Market Alert - Pre-Market

Futures vs FV: SP +5.1; DJ +70.9; NASDAQ +17.25

Futures showing decent gains, right where they were before and after the August Jobs Report. A steady rise premarket, now holding flat the past hour.

Jobs: 156K vs 183K exp vs 189K prior (from 209K). ADP shows how great a predictor it is NOT.

June and July revised -21K and -20K, respectively.

185K jobs per month, the same level it has been since 2015.

Unemployment: 4.4% vs 4.3% vs 4.3% prior

Earnings: 0.1% vs 0.2% exp vs 0.3% July

Average workweek: 34.4 vs 34.5 exp vs 34.5 July

U6: Steady at 8.6%

Participation: 62.9% vs 62.9%

Manufacturing +36K
Construction +28K
Professional/Business +22K
Healthcare +20K
Information services -8K
Government -9K

TAKE AWAY: One of the democratic analysts on one of the financial stations was happy with the number -- keeping the 'growth' going that was reportedly under the Obama administration. The conservative said 'just because you get used to it, that isn't the same as being happy with it. That is the key: there were indications of improvement in the jobs mix (manufacturing, construction), but wages fell, workweek fell. Improving in some areas, backsliding in others. That tells you the recovery is still really no recovery yet.


Gasoline: Shortages already hitting throughout the nation. Jet fuel just hit the highest since 2008. From Corpus Christi to Port Lavaca to Victoria to Houston to Beaumont to Louisiana refineries are shut down. It should be relatively temporary, but a big percentage of refining capacity is offline and the effects are fanning out in all directions. Austin, Giddings, Waco, Lake Charles -- reports are coming in of stations out or running out of gas. We filled up all of our gas storage containers last Saturday and put stabilizer in them -- SOP for when these storms are coming. That won't last long, however.


Earnings beats: LULU; PANW; AMBA; NTNX


OTHER MARKETS
Bonds: 2.141% vs 1.210%

Oil: 47.05, -0.18

Gold: 1326.00, +3.80


Futures are holding their gains but stagnant post-jobs. The market may struggle a bit into the morning ahead of the Labor Day weekend and holiday. Overall, however, we anticipate the current recovery off the lows to continue to challenge and indeed put in new highs on NASDAQ.


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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