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Wednesday, January 3, 2018

Market Alert - Pre-Market

Futures vs FV: SP +0.61; DJ +5.01; NASDAQ +1.41

Everyone appears rather sanguine about the market upside today despite quite sluggish futures on the heels of a big opening year surge. A bit of softness is okay after a run; it can lead to new bids. At the start of a year, however, as noted Tuesday, staying power is key. Perhaps a bit of a dip gives an opportunity for buyers and bids jump back. It appears most leaders are in good position to continue, though INTC is down on an announcement of a serious security flaw in its chips.

There is economic news today starting with ISM at 10:00ET. Ahead of that, a lot of analysts are getting all gushy over stocks and a lot of geopolitics.


Upgrades are rampant: UTX, IBM, AXP, GIS, ORCL and others.


AMZN: said to have garnered 4% of all 2017 retail sales


Pay: LUV, AAL each giving $1K to employees


Iran: Trump tweets support for protesters: 'great support at the appropriate time." What does that even mean?


NKorea: Calls SKorea on the hotline for the first time in 2 years. Progress. Perhaps.


Bitcoin: China central bank to regulate bitcoin mining.


F sales: +0.9% vs -2.0% expected


DOJ: A sad, sad state for the US' law enforcement agency.


OTHER MARKETS
Bonds: 2.443% vs 2.462% 10 year. Bonds rebound after Tuesday's sharp drop

EUR/USD: 1.2025 vs 1.2051. Euro continues its rise

USD/JPY: 112.21 vs 112.27

Oil: 60.82, +0.45. Strong move continues

Gold: 1317.60, +1.50


Softer open and we will see if that results in some bids coming in. Watching stocks such as PTCT, TITN, AVGO to see how they test the Tuesday moves and if they can provide entries.

Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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