Futures vs FV: SP -9.44; DJ -68.86; NASDAQ -7.45
Futures started the session upside but have eroded the past 2.5 hours, now trading at premarket lows. For the third session the stock indices will start lower and have to fight back. Notably, NASDAQ was positive for most of the morning until it was dragged lower. It is showing relative strength, however.
Lots of news on the last day of the week ahead of a 3-day weekend.
NKorea: After Trump's letter, NK issues a statement including the phrases regarding the summit, e.g. "desperately needed," and wherever, whenever." Trump tweeted a modest gloat.
China: White House says now that the NK summit is off, the US will take a tougher trade stance with China. More 'art of the deal' stuff and the markets hate it. Or more accurately, the algos don't understand it.
Oil: Saudis say it could increase production in the second half of 2018. Oil down almost 2 clicks.
Durable Goods, April: -1.7% vs +2.7% March
Ex-transports: +0.9% vs 0.5% exp vs 0.4% prior (from 0.0 prior)
Cap-Ex: +1.0% vs -0.9% April
Humor: Doom and gloom website that, when the headline beats, points out it was all airplanes (transports) this month says durables bounce "but aircraft orders tumble." These sites will take the negative view of data no matter what it is.
Earnings beats: FL, DECK, ADSK, ROST -- but lots of guidance drops
Misses: HIBB (TB); BKE (TL); GPS (BL)
OTHER MARKETS
Bonds 2.933% vs 2.992%
EUR/USD: 1.1673 vs 1.1171
Oil: 68.77, -1.94
Okay futures are bouncing off the lows toward the open. Another day of testing inside the range. Chances of a breakout? About the same as every other day this week. Ahead of a 3-day weekend with light trade there could be a rebound from the weaker open.
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