Market Alert - Pre-Market

Futures vs FV: SP +5.65; DJ +76.54; NASDAQ -1.09

Futures pretty much tell the story of late. DJ30 up nicely, SP not bad, NASDAQ just below water. It is a big day for NASDAQ with several of its major players announcing earnings after the close (GOOG et al) and that will tell more of its story. DJ30 is limited in stocks and scope and it happens those it covers are in the groups all the regs, stimulus, tax laws, etc. have benefitted and they are surging. The rest . . . struggling, but just a bit.

BEATS: UNP; TWTR; F; AMGN; LVS; STM

MISSES: UAL (TL); CELG; CMCSA (TL); DNKN (BL); BWLD (TL); CTXS (TL)

Despite some missing, they are up, e.g. BWLD. Despite some beating, they are down, e.g. AMGN


ECB: Draghi announces a more dovish taper: 60B to 30B euro/month, BUT extended to September. Giveth and taketh. Markets calm though dollar higher.


Fed: Yellen, Warsh out. Powell, Taylor in but Trump cannot decide. Co-chairs?


Catalonia: Backs off independence push, says will hold elections. Spanish stocks soar. Could it be because of a report that 1400 companies have left Catalonia since October 2? Now, I am sure they have not physically left but have announced plans to leave. Still, ouch.


Taxes: Corker says is contentious relationship with Trump will NOT impact his tax reform vote. Just the negotiations?


OTHER MARKETS
Bonds: 2.423% vs 2.435%. Bouncing back some after the slaughter.

EUR/USD: 1.1774 vs 1.1863. Bouncing post-taper that was more dovish.

USD/JPY: 113.67 vs 113.907

Oil: 52.14, -0.04


Okay we will see if the early move can hold. Futures are moving up just ahead of the bell, but the futures have had little to do with the market day's moves. NASDAQ and big earnings to come. RUTX is important again as it struggles in its test.

Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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