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Thursday, April 12, 2018

Market Alert - Pre-Market

Futures vs FV: SP +17.64; DJ +188.55; NASDAQ +47.29

Futures progresses steadily through the morning, plateaued 2 hours back, but are starting to break upside to pre-market highs as the bell approaches. It looks as if, after a day off, the early stages of the tradable, pre-earnings rally is back on.

Not a lot of news and perhaps that helps as the market has been story/headline driven. Overall light trade allows algos to push it back and forth. Notable, the internals were better Tuesday on that move higher and no one sold WED as the market faded off highs.


Syria: Trump says an attack on Syria may be soon or not at all.


China: Official media says Xi speech re opening China's markets to the world was "not a concession" to Trump. Whatever.


ECB: Surprising dovish comments and the euro tanks


Import prices: +3.6% year/year versus 3.4% prior

Export prices: +3.4% vs 3.2% year/year


AAPL: Bloomberg reports HomePod sales are lagging, inventories stacking up. I recall this about the iWatch, iPhone X. AAPL's stock price remains, however, lodged in its trading range for now.


Earnings beats: BLK; BBBY (but lowered guidance)

Misses: DAL (TL)


OTHER MARKETS
Bonds: 2.795% vs 2.781%

EUR/USD: 1.2316 vs 1.2371

USD/JPY: 107.19 vs 106.85

Oil: 66.46, -0.36

Gold: 1348.40, -11.90


Okay, can the market hold an upside open? Given the setup that led to this move, the probability is yes. Therefore we will continue looking for entries to play this rally that will likely take stocks halfway into earnings season -- barring of course any headline risk re China, Syria, Trump . . . you are aware of these issues.

Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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