Futures vs FV: SP -0.07; DJ -48.29; NASDAQ -29.89
AAPL is proving a drag on DJ and NASDAQ as the Taiwan Daily Economic Daily reports that X phone sales will be 30M units versus 50M units in Q4 and that production was slashed. AAPL is down 2% and dragging on the market as those companies supplying AAPL are lower as well.
Christmas sales: MasterCard SpendingPulse reports +4.9% sales for 11/1 to 12/24 versus 3.7% for 2016 same period.
M&A: MNK purchasing Sucampo Pharma
China: Cut oil exports to NKorea in November we find out.
OTHER MARKETS
Bonds: 2.483% vs 2.485% 10 year
EUR/USD; 1.1856. Dollar up slightly over last week but Euro still looks good to bounce.
USD/JPY: 113.26
Oil: 58.73, +0.26. was flat but a report of a pipeline explosion in Libya.
Gold: 1285.70, +6.89
Futures tailed off early session and have struggled the past three hours, finding no traction thus far. AAPL news dominates, and in a thin market it does not take much to influence trade one direction or another. Right now it is lower given the main story.
Should be Santa Clause rally time but it is not starting out this morning obviously. Taxes, AAPL have investors and traders figuring out what they want to do. The bids will have an opportunity to come back in at some lower prices but with the fund outflows post-tax passage will there be the money there willing to enter?
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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