning low as stock indices are sluggish again after hitting new highs. Lots of earnings beats by the big companies, but nothing all that exciting for the market.

BEATS: GE; HON (upped guidance); MSFT; V; EBAY (down guidance); COF; ISRG; ETFC

MISSES: SKX (BL)


AMZN: FTC is probing deceptive discounting in the agency's review of the proposed WFM acquisition. An uh-oh moment for the stock market? Attacking the biggest and best a la MSFT in the Clinton years?


Money Supply: Down to a 105 month low in growth rate at 5.4%. The last time the increase was less was in 9/2008.


North Korea: US warnings all US nationals to "depart immediately."


Russia: It depends on where you get your news. We read about everything, liberal, conservative, left, right, middle (are there really any of those left?). Left: Russian foreign minister 'confirms' Putin and Trump met more than 3 times at the G-20. Right: No more meetings. Truth: The foreign minister was making a snarky remark, mocking the western press. He said they COULD have met more than 3 times -- perhaps in the toilet. This confirms what I have said often the past 10 years: we no longer have a sense of humor, we no longer can laugh at ourselves.


OTHER MARKETS
Bonds: 2.241% vs 2.264% 10 year. Bonds on the rally again after a pause to test the last recovery high.

EUR/USD: 1.1639 vs 1.16271. Euro stronger again.

USD/JPY: 111.32 vs 111.863.

Oil: 46.50, -0.42. Oil slips on news that, surprise, OPEC is producing more than it said it would.

Gold: 1251.70, +6.20


Futures are not laughing this morning as SPY just hit new session lows with a large leg lower. Some 'dog caught the car' moments here as investors wonder what to do now that the indices hit new highs. I would REALLY like the market to avoid a sharp reversal after a new high. That has happened on just about every new high the past year: new high, then a big selling session, some more downside, then the plunge team comes back in. Watching the old highs to see if they hold as support.


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
______________________________________
Alert Key
http://www.investmenthouse.com/alertkey.htm

PLEASE DO NOT REPLY TO THIS EMAIL. USE THE CONTACT US PAGE ON OUR WEBSITE.

Customer Support: http://investmenthouse.com/contact_us.php