Market Alert - Pre-Market

Futures vs FV: SP +9.63; DJ +72.60; NASDAQ +23.46

Gary Cohn gave an interview and noted that tax reform would happen before year end and indeed the push for reform would start next week. Futures started a bit higher and rallied toward the bell. A dip, then start back up, still holding pretty solid gains.

This after some questionable charts on SP500, SP400, RUTX. SOX, DJ30, NASDAQ were down but still solidly in good patterns.


Durable goods, July: -6.8

Ex-Trans: +0.5%. the BA effect.

Business investment: +0.4%, the third highest of the year.

Ex-defense: -7.8%


Jackson Hole: Yellen, Draghi speak today. Yellen in about an hour and of course with September as the expected date to start lowering the balance sheet, everyone wants to confirm or hear any real news.


Beats: BIG; ADSK; AVGO; PSTG; SPLK; ULTA (but missed same store sales)

Misses: GME (BL)


AMZN: Reports are it will cut prices on groceries and take losses to get established.


OTHER MARKETS
Bonds: 2.199% vs 2.201%

EUR/USD: 1.1804 vs 1.17996

USD/JPY: 109.72 vs 109.583

Oil: 47.64, +0.21

Gold: 1291.40, -0.70


Futures are holding up well enough, but over the past 1.5 hours futures hit resistance and stopped the ascent. So, the market will show an upside start, but as we saw volatility Thursday after an attempt to rebound, have to see if the bids hold. Looks promising for NASDAQ, SOX, DJ30 and we will see fi they can lead a continued move higher after the pause.


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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