Futures vs FV: SP -3.40; DJ -19.23; NASDAQ -17.16
Futures trending lower all morning, at least after a short bounce a couple of hours back. Trading at session lows heading toward the bell. Nothing outrageously lower, i.e. not that kind of reversal seen -- at times -- when the algorithms kick in. That said, the last rotation lower started rather quietly then accelerated.
Today, however, looks a lot like pre-weekend worry once again given the geopolitical issues. That happened two weeks back and the next Monday opened with a big gap upside when everyone woke up and there was no fallout from mushroom clouds.
Ah, the nuclear issue. Trump and Rocket Man continue the daily nuclear word war with Pajama Man 2 threatening an above ground Pacific ocean H-bomb test. You know when I was very young terms such as H-bomb, above ground test, nuclear fallout were common among kids. It pervaded your life; you practiced 'civil defense' drills in school where you got under your desk covered your neck with your hands. We called it 'assuming the death position' and a bunch of us 'tough guys' in school decided we did not want to be found dead that way. Anyway, new studies show that IF a blast does occur, your chance of real, actual survival jumps 80% if you DO drop immediately and make yourself as small as possible. Civil defense lesson for the morning.
Desperate governments: London cancels Uber license. Dimon continues bashing bitcoin. Okay, Dimon is not government, but he is going to run for office at one of the next election cycles.
Jeremy Siegel: A 10% rally into year end. I think we get a selloff first.
Jobs: HPE cuts 10% of staff. Just SOP at HP.
M&A: TMUS and S reportedly close to a merger.
Germany: Elections Sunday
AAPL: Sales start today of new products.
OTHER MARKETS
Bond: 2.253% versus 2.276%. Bonds rally some on the NK Pacific H-bomb threat.
EUR/USD: 1.1973 VS 1.19420. Euro bounces
USD/JPY: 111.95 vs 112.46
Oil: 50.38, -0.17
Gold: 1297.30, +2.50. A rather modest bounce after the Thursday thumping and the war of words between dotard Trump and Rocket Man (Pajama Guy 2). Can you believe people had to look dotard's meaning? We have an illiterate society.
Futures at session lows to start Friday. Again, this looks more like a worry ahead of the weekend given the NK threats. Still, this is the first significant test of this last leg of the rally.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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