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Thursday, February 22, 2018

Market Alert - Pre-Market

Futures vs FV: SP +10.24; DJ +66.22; NASDAQ +33.24

The Fed is out mitigating the interest rate worries blamed for the WED post-FOMC stock market selloff. Bullard (non-voting) said conditions would have to be 'perfect' for 4 rate hikes (100BP) in 2018, that too many hikes could slow the economy. No kidding.

Quarles says 'gradual hikes' are best, and encouragingly says crisis-era bank regulations need to be reviewed.

Seems as if the Fed is still the Fed, i.e. it is trying to soft-pedal its moves.


Earnings beats: BLMN; CHK; NCLH; ROKU (but lower guidance); JACK; AVIS

Misses: W (BL); HRL (TL); P (BL); CAKE (TL); WEN (TL)


Canada: December retail sales miss big. Overall: -0.8% vs 0.0 exp; Ex-autos -1.8% vs +0.3% expected. The rest of the world is supposedly experiencing a simultaneous rise with the US, but the data is starting to show the short expansion is at least slowing for other countries.


OTHER MARKETS
Bonds: 2.919% vs 2.952%. Bonds still moving higher.

EUR/USD: 1.2327 vs 1.2287

USD/JPY: 106.83 vs 107.55. Dollar fades, again, after the short bounce.

Oil: 62.04, +0.34

Gold: 1328.00, -3.50


Futures are in a low to high move, rising steadily toward the open. That is a better foundation for the market to hold moves given there is no early gap that just hangs there for sellers to shoot at.

That said, volatility remains in the market even as the indices try to consolidate the gains from the rebound and set up a move higher. We will see if they can hold this early move higher; suspect the sellers will return again. The key is how NASDAQ holds the line and the leadership it can provide.

Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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