Futures vs FV: SP -1.00; DJ -11.00; NASDAQ -4.00
Today is eclipse day and futures are lower but hardly enough to eclipse the upside? Wow, that was bad. There is an expected loss of $700M for businesses today due to lack of productivity and sales. A natural disaster? You can bet the government and some companies will use that as an excuse for any numbers misses. Some claim thousands will damage or lose their sight from viewing the eclipse. Oh great, burden the system more with the brainiacs.
But, I digress.
Bigger picture: Thursday was a second hard dip in a week. Friday was a modest bounce of sorts, at least not the harsh selling. This market has shown upside off of that setup before. Each time, however, the question is will it bounce again this time? Last Monday was a big day upside. This one is for now looking at bit more modest, but a softer open is not a bad thing. NASDAQ and SOX are still holding support, important indices for the market.
Fiat Chrysler denies China's Great Wall auto is pursuing it. Sure it isn't. Great Wall confirms it IS interested.
HLF announces a buyback of 10% of its shares.
WMT: filed a patent for a blimp warehouse with drones docking and leaving to make deliveries. The AMZN/WMT duel just got interesting.
OTHER MARKETS
Bonds: 2.182% vs 2.197%. Bonds continue their move higher
EUR/USD: 1.1763
USD/JPY: 108.98
Oil: 48.54, +0.03
Gold: 1294.60, +3.00
Futures are off their morning highs hit an hour back, as nothing inspires buying early on. The key, however, is also that nothing is inspiring selling. The worst action is opening down 100+ Dow points. For now the upside remains because the sellers are not pushing their advantage. Will see if the lack of sellers produces some bids.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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