Market Alert - Pre-Market

Futures vs FV: SP -.44; DJ -7.07; NASDAQ -0.62

A soft morning in line with the Friday sluggish session as the market takes a breather after hitting those highs. Certainly does not have the look of a reversal, at least at this juncture.

News consists mostly of the same.

FOMC: Meets again this week for another rate decision. No Yellen presser afterward so it cannot do much at all in changing its statement. Likely that applies to Yellen's testimony to Congress, but there still could be a Fed speaker or two coming out with his/her own commentary.


IMF: Downgrades US growth outlook, following the Fed's downgrade: 2.1% versus 2.3%.


Healthcare: The GOP is not sure what healthcare proposal it is going to vote on. That is about par for the course.


Democrats: Announce a "Better Deal" campaign aimed at big corporations, high prescription drug costs, and . . . having a Rick Perry moment here. In any event, good luck with that. Oh yes, jobs. Hey, they had their shot: millions upon millions of low wage hourly jobs under the Obama economic plan.


M&A: KKR wants to take WBMD private.


Earnings: The focus of course with GOOG out afterhours.
BEATS: HAS; HAL; VFC

MISSES: CALM (TL, BL)


Analysts:
Upgrades: CAT, Blue Apron (after it was slammed)

Downgrades: GS by UBS on the trading outcome from last quarter.


OTHER MARKETS
Bonds: 2.248% vs 2.241% 10 year. Bonds basically flat after rising last week. FOMC is Wednesday, bonds neutral ahead of it for now.

EUR/USD: 1.1648 vs 1.16640. Dollar actually bounces back a bit.

USD/JPY: 110.80 vs 111.86. Dollar losing ground again here as the Friday sharp break lower continues.

Oil: 46.17, +0.40

Gold: 1257.90, +3.00


Futures recovering nicely into the open. Definitely no sellers to start the week with the market testing new highs. A most modest dip a buying opportunity? We will see.


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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