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Friday, January 12, 2018

Market Alert - Pre-Market

Futures vs FV: SP +3.99; DJ +98.27; NASDAQ -9.24

Futures are mixed in a volatile morning. Started higher, holding gains all morning, then FB news soaked in (changing the news feed to focus on people 'experiences') and all dropped. DJ has recovered, but NASDAQ was up 25 pts dropped to negative. It would appear that the FB news was an excuse to sell some GOOG, AMZN as well. The loudmouth on CNBC is saying this is brilliant. Perhaps, but FB used this in six other countries as an experiment and usage plunged and I mean plunged. Enough so that a FB VP said they tried it and obviously would not implement it given how it cut usage. Hmmm.


CPI: 0.1 vs 0.2 exp vs 0.4 Nov

Core: 0.3 vs 0.2 vs 0.1. 1.8% year/year, highest since 4/17

Healthcare, rents led the move. NOT the groups you want to see.


Retail sales, Dec: 0.4 as expected vs 0.9 Nov (from 0.8)

Control group (less auto, gas): 0.3 vs 1.4 Nov (revised up 3x)

Strongest Nov/Dec in 10+ years.


Earnings beats: BLK; JPM

Misses: WFC


AMD: Its chips ARE susceptible to the same attacks as INTC. Surprise. How many more will be admitting flaws?


OTHER MARKETS
Bonds: 2.583% vs 2.53%

EUR/USD: 1.12144 vs 1.12059

USD/JPY: 111.64 VS 111.22

Oil: 63.26, -0.54. Giving some back off that Thursday doji after a big run

Gold: 1327.00, +4.50


Futures are off the lows but are weakened and problematic after the FB news started getting sellers to hit FAANG and large cap tech. The string of gains and strong Fridays could be in jeopardy today. Not sure the market has absorbed the rise of the selling this morning.

Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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