Market Alert - Pre-Market

Futures vs FV: SP -1.37; DJ -41.91; NASDAQ +6.70

Somewhat the same story of the past day or two with NASDAQ in the lead pre-market, but its lead is down from 18.95 futures points to around 7 toward the bell as futures continue their all-morning trend lower from decent levels in the post-close session Wednesday. For SPY, basically a round trip from the WED rise afterhours.

Challenger Jobs: +30.1% yr/yr, the worst since 2012 in terms of planned layoffs.

GE: laying off 12K workers worldwide. Call it the revenge of Imelt's outsourcing US jobs after receiving hundreds of million in US 'stimulus.'


Taxes: Senate working on it. SALT is a sticking issue debated on CNBC this morning. The 'economists' say they don't know if people will leave a state or area because of taxes. But we do know businesses do. AND, if they have to bear the cost of their state government's profligate spending, maybe they will demand more frugal leaders. Others do not want to pay for the over-spending that deductions of SALT provide the cover for. It is a way to prop up big state and city spending on very expensive healthcare, etc. Montana doesn't want to pay for it.


Bitcoin: $15K+. Rallied $3K in 36 hours. CME futures are set to start trading.


OTHER MARKETS
Bonds: 2.331% vs 2.34%. Still rallying, but CNBC says it does not mean economic troubles - - this time.

EUR/USD: FLAT

USD/JPY: 112.58 vs 112.25. Dollar up

Oil: 56.28, +0.32. Rebounding some.

Gold: 1256.60, -9.50


Futures sliding all morning to a mushy start. NASDAQ names trying to bounce some but they too are losing some momentum pre-market. On the other hand, some retailers look strong. CONN to bap higher. FSLR (not retail) is also opening higher. Looks as if there are some possibilities out there -- as usual.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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