Market Alert - Pre-Market

Futures vs FV: SP -2.96; DJ +20.97; NASDAQ +4.95

Futures on a slow rise toward the opening bell after a sluggish, range-trading pre-market session. A slow burn upside is not a bad way to start a session, particularly after getting hammered as on Tuesday.


Earnings: Good results continue to pepper the market. Will they have an upside impact this time?

Upside: GD; CMCSA; TWTR; BA; CREE; CS; SOHU; TXN; STM; AMGN

Misses: GSK; ATHM (TL); WYNN (TL); EW (TL, lowered guidance)


COST: Increases dividend


Wages: World Bank in a stunner says the minimum wage should be ended as it is more damaging to workers.


OTHER MARKETS
Bonds: 3.026% versus 3.00% 10 year. Oh, no, over 3%. The sky is falling cried chicken little.

EUR/USD: 1.2175 vs 1.222. Dollar rallies back

USD/JPY: 109.20 vs 108.92. Dollar continues surging versus yen

Oil: 67.42, -0.28. Stronger dollar, weaker oil price

Gold: 1321.50, -11.50. Struggling to hold the range.


Some chips earnings are helping NASDAQ turn positive pre-market even though some of the stocks are NYSE residents. CREE, TXN, STM.

SP500, DJ30 testing near the 200 day MA will of course be boosted by BA and its jump on earnings.

Again, is it possible that earnings actually start helping? That would mean investors are relegating trade, geopolitical issues toward the back burner -- for now.

We will remain open minded and if some good stocks can continue moves (CDXS, VRX, M) or initiate a new break higher (VMW, FFIV, HD, MRO, SMTC, UNH, XON), we are open to positions. They held up during the selling, RUTX was not bad during the recent selling. If bids return with some force as money rotates, then we pay attention to the rotation.


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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