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Thursday, October 5, 2017

Market Alert - Pre-Market

Futures vs FV: SP+3.21; DJ +16.36; NASDAQ +22.66

Futures trending modestly higher all morning after a pause or slower session Wednesday. A bit of a give back with about 40 minutes to go before the bell. Very modest upside just as Wednesday was very modest downside.


Jobless claims: 260K vs 265K expected vs 272K prior. Still some storm effect they say, but this is a valueless number now. Has been for several years.


Challenger proposed layoffs: -27% vs +5% August.


ECB Minutes: For some reason people were expecting something new. There was not.


AMZN: Testing its own delivery system to drop FedEx and UPS.


Analysts upgrading and downgrading. Not a lot of news so they are trying to fill the void.


OTHER MARKETS
Bonds: 2.328% VS 2.327%. After that gap lower over a week back, bonds have held a very tight range -- below resistance.

EUR/USD: 1.1736. Also hovering at the same level.

USD/JPY: 112.46

Oil: 50.07, +0.09. After touching 52-53, back down and holding flat.

Gold: 1278.40, +1.60. Modest rebound the past few sessions after sharper selling.


Futures are off the morning highs, still slipping toward the bell but also still holding decent enough gains. The bids have mostly returned to the market even after brief downside. I suppose you can call Wednesday downside as RUTX and SP400, the big movers, took a day off. Today everything looks to start a bit higher, but would not be surprised to see a bit of sluggishness given the jobs report Friday morning and still the indices are sitting on either stellar runs (RUTX, SP400) or a decent one to 1.5 weeks of upside (large cap indices).


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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