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Friday, December 22, 2017

Market Alert - Pre-Market

Futures vs FV: SP +1.48; DJ -12.73; NASDAQ +1.24

Futures are status quo to start the day, pretty much continuing where the Thursday session left off. A bit sluggish ahead of the 3-day Christmas weekend. Oh, and Merry Christmas everyone!

Personal Income, Nov: 0.3 vs 0.4 exp vs 0.4 Oct

Personal Spending: 0.6 v 0.4 exp vs 0.2 Oct (from 0.3)

Core deflator: 0.1 vs 0.1 exp vs 0.2 prior (1.5% year/year)

Durable Goods, Nov Preliminary: 1.3 v 2.1 exp vs -0.4 prior (from -1.2)

Ex-transports: -0.1% vs 0.4 exp vs 1.3 prior (from 0.4); what a revision

Business investment: -0.1 vs +0.8 prior (from 0.3). Biggest decline in investment since 2016. Now before everyone gets freaked out, recall that there was great debate on whether tax reform would be accomplished. In times of uncertainty, investment dries up.

Bitcoin: Drops below 13K with a 3K+ drop. Those that bought as a trade versus holding it in the belief it would be money are selling out fast. As Hal in 'Cliffhanger' said about gravity, momentum is a b***h.

AAPL: Class action lawsuits filed overnight on its slowing phone operations when the battery weakened. While AAPL may have had good intentions, it hid them and people feel they were conned into buying new phones when a battery change would have made their old phone just as peppy as it used to be. AAPL is down marginally.

Buybacks: Chubb initiates a $1B repurchase program

Bonds: 2.488% vs 2.484%. Holding steady after bombing lower through Wednesday.

EUR/USD: 1.1855 vs 1.1866

USD/JPY: 113.37 vs 113.36

Oil: 58.02, -0.33

Gold: 1271.70, +1.10

It is Friday ahead of a 3-day Christmas weekend. They just opened snowmobile rides in Telluride as some snow finally showed up. It was a lot of brown until very, very recently. Just in time for Christmas, and perhaps it will save that town's and other ski towns' holidays.

Any fireworks today? Likely that will be left up to bitcoin. We will watch AAPL and see how it recovers. GOOG to see what it does after Schmidt's announced retirement. BIDU looks very interesting. Lots of stocks look interesting, but will they show the move? Hitting the Santa rally time and will see if some momentum returns to some 'names'.

Jon Johnson, Chief Market Strategist
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