Market Alert - Pre-Market

Futures vs FV: SP +7.15; DJ +84.89; NASDAQ +18.52

What was that thing about North Korea? Stocks appear to have the memory of a good cornerback, forgetting the last bad play and focusing on the here and now. That would be hurricane Irma heading into the Virgin Islands (where the governor signed an order allowing for the confiscation of firearms and ammo among other things for 'safety').

Even that is a long way off in market terms, and futures are up, trending higher all pre-market in a steady climb.


Not a lot of hard news that people are giving any interest to.

Trade Deficit, July: -43.7B vs -42.5B.


Earnings beats: HPE, NVA; GIII

Misses: PLAY (TL)

Warnings: TRVG (online travel), NWL (plastic products) cut guidance. NWL blames Harvey and the lack of materials.


SRPT: Positive study results for its MD drug. Up over 10% and over our initial target.


Bubbles? DB is "seeing bubbles everywhere," campaigns for an end of easy money.


OTHER MARKETS
Bonds: 2.075% vs 2.072%

EUR/USD: 1.9131 vs 1.19136

USD/JPY: 108.90 vs 108.742

Oil; 49.07, +0.41

Gold: 1344.80, +0.30


Futures are holding most of their morning gains, giving back some just ahead of the opening bell. Tuesday the leading indices tested near support and were on the rebound up to the close. Now a decent bump higher on the open will continue that recovery. That goes along with the market's MO for its rallies. Now we see if the bids hold and stocks such as China stocks, biotechs, tech, FAANG can continue the upside.


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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