Market Alert - Pre-Market

Futures vs FV: SP DJ +99.19; NASDAQ +10.04

The dollar is getting slaughtered and stocks are ready to open higher, and we will see if the market, after some low to high moves, can play with a lead. The last couple of times it tried this the bids could not hold.

Dollar: Mnuchin said today "Obviously a weaker dollar is good for us as it relates to trade and opportunities." It is being explained as a near term statement, not repudiating the overall strong dollar policy, but the dollar was slammed lower of late even before this happened.


Earnings beats: CMCSA; SWK; UAL

Misses: GE (TL, BL); COF (TL, BL); CREE (TL)

GE was up on its results until the SEC announced it is conducting an investigation re accounting, etc. Yes, I would like to know where all of those stimulus dollars went OTHER THAN on those extraordinarily expensive commercials GE produced to tell everyone what a great, green company it was. It was awarded so much money and made a lot of commercials.


Economy: Dimon says the tax reform will lead to a 2018 boom. Blankfein says he "really liked" what Trump did for the economy.


Jobs: SBUX upping its pay and benefits, thanks to tax reform.


Buybacks: WFC +350M shares. SiriusXM +$2B. VLO +$2.5B


OTHER MARKETS
Bonds: 2.652% vs 2.617%

EUR/USD: 1.2378 vs 1.23083.

USD/JPY: 109.43 VS 110.159

Oil: 64.75, +0.28

Gold: 1351.90, +15.20


Futures are holding in rather well. Again the question is whether they can hold up after a higher open. Would be nice to see, but earnings are rolling in, big move higher. Looks good thus far but if stocks hit targets we will take some gain.

Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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