Market Alert - Pre-Market

Futures vs FV: SP -6.77; DJ -47.87; NASDAQ -26.17

Thursday a change in the pre-market as futures meet the bell lower. The prior 2 sessions futures were higher but the market really struggled to hold gains and indeed gave much of them back by the close. Still trending higher, but finding it difficult to hold the initial gains.

Today perhaps a lower market lets the bids build into the session.

What about selling as the futures indicate? Sure the sellers could take over the market after the disbanding of the CEO councils (again, no issue with that given they were all the same group that the prior administration used to box out the small and midcap businesses from the recovery) and the future of this administration's agenda, but the sellers have been unsuccessful sustaining even the vicious downside sessions. I know, so ma say it is going to happen, about to happen, is happening, but it has not.


Philly Fed, August: 18.9 vs 17.0 exp vs 19.5 prior. Weakest since the election but some really good sub-numbers.

New orders: 39.2 vs 2.0

Workweek: 27.4 vs 3.8

Prices paid and prices received both went up commensurate amounts so no profits squeeze.


Industrial Production, July: 0.2 vs 0.3 exp vs 0.4 June.

Manufacturing production: -0.1. Auto production -3.6%

Capacity Utilization: 76.7 vs 76.7 exp vs 76.7 prior (from 76.6)


Earnings beats: BABA surges; WMT (barely); LB (but guides 2017 lower); NTAP (guides lower)

Misses: CSCO (TL); BKE (TL); VIPS (BL)


ECB Minutes: Euro getting slammed on a fear of the currency "overshooting" even if its current value, according to the ECB, reflects "fundamentals in the euro vis- -vis the rest of the world." Again, that has hit the euro as it is considered hawkish.


OTHER MARKETS
Bonds2.236% vs 2.225%

EUR/USD: 1.16991 vs 1.1778

USD/JPY: 110.16 vs 109.893

Oil: 46.60, -0.18

Gold: 1290.30, +7.40


BABA is going to perhaps lead the China stock leaders higher. Outside of that, we see if the bids return after the market tries a softer open this time around.




Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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