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Monday, August 14, 2017

Market Alert - Pre-Market

Futures vs FV: SP +14.43; DJ30 +129.68; NASDAQ +42.47

So much for the threat of thermonuclear war. The administration downplays the possibility of imminent war with Korea, Pence also downplays any action against Venezuela. Tensions ease, markets dutifully bounce. One wonders if the softening on China comes after White House said it would open a probe into China's IP theft, China's newspapers protested, but then China banned imports of North Korean coal, lead, and iron.

Futures gapped higher when they opened and they have held there since. No up, no down, just flat line gap higher. That often gives sellers a target to shoot at, but nothing this morning suggests there are cracks in the upside. We will, however, see how that gap holds.

Busy week: Retail Sales Tuesday, FOMC Wednesday, regional PMI's, Housing Starts, Industrial production.

Japan: GDP 4.0% vs 2.5% expected. Growth is domestic-centric. Capital expenditures were double expectations, consumer spending jumps. Coming out of the zombie state? The coma?

VMW: bouncing in the pre-market on some good news. JD struggling, down 1.25


OTHER MARKETS
Bonds: 2.222% vs 2.191% 10 year.

EUR/USD: 1.1797 VS 1.18216

USD/JPY: 109.62 vs 109.183

Oil: 48.59, -0.23

Gold: 1288.10, -5.90


As noted, futures gapped higher early and have held the same tight range for hours. The stories are all on the relief, positive side, and after a troubled week NASDAQ, SP500, SOX are going to move back over the 50 day MA's. The key will be if they can hold the moves, i.e. there is no change in the algos to keep on selling the selling.


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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