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Thursday, December 28, 2017

Market Alert - Pre-Market

Futures vs FV: SP +1.28; DJ +34.7; NASDAQ +8.6

Futures up late Wed and gapped up early Thursday, trading in that pre-market range all morning. Off the highs of the range and the gains are somewhat tepid in a light trade environment.


AMZN helping NASDAQ as it jumps on word that it is in talks with SArabia to engage in direct sales versus through a 3rd party as it does now. AAPL is also in such talks but its stock is flat.


Bitcoin: Down 10% as SKorea moves to regulate all cryptocurrency trading. US traded crypto stocks are down on the news.


AAPL: WFC reiterates its market perform rating, citing its checks in China that show uninspiring demand for iPhones.


China: Its 'beige book' is unimpressive.


Wholesale inventories, Nov Prelim: 0.7% vs -0.4% October. Kind of expected inventories to rise as producers make more. In this circumstance this looks like a 'half-full' indicator.


Dollar: Venezuela gushing over the so-called petro-yuan that is being used by Venezuela and Russia to bypass the dollar in oil sales. Oil is historically traded in dollars and thus as the dollar weakens oil rises and vice versa. The petro-yuan is getting a lot of pump from US enemies and thus adding to the dollar's issues.


OTHER MARKETS
Bonds: 2.427% VS 2.412%. Bonds fade some after a surge Wed.

EUR/USD: 1.1946 vs 1.1896. Euro was set up to break higher again and it is doing so.

USD/JPY: 112.84 vs 113.25. Down hard versus yen

Oil: 59.68, +0.02

Gold: 1294.20, +2.80


So will today start the tardy Santa Rally through the first couple of days of 2018? Will have to see how this early bump in futures holds and if the bids -- as tepid as they may be -- hold up and attract more.

Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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