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Monday, March 12, 2018

Market Alert - Pre-Market

Futures vs FV: SP +3.18; DJ +41.26; NASDAQ +22.88

Stock futures are up ahead of the open and after the big Friday surge, but they are backtracking slowly but steadily the past 3 hours. Up but tame.

This puts SP500 at some resistance still though NASDAQ, SOX cleared to new highs last week, and they are the market leaders. RUTX continues as an important element to this rally, and it has some room to run before it hits the prior all-time high.

Not a lot of news, real news, but the financial stations so connected in New York are all buzzing about the GS succession. Okay, great. It matters not to 99.95% of the market participants.

M&A: INTC is entering the AVGO/QCOM fray, looking at buying AVGO.

Mueller: Said to be ready to conclude the obstruction part of the investigation, but he is going to keep looking at everything on earth because he has no limits on what he can look at and what money of ours he can spend.

There is not a lot of news today, scheduled or otherwise. Tuesday is the CPI then retail sales, regional PMI's, housing starts, production and capacity, Michigan Sentiment. The key is the Tuesday CPI given the market is so inflation phobic.

Bonds: 2.894% vs 2.896%. Holding flat for the past few days but bonds still weaker, yields still in an overall uptrend.

EUR/USD: 1.2299. Euro down slightly but still overall higher versus the dollar.

USD/JPY: 106.52, -0.25. Dollar off and still quite weak.

Oil: 61.50, -0.54. Trying to get away from the 50 day MA test

Gold: 1318.40, -5.60

This open is just not all that helpful. Not really soft but perhaps soft enough to keep the bids engaged. Fell could easily get a midmorning dip so will see how the modest early move holds or if it fades some and gives rise to new and stronger bids.

Jon Johnson, Chief Market Strategist
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