Market Alert - Pre-Market

Futures vs FV: SP +7.76; DJ +52.06; NASDAQ +27.50

Futures are on a slow burn higher toward the open. No big unleashing of bids after the 2-day slide to end the week, just some light bids in the direction of the current mini-trend off the February lows. Yes, still looking at this as a bounce -- nothing changed from the weekend. It is a 'show me' kind of upside move, a Missouri bounce.

Interest rates are the main focus even with earnings ready to roll today with GOOG after the bell. 10 year hit 2.9972% on the high, and CNBC is running a graphic 'RATE SHOCK' whenever rates are discussed. Shocking.


Not a lot of new news. Iran ready to extinguish Israel, Russia still says Syria did not gas people, etc. The one quiet area: tariff talk. Nothing on that today.


Earnings
Beats: KMB; ALK
Misses: HAS (TL, BL)


Analysts: UA upgraded; CAT upgraded; MRK upgraded


OTHER MARKETS
Bonds: 2.97% vs 2.96%. Hit 2.9972% on the high before backing off some.

EUR/USD: 1.2235 vs 1.22876

USD/JPY: 108.21 vs 107.645. Solid break higher by dollar

Oil: 67.49, -0.91

Gold: 1325.70, -12.10


Some news here and there, some upgrades/downgrades, but earnings will be the driver with GOOG up today as noted. Of course, news can always trump anything near term so have to keep an ear out for China.

For now the main issue is whether the big NASDAQ earnings this week can re-trigger the upside and push the indices on the next leg, perhaps the last leg, of this rebound toward the prior highs.

Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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