Market Alert - Pre-Market

Futures vs FV: SP -1.94; DJ -17.23; NASDAQ -22.77

Soft open ahead in a somewhat volatile premarket. Futures sold, rallied to positive, then fading into the open. FB continues to dog techs to a certain extent, down another 1.25 clicks. Oh, Zuckerburg is going to speak in the next 24 hours; whew, thought things would never be straightened out. Now one of the lords of the universe will talk, assure us again that we can trust him to take care of us. Sadly, that will work for much of the world.


FOMC day with Powell's first rate decision and statement. Many are nervous Powell will say something to hint of a stronger Fed. If so, not good for stocks. They are simply in no mood to handle anything but hugs from mom.


Tariffs: Some interesting news. China is 'indicating' according to reports that it will counter target US ag products. Not surprising but clever as that segment represents a lot of Trump country voters.

NAFTA: Reports are that the US is dropping auto imports from the proposals, a breakthrough for Canada, Mexico.


Budget: A $1.3T spending bill compromise is said to be close to avoid a shutdown Friday. Whew, I was worried that some government workers might be furloughed.


Earnings beats: GIS (but lowered guidance); FDX; SCS

Misses: WGO (BL)


M&A: CRM buying MULE


Austin bomber: Does the right thing and saves us all money by blowing himself up. Interesting there is readily available closed circuit video when the authorities want it. What happened to the CCTV video from Mandalay Bay that is in every hallway of every floor? Guess that was not useful to the authorities for what they wanted. Just saying.


OTHER MARKETS
Bonds: 2.90% vs 2.90% 10 year. Last time closed at 2.9 or more was February. Is this a breakout attempt or double top in yields?

EUR/USD: 1.228 vs 1.2247

USD/JPY: 106.22 vs 106.47

Oil: 64.11, +0.55

Gold: 1316.50, +4.60


Futures are tripping to lower morning lows as the open approaches. The foul mood continues for investors, and they are note seeing many good possibilities out of the FOMC, Congress (budget), or trade (tariffs and retaliation).

Looks like another day of seeing whether the indices and leaders hold support trying to wait for a bit better environment to have the bids return.

Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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