Market Alert - Pre-Market

Futures vs FV: SP -2.05; DJ -9.55; NASDAQ +2.51

Futures were modestly higher ahead of the second read of GDP, dropping after that release to negative territory. Started the morning decently higher, backtracking all morning, picking up some speed after the data. No major selloff, just mushy.

Why? Perhaps because GDP topped expectations at 3%, and that has people worrying about a more hawkish Fed. Perhaps.

GDP Q2, 2ND: 3.0% vs 2.7% exp vs 2.6% first read

Consumption: 3.3% vs 3.0% expected

PCE: 0.9 VS 0.9 expected

Corporate profits: +0.8% versus -2.6% prior


ADP Employment survey: 237K vs 180K vs 201K (from 178K)


OTHER MARKETS
Bonds: 2.1449% vs 2.129%

EUR/USD: 1.1992

USD/JPY: 110.19

Oil: 46.05, -0.39

Gold: 1314.30, -4.60


Futures are making a stand near the flat line. Not surprising; even when the market has reason to sell, e.g. Tuesday, it recovers.

Now we see if Tuesday's reversal upside off a gap can jumpstart SP500 and SP400 upside. RUTX is trying to lead those two higher.


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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