Market Alert - Pre-Market

Futures vs FV: SP +3.24; DJ +32.27; NASDAQ +14.78

More of the same. Futures are higher with SP500 futures moving to a new pre-market high the past few minutes though basically up all morning and trading in a range the past 4 hours. Another higher open, more all-time highs on yet another open.

More of the same in the news as well.

Earnings continue to ramp though Thursday is the big day for results with AMZN and company afterhours.

Beats: HAS; HAL; VFC


Taxes: Still the arguments over whether it will be reform or just a cut with repatriation. Hopefully the former if we want growth for the small businesses. Otherwise it is the same kind of skewed economy. There are some democrats that will NEVER vote for a bill that gives the 'rich' a reduction. By some I meant mean ANY democrats. Of course, as discussed weeks ago, the administration could be smart about this and give the entity breaks to truly small businesses and corporations among other changes. But, they won't be smart because of . . . special interests and lobbyists and their money.


Jobs: Bloomberg reports that US workers are retiring later, dying sooner, and are sicker in-between the two. That is a great legacy to show for all of what we are told are great accomplishments over the past 15 years. Healthcare reform was indeed reform: took the best system and made it to where we are all dying earlier and live sicker. Economic reform made the large banks even larger, the small banks smaller, the very upper end incredibly richer, the middle class almost nonexistent, the welfare rolls up 50% . . . THAT is why people want to get back to a different tax structure, a different healthcare system that does not force policies that are not for you. But, as noted above, another week and no change . . .


M&A: CSCO buying Broadsoft


AAPL: Reports of a meeting between AAPL and Foxconn about production issues with the iPhone X.


GDP, Durable Goods, ECB tapering all set for later in the week and, of course, a lot more earnings.


OTHER MARKETS
Bonds: 2.379% vs 2.383% 10 year

EUR/USD: 1.1734 vs 1.1779

USD/JPY: 113.80 vs 113.50

51.98, +0.14

Gold; 1274.10, -6.40


Futures are holding their gains but no longer moving higher. As seen last week, up or down, the immediate market action post-bell often has little to do with the futures. The result, however, was the same: by the end of the day stocks were higher, or if they opened lower, at least cut a lot of the losses.

The large cap indices are still hitting higher highs. Watching how RUTX continues to bounce. Also watching NASDAQ and SOX as they did not act that well Friday; up but closed off the early highs.


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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