Market Alert - Pre-Market

Futures vs FV: SP -4.97; DJ -26.59; NASDAQ -27.01

Futures are at the lows of the session in a down, up, and then down pre-market. No wars started over the weekend, but with the stock indices sitting at highs, nothing bad happening is not exactly an upside catalyst.

Lots of news, not a lot of it market related. What is new?

China: New real estate restrictions are causing its markets to stammer.


Germany: Elections put Ma Merkel back in charge but she lost a lot of power as the 'far right' party did better than expected and has a seat at the table. Is it far right? When I was in school fascism was a far left belief. Just saying. Don't mean to trigger anyone. Anyway, the analysts in Europe say German voters feel the same 'what is going on here?' feeling that voters around the globe are feeling regardless of what the economic activity is.


AAPL: Reports are it is telling suppliers to slow walk parts to the company because AAPL is uncertain as to the X demand after a very slow open for the iPhone 8.


Healthcare: GOP rushes to revamp the Graham/Cassidy bill to fit the issues Cruz, Collins, Lee, McCain have with it.


Japan: Abe calls for snap elections, apparently feeling invincible right now. Hmm, that was a bad move for May in UK . . .


Spain: the REAL problem in Europe as its independence vote and Spain's heavy handed tactics to avoid the vote.


NFL: Seriously?


M&A: Car Parts buying Alliance Automotive Group


OTHER MARKETS
Bonds: 2.252% vs 2.253%

EUR/USD: 1.1878 vs 1.1952. Dollar rebounds

USD/JPY: 112.24 vs 111.97. Dollar rising here as well

Oil: 51.23, +0.57

Gold: 1295.20, -2.30


Stock indices closed last week in decent enough shape but you did have RUTX at its highs, SP500 bumping resistance, NASDAQ noncommittal at the highs. There are very good upside setups out there, however, so we will see if the early mush turns into some bids to try and continue the rally.


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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