Market Alert - Pre-Market

Futures vs FV: SP -0.83; DJ +14.33; NASDAQ -9.33

Oh no, futures are lower. It has been awhile since futures were actually lower to start a session. Of late the indices showed the high to higher action. Now they will pause to start, outside of DJ30 thanks to a single stock or two. If buyers want to continue entering, a bit of softer open will given them the shot.

Fed: News is Yellen is out of the running for the next term. Several are floated but Gundlach says Kashkari because he is the most dovish currently on the Fed and Trump will need a dove.


Jobs: Hurricanes are said to take 50K off of the Friday report.

ADP: 135K vs 160k exp vs 228K prior.
It would seem there is something to that theory. Small business -11K as ADP rises the slowest in 11 months.


Mortgages: -0.4%, -24% year/year. Refinance -40% year/year


AMZN: EU hits it with a $300M "illegal tax" avoidance penalty. AAPL is under consideration as well.


OTHER MARKETS
Bonds: 2.316 vs 2.316% 10 year

EUR/USD: 1.1764 vs 1.1742

USD/JPY: 112.60 vs 112.86

Oil: 50.38, -0.03

Gold: 1279.80, +5.20


Futures are definitely sluggish, fading toward the open and indeed trending lower all morning. New highs for several days straight and we will see if the traders can handle a lower open and if they and some 'investors' come in to buy morning weakness.


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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