Market Alert - Pre-Market

Futures vs FV: SP -16.30; DJ -138.06; NASDAQ -30.29

Futures were down just modestly up to an hour ago, pointing to a softer open but nothing major. A good open to bounce from. Over the past hour, however, futures have eroded and are now in a complete retreat and punching out lower and lower levels.


Tariffs: The news still centers around tariffs, particularly as the seventh round of NAFTA talks gets ready to conclude. Trump tweeted today that steel and aluminum tariffs would be lifted if the NAFTA negotiations result in a fair deal.


Italy: Elections boost anti-establishment parties. No clear consensus or coalition. Of course Europe views this as a crisis -- at least the establishment does.


M&A: AXA buying XL


Amazon: Ready to offer quasi-banking services. Will bank stock shares now tumble?


OTHER MARKETS
Bonds: 2.837% vs 2.868%

EUR/USD: 1.2307 vs 1.2317. Euro stronger

USD/JPY: 105.65 vs 105.73. Dollar weaker

Oil: 61.24, -0.01

Gold: 1322.40, -1.00


The drop in futures is ready to take out the Friday short covering move as a soft open turns into a markedly down open. Obviously not good for any further bounce potential as the selling looks ready to resume toward the prior lows.

Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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