Futures vs FV: SP +12.01; DJ +69.17; NASDAQ +87.81
Stocks gains from afterhours earnings are holding over into the open with futures actually opening the early morning session lower, then building back up to the WED afterhours levels. Many earnings beats are now treaded as a positive, at least for now.
BEATS: AMD; GM; UPS, XLNX; PEP; DHI; FB; HSY; QCOM; V; CMG; PYPL
Misses: LUV (TL); DNKN (TL); AAL (TL); T (TL)
Durable Goods, March: 2.6% vs 1.9% exp vs 3.5% prior (from 3.1%)
Ex-Transports: 0.0 vs 0.6 expected vs 0.9 prior (from 1.2)
As you can see, it was all transports with the 'core' MISSING expectations with downside revisions from February. The slower patch continued in March.
ECB: Does nothing, leaving rates unchanged yet again. Ironically, euro is up against the dollar today but after the recent dollar rally, that looks to be just relief in an 'on the news' kind of move.
AAPL: Samsung is the latest supplier to say things are slower. It cites a decline in demand for its screens.
OTHER MARKETS
Every market goes a big the opposite direction today in something of a relief move from the recent rallies in dollar, selling in bonds, gold.
Bonds: 2.987% vs 3.024%
EUR/USD: 1.2197 vs 1.2163
USD/JPY: 109.12 vs 109.34
Oil: 68.60, +0.55
Gold: 1324.50, +1.70
Clearly stocks will gap open today and they should have some staying power. NVDA is set to jump 6.5 points (3%); may take it out of the buy zone, but we will see how it holds the move and if it provides an entry later. NFLX is going to gap to where it was showing last night near 310; will also see if this move has some strength and if so pick up some positions. Looking for singles (in baseball parlance).
Futures are eroding a bit heading toward the bell. Just a bit but it is interesting to see this 10 minutes before the open.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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