Market Alert - Pre-Market

Futures vs FV: SP +13.98; DJ +120.39; NASDAQ +38.65

Futures were up then really moved up post CPI data that showed prices moving as expected. Other news is more political as Tillerson is out as Secretary of State, not in a resignation but in a replacement.

CPI, Feb: 0.2% vs 0.2% exp vs 0.5% Jan. Year/year +2.2%, highest since 3/2017 at 2.4%

Core: 0.2% vs 0.2% exp vs 0.3% Jan. Yr/yr +1.8%

Apparel, car insurance up; drugs down


The in line or even softer inflation data jumped futures and pushing the Dow to triple digits.


Tillerson is out and the CIA director is in at Secretary of State. Tillerson was a businessman working on some deals. Trump wants to go another direction that appears to be one of distrusting China even more. Pompeo, the replacement, has specific ideas about China's theft of US intellectual property and other bad acts, and he is also against the Iran deal. Things are heating up in the effort to move the goal posts in the fight against unfair trade and trade secrets theft, basically the nonsense allowed to happen since the early 1990's when the Chinese had free run of the White House and stole us blind. As I have said before, when this stuff has gone on for so long, they squeal we are bad for trying to get things back in line.


OTHER MARKETS
Bonds: 2.848 versus 2.866. Bonds rally a bit

EUR/USD: 1.2363 vs 1.2335

USD/JPY: 106.91/106.31

Oil: 61.16, -0.20

Gold: 1326.50, +5.70


Futures are holding most of the post-CPI gains and stocks will again open higher. Looking for opportunities on stocks that are not extended. Again have to watch a pop on the open after so many upside sessions.

Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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