Futures vs FV: SP +0.68; DJ +18.47; NASDAQ -8.55
Futures started modestly higher but peaked at 6:30ET and are on a slow slide toward the open. No major news but NVDA beat nicely but is down after a good run into earnings. Big NASDAQ name and thus NASDAQ is taking the hit. Not a lot of other news out there. No tweets, no new attacks, no trade threats, just some bluster from some EU members still upset over the Iran pro-nuke deal because they will lose a lot of big contracts with Iran. Good to see Europe is not driven by profits.
Import prices: 0.3% vs 0.5% expected, +3.3% year/year
Export prices: 0.3%, +3.8% year/year. Those are GDP assisting numbers.
Earnings beats: NVDA; DBX; YELP; TRI
OTHER MARKETS
Bonds: 2.959% vs 2.966%. Bonds rebound a bit.
EUR/USD: 1.1948 vs 1.1913. Dollar fades a bit again as the euro stages a relief move after some harsh selling.
USD/JPY: 109.23 vs 109.44
Oil: 71.38, +0.02
Gold: 1325.40, +3.10
Futures are stuck in molasses this morning, but after the nice move to this point and given it is a Friday, that is not surprising. It does give buyers the chance to put in new bids and it would be fantastic to see a Friday that posts another strong upside move. That would entail a bullish low to high move.
Okay, putting the cart ahead of the horse. Some indices are up 6 sessions and at resistance so don't want to get too ginned up. Could very well be a sluggish session as the futures indicate, particularly on NASDAQ with NVDA's good quarter getting sold a bit and putting some downside pressure on that index. As we are not anticipating buying a lot today, that works.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
______________________________________
Alert Key
http://www.investmenthouse.com/alertkey.htm
PLEASE DO NOT REPLY TO THIS EMAIL. USE THE CONTACT US PAGE ON OUR WEBSITE.
Customer Support: http://investmenthouse.com/contact_us.php
No comments:
Post a Comment