Market Alert - Pre-Market

Futures vs FV: SP +6.13; DJ +57.57; NASDAQ +13.10

Futures zigzagging in the pre-market after a steady rise very early on. Over the past hour futures caught a bid and rallied back to near the pre-market highs. That leaves futures holding a steady gain as the stock indices plan to continue the recovery off the selloff in search of the next new high. Then a new high and . . . another selloff? Well, there is still more than enough room to make gains on that search for a new high.

End of the month, still the same quarter, expecting some but not a lot of shuffling. Last month end there was a market pop. Looks to be on this track again.


Personal Income: 0.4% vs 0.3% exp vs 0.0% June

Personal Spending: 0.3% vs 0.4% vs 0.2% June (from 0.1%)


Beats: CIEN; DG; WDAY; BOX; FIVE

Misses: CPB (TL, BL); LE (BL)


Jobs:
Challenger planned firings: +5% vs -37.6% prior

GE: to cut jobs in order to cut costs. Without the Obama administration and the favored deals for GE, it is finding it hard to make money. It was in decline until the Obama administration and its 'green' initiatives. Now as that milk run is over GE is back to harsh reality of having to make money without government assistance.


WFC: Says there are 2x more fake accounts than thought. I was down on the company before. Words are not enough for the contempt many feel for this institution and the huckster CEO it had. I said at the time the guy lied through his teeth about making small business loans. Carnival barker is a close description, but I don't want to besmirch carnival barkers.


Gasoline: Colonial pipeline closed. Expecting gasoline shortages on east coast. Expecting price spikes.


OTHER MARKETS
Bonds: 2.136% vs 2.136%

EUR/USD: 1.1842 vs 1.1893

USD/JPY: 110.47 vs 110.289

Oil: 46.43, +0.41

Gold: 1314.20, +0.20


Futures are holding in, and while it may be up and down as it is in these recoveries. expecting a continued recovery to seek new highs before the next serious selling bout comes. That is if the status quo holds.

Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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