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Friday, August 11, 2017

Market Alert - Pre-Market

Futures vs FV: SP +4.99; DJ +64.99; NASDAQ +10.66

Futures were slightly higher in a morning relief bump after heavy selling into the bell. Then the weaker CPI numbers hit and futures have driven straight higher since, turning higher at the news. Perfect setup for the protection people to enter? The bids certainly came on strong in a flash.

CPI: 0.1 vs 0.2 exp vs 0.0 prior. 1.7% year/year

Core: 0.1 vs 0.2 exp vs 0.1 prior. 1.7% year/year. Slowest since 1/2015

New and used cars -0.4% (used cares -4.01% year/year)
Shelter +0.1%, slowest gain since March
Food +0.3%
Lodging -4.2%

CNBC's Liesman: "Maybe the Fed is too tight." Heaven help us.


Earnings beats: NVDA; JWN

Misses: JCP (BL); SNAP


North Korea: US 'locked and loaded' in the event North Korea does something the US considers stupid. CHINA steps in, saying that if the US/South Korea attempt to alter the political balance on the Korean peninsula it will act to prevent that. Okay, the lines are drawn, and China's comments can only embolden the guy in pajamas.


OTHER MARKETS
Bonds: 2.217% vs 2.201%. Dropped to 2.187 on the CPI news but has recovered as bonds sold back.

EUR/USD: 1.1812 vs 1.1765. Dollar dropping stone-like again.

USD/JPY: 109.25 vs 109.178

Oil: 48.44, -0.15

Gold: 1291.10, +1.00


Stocks are in relief move mode and we will have to see just how serious the bids are. As noted last night, the indices are in good position for the protection teams to work, but with the breaks taking place, the dropping interest rates (again), it is best to be cautious. Thus we closed some positions that were problematic or could be impacted by lower rates. Will see what stocks such as NFLX do at 50 day MA support, how AAPL reacts at the upper gap point, FB at its upper gap point.

Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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