Market Alert - Pre-Market

Futures vs FV: SP +4.00; DJ +6.00; NASDAQ +20.50

The worries over the NKorea ICBM launch are fading and futures are up, basically rising all morning versus a gap higher. Fading off the morning highs just a bit heading toward the open, but the pre-market bids are fairly firm.

NASDAQ is leading the morning advance as those stocks lagged into the 4th and indeed AMZN and other big names flash-crashed afterhours due to a market 'glitch.' Now the tables reverse some with NASDAQ leading the upside versus the downside. So, on the open there is some dip buying but frankly I would not be surprised to see that fade either today or before the end of the week.

As for morning news, not much of substance for the markets as they await Factory Orders at 10ET and FOMC Minutes at 2:00ET.

The NKorea ICBM launch has the UN ready to meet to discuss. Trump tweeting about China failing in reining in NK.

EU: Italy parliament is talking openly about Ital-exit, i.e. leaving the EU.


AMZN: Opening another fulfillment center, this one in UT, and creating 1500 jobs.


OTHER MARKETS
Bonds: 2.343% versus 2.34%

EUR/USD: 1.1323

USD/JPY: 113.58

Oil: 46.59, -0.48

Gold: 1218.30, -0.90


Bids are returning pre-market after a brief respite toward the open. Definitely a higher open on NASDAQ while NYSE indices, large caps particularly, take a breather. That has been the pattern day to day, that is one group leading the other resting. The bigger pattern, however, is NASDAQ declining. NASDAQ remains below the 50 day MA's so the thing to watch today is how NASDAQ reacts to the 50 day MA's as it rebounds.

Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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