Market Alert - Pre-Market

Futures vs FV: SP -6.52; DJ -21.18; NASDAQ -26.38

Futures started where they sold down to afterhours last night, rallied, but then tumbled starting 8:00ET. A modest bounce the past half hour still finds NASDAQ well down to start Thursday.

The bipolar CNBC Cramer who was so gung ho after the Monday surge now says the market doesn't have any catalyst, that the news is just not much to add. Well, THAT has been the case all week as noted each morning.

CPI: 0.4% vs 0.3% exp vs 0.1% prior. +1.9% year/year

Core: 0.2% vs 0.2% exp vs 0.1% prior. +1.7% year/year

Energy jumped, new vehicles flat, used vehicles down hard. Shelter, playing into the core, rose 0.5%, the largest gain since 10/2005.

Real wages (inflation adjusted): -0.6%

Summary: Gasoline costs surge, housing surges, incomes fall. This as the government reports median incomes hit a record high. How did they do that? They CHANGED how they calculate incomes. If the facts don't fit, change the rules!


BOE: Does nothing with rates despite inflation Says it could hike in a few months. Sure. A lot can happen in a few months.


China: Retail data misses expectations by a couple of tenths.


NKorea: Japan says NK prepping for a missile launch. Japan was spot on the last test. NK says it will 'sink' Japan and reduce the US to 'ashes and darkness.' EMP threat there?


Daca/Taxes: Dems claimed a deal last night, using Schumer's standard ploy of running to the microphone first to try and set the narrative. White House, Trump say today no deal was made but they are close to an agreement.


OTHER MARKETS
Bonds: 2.197% vs 2.19%

EUR/USD: 1.18861 vs 1.1874

USD/JPY: 110.54 vs 110.62. Fades some after the rebound surge.

Oil: 49.80, +0.50

Gold 1327.40, -0.60


Futures are on a bounce toward the open though still well below flat line. Will the market show another low to high move, this one with some more power? If it does, that shows continued strength in the rally as the market, despite Cramer's 'no catalyst, no news' claims, has had to chew on a lot this morning in terms of economic data, world data, geopolitical strife -- the usual.

We will see if the likes of AMZN, testing back this morning from the WED move, turn back up with new bids.

Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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