Market Alert - Pre-Market

Futures vs FV: SP -5.75; DJ -26.00; NASDAQ -33.25

Futures were off the lows but holding flat into the open at lower levels. Weaker results from AMZN and others are now starting to impact the market negatively.

The open is unsurprisingly lower though already trying to come back from the lower opening bell.

GDP, Q2: 2.6% VS 2.8% EXP VS 1.2% PRIOR (from 1.4%)

Healthcare: Skinny senate bill fails by one vote, that of the 'maverick' John McCain. A dying man's last middle finger to the Senate? Interesting dynamic playing out for certain, legacy building as well. Sounds harsh, but politics is a life and death game, all rhetoric aside.

Earnings beats: MRK; AAL; ROL; INTC; EA; FSLR; UBS

Misses: AMZN (BL); SBUX (TL); EXPE (BL); MAT (TL, BL)


OTHER MARKETS
Bonds: 2.318 vs 2.303

EUR/USD: 1.173 VS 1.1663

oIL: 49.21, +0.17

Gold: 1264.10, +4.10


Sluggish open, will see if bids return and just how much a drag AMZN is. The problem with idol worship such as investors and AMZN is when the idol tarnishes some. No doubt AMZN can do what it wants, when it wants, but the late comers are easily dismayed.

SP500 -4.99, -0.2%
NASD -32.18, -0.50%
DJ30 -8.81, -0.04%
SP400 -0.26%
RUTX -0.60%
SOX -0.48%




Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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