Market Alert - Pre-Market

Futures vs FV: SP +15.16; DJ +160.95; NASDAQ +38.75

Futures on a steady climb all morning, topping out the last 40 minutes. Not falling, just hit a plateau. It is Friday the 13th, there are quite a few geopolitical issues (Russia, Russia/Syria, China tariffs). The indices are also bumping the 50 day MA's from below as they recover. Thus, this early rise is good to see as stocks follow through upside as the new bias is upside, but with the issues outstanding, the market could see some fading off these levels into the weekend.

News is light.

JPM: Easily beats earnings. WFC earnings are rather lousy, and mortgages fell to $58B, less than the lows from 2013 and that year was the post-financial crises lows.

NFLX upgraded.

SBUX downgraded.


Tariffs: Trump re-opens TPP possibilities as someone told him it was a way to form a coalition to isolate China. This as stories appears saying the Administration is working on more tariffs on China.


Russia: Reports it is contemplating halting titanium exports to the US. BA would be directly impacted.


OTHER MARKETS
Bonds: 2.836 vs 2.843%

EUR/USD: 1.232 vs 1.23295

USD/JPY: 107.72 vs 107.25

Oil: 67.16, +0.09

Gold: 1341.50, -0.40


Thus far the tradable rally is being just that. Last night I noted that we had initiated a significant number of new positions as the market firmed. That is what you do when conditions get right -- you commit to the move. There are still some stocks we would like to get into if they move, e.g. FND, but we now have a good foundation to profit with the rally. Still interested in very good new positions, not buying everything.





Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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