Market Alert - Pre-Market

Futures vs FV: SP +7; DJ +41; NASDAQ +16

Futures struggled all morning to open a quad expiration (options, futures, rebalance). Hey, after failing to hold gaps higher the prior two sessions, opening lower is not bad. They have, however, recovered as the morning progressed and now they again look to open higher. Even the pre-market is resilient . . .

Housing Starts, Feb: -7.0%, Jan revised higher

Single family: +29%; Permits -0.6%

Multifamily: -26.1%; Permits -14.8%


Earnings beats: TIF; HIBB; ADBE; BRCM; JBL; BKL

Misses: ULTA (BL); OSTK; ZUMZ (BL)


Politics: Rumors that more are going to be out at the White House, but of course, the White House denies all such rumors.


OTHER MARKETS
Bonds: 2.832% vs 2.826%. Bonds fade after a short bounce

EUR/USD: 1.2322 vs 1.2304

USD/JPY: 105.73 vs 106.33

Oil: 61.36, +0.17

Gold: 1319.40, +1.60


Friday of a week that saw stocks open higher then close lower on the session, but even with that the indices engaged in rather orderly declines to near support. As discussed last night, SOX and NASDAQ and SP500 sport really nice 3-session pullbacks. Of course SOX and NASDAQ have to break out from their channels to make new highs, and the last time they tried that they were sold.

All told, there are some good looking patterns out there but this could be a wilder session with volume that is deceiving given the expiration. Still like AKAM, BZUN, BIDU patterns, and if they look good we likely pick up some even if we feel today may be a head fake for most of the market. Those stocks, however, look very good.

Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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