Market Alert - Pre-Market

Futures vs FV: SP +10.21; DJ +123.70; NASDAQ +63.69

Futures up all morning in the same narrow range as stocks are set for a higher open. Would prefer a lower open to build into but not. Sellers will have a change to move in if they want.

Not much news. Kudlow was out again talking to Fox Business and talking positive as he always does. Rah, rah.


Chips: Sellers are after chips as INTC was downgraded by Steifel, and that has several big names off this morning, e.g. MU after its good WED move. May get the change to pick up some more MU off this.


Trade: US trade deficit the biggest since the financial crisis. While the Administration will bemoan this, it is a historical fact that US consumers buy more foreign goods (and domestic good as well) when they are feeling confident.


FB: ZBurg is on his apology tour and admitted that the Cambridge scrape was well over 50M (87M) users. Moreover, all 2.2B FB users should figure their data was exposed/scraped as ZBurg says 'most of' the users were included. But, ZBurg says there has been 'no meaningful impact' on usage or ad revenues. Well bully for that. And is it true? Usage was reported down 25% BEFORE all this hit. I am sure usage has surged with all of this negative exposure. ZBurg is scrambling, playing catch up after the FB officers went into hiding when the news hit. It is reported no one in Silicon Valley likes him; you can understand why. Stock is up 5 clicks on the ZB 'all is well' commentary.


OTHER MARKETS
Bonds: 2.815% vs 2.806%

EUR/USD: 1.2247 vs 1.2289

USD/JPY: 107.09 vs 106.78. Nice move.

Oil: 63.28, -0.09

Gold: 1329.00, -11.20


Futures are a bit off their recent morning peak though mostly holding modest gains into the open. Again, that gives sellers a shot if they are interested as many of the trounced stocks continue a relief bonce. There are some really good patterns that started moves WED and that will be our focus to see if they can continue or initiate good upside breaks.

Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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