Market Alert - Pre-Market

Futures vs FV: SP +0.75; DJ +23.73; NASDAQ -0.10

Futures are trading in the same range all morning, i.e. basically flat. They were at the top of the range when Powell's testimony came out, then they sold to the bottom of the range. A slow recovery has them back near flat heading into the open, with everyone waiting for his actual question and answer.

Basically Powell echoed the statement, noting improving economics with fiscal stimulus and exports a 'tailwind.' "Further gradual increases in rates expected" was the repeated mantra.


Durable Goods, Jan: -3.7% vs -2.0% vs 2.6% prior (2.9%)

Core: -0.3% vs 0.5% exp vs 0.7 prior (from 0.6%)


Case/Shiller, December: 6.3% vs 6.4% exp vs 5.4% November


Wholesale Inventories: Biggest rise in 3 year and a boost for Q1 GDP


OTHER MARKETS
Bonds: 2.859% vs 2.864%. Not too much movement on Powell's testimony

EUR/USD: 1.2291 VS 1.2322. Dollar up

USD/JPY: 107.06 vs 106.96. Dollar up marginally here as well.

Oil: 63.71, -0.20

Gold: 1329.90, -2.90


A soft open after two upside is not a bad thing. Market is considering Powell and his first testimony, so a bit pensive is normal. It allows bids to return after a comfort level is reached and continue the second leg of the relief move toward those next resistance levels.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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