Market Alert - Pre-Market

Futures vs FV: SP +0.47; DJ +20.58, NASDAQ -4.51

Futures are mixed and sluggish as the moves of the past several sessions somewhat reverse in terms of the roles of leaders and followers. NASDAQ is weaker while DJ30 comes back some.

Lots of talk of bubbles, crashes to come, basic end of markets talk. Things have never been so bullish you hear. Or the optimism seen now is the same as in the dotcom bubble. I have said it before: all of the optimism, overvaluation, overbought, etc. conditions do not matter until they matter. Moreover, does it have to be a crash and burn? I have found that usually truth is in between the extremes. Seems simplistic, almost stupid in its simplicity, but it is a good reality check when you read each day things will never go down versus things are just about to end as we know it.


DIS and Fox talking DIS acquiring Fox' entertainment arms.


Elections: Virginia and New Jersey being watched today for broader implications.


Oil: More are saying the recent surge will all end when the Middle East tensions ease. yes, it may come back some, but I would counter that the move was set up, as noted here, weeks and weeks before the Saudi news hit.


North Korea: Trump softens, says he believes they are making progress. Offers talks to figure out how NK can disarm and be part of the normal world. Nice try, but Good luck.


Middle East: Yemen threatens attacks on S. Arabia after 'declaration of war.'


OTHER MARKETS
Bonds: 2.32% vs 2.32% 10 year. Flat after a rebound.

EUR/USD: 1.1566

USD/JPY: 114.09

Oil: 57.34, -0.04

Gold: 1278.40, -3.20


Futures are rallying toward the open with a lot of renewed vigor. Perhaps the BTD has returned and is ready to move after 5 days upside and a pre-market dip. We will continue looking for opportunities to enter.






Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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