Market Alert - Pre-Market

Futures vs FV: SP +3.83; DJ +40.28; NASDAQ +19.20

Stocks refuse to back off, continuing last week's move with more force today, the 30 year anniversary of Black Monday, at least at the open. SOX was strong last week while the large cap indices mostly just edged higher. Small and midcaps continued their tests. Today futures point to a strong open and we will see if the small and midcaps are ready to start back up yet or of it is just the large caps again.

New York Empire PMI: 30.2 vs 20.0 expected. Highest since 10/09.

New orders: 18 vs 24.9
Work hours: 0.0 vs 5.7
Inventories: -7.8 vs 6.5
Prices 27.3 vs 35.8

Why did it go up? 6-month outlook jumped to 44.8 from 39.3. The surge seems somewhat suspect as the outlook and prices led the gains.


Oil: Iraq and Kurds are fighting near Kirkuk, an important oil producing region. That is helping oli rise.


World issues: Stocks are up despite a bevy of world problems.

Brexit standstill
Catalonia forms its own central bank in the Face of Spain
Plague spreads big in Madagascar
Austrians elect at 31 year old populist millennial
NK: diplomacy will continue until the first bombs drop says the US
FBI: finds more documents on the Clinton/Lynch tarmac meeting

AAPL: upgraded
C: downgraded


OTHER MARKETS
Bonds: 2.2791 vs 2.275% 10 year. Off some after a strong rebound last week.

EUR/USD: 1.1806 vs 1.1822

USD/JPY: 111.90 vs 111.84. Holding its recent weakness, to put it one way

Oil: 52.31, +0.86. Rising on Iraq/Kurd fight in Kurkuk.

Gold: 1307.70, +3.10

Stocks are at pre-market highs as the bell approaches. There is some pre-earnings money going to work as the modest gains last week pick up some steam.


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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