Market Alert - Pre-Market

Futures vs FV: SP +2.12; DJ30 +22.33; NASDAQ +13.68

Nothing major geopolitical happened over the weekend so futures are up modestly. It is Columbus Day and the bond market is closed while stocks trade. I hear Antifa is planning defacing Christopher Columbus statues around the country. You know, I never trust anyone who has to wear a mask when they stand up for what they believe is right. Just saying.

There is a dearth of economic news.

AAPL: there are reports of iPhone 8 batteries swelling and splitting the phone. Apple is aware and 'looking into it.'


GOOG: Received an emergency license to put up a network of weather balloons in Puerto Rico to help restart cell phone service.


Federal Reserve: 9 scheduled speeches this week.


Politics: Senator Corker and President Trump engage in tweet feud over the weekend. Corker is a claimed deficit hawk who could stand in the way of any tax reform proposals. Ironic; this is he same guy who was buddies with President Obama and helped balloon the deficit over 2x with his votes, yet he is now a 'deficit hawk' for tax reform. I can see Trump's position regarding Corker's apparent incongruent positions. Would not handle it the same way, but can definitely see the point.


The rest of the 'news' deals with GE's new management changes as the company struggles to recover from the Immelt tenure (hey, maybe AAPL cold license his name for the iPhone -- iMelt?). It is akin to discussing the efficacy of technology that is obsolete -- what's the point?


OTHER MARKETS
Bonds: 2.361%. Bond market is closed today for Columbus Day

EUR/USD: 1.1737

USD/JPY: 112.681

Oil: 49.22, -0.07

Gold: 1287.60, +7.70


Futures trended higher all morning, faded to test, and are now moving back up toward the open. The large cap indices led into last weekend while the small and midcaps, the big winners the prior three weeks, took a breather. Thus far the virtuous rotation is working and watching to see how it continues today.


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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