Market Alert - Pre-Market

Futures vs FV: SP +4.95; DJ +19.92; NASDAQ +38.77

Futures are higher again as stocks are set to move up led by earnings from FB and tech in general. It will be of interest whether the small and midcaps turn back up or bleed again as on Wednesday. With the big tech stronger, I would suspect they struggle, but the market will answer that question.

Durable goods orders, June: 6.5% vs 2.9% exp vs -0.1% prior (from -1.1%)

Ex-Transports: 0.2 vs 0.5% exp vs 0.6% prior (from 0.1%)

Obviously durables were led sharply higher by Boeing orders with a 6.5% headline versus 0.2% 'core', a core much lower than expected.

New Orders non-defense and ex-aircraft: -0.1%. Capital investment remains worrisome, but is not deterring markets at this stage.

Silver lining: May revisions were solid.

Earnings beats: CMCSA; TWTR (but user numbers dove); PG; LUV; FB; GILD; PYPL;

Misses: DNKN (TL); BWLD; WHR

Healthcare: Nothing new on that front, of course.


OTHER MARKETS
Bonds: 2.303%. Bonds sell back some after a modest post-FOMC bounce. Bonds remain under near term pressure this week.

EUR/USD: 1.1696. EURO continues its surge against dollar.

USD/JPY: 111.40. Dollar weaker versus yen as well.

Oil: 48.46, -0.29. Taking a bit of a breather after a good upside move.

Gold: 1263.40, +14.00. Of course gold is up after the FOMC flock of doves.


Futures are at the session highs, showing a modest rise during the morning session. More new highs at the open, watching if SP400's reversal continues or if it can hold the line.


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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