Market Alert - Pre-Market

Futures vs FV: SP -9.58; DJ -89.15; NASDAQ -18.23

Futures are back where they were pre-jobs report. The jobs report missed, futures bounced on thoughts, uttered by the CNBC blabbermouth, that Fed Chair Powell should consider perhaps 3 rate hikes in 2018 were unnecessary. That idea has fizzled and futures are now moving toward pre-market lows.

The jobs report was a miss though the jobs mix continues MUCH improved over the Obama years.

Jobs: 164K vs 190K exp vs 132K prior (from 103K)

Unemployment 3.9 vs 4.0 ex vs 4.1 March. Lowest since 12/2000

Wages: 0.15% vs 0.2% expected. 2.6% year/year. Not that great.

U6: 7.8% (lowest since 12/2001)

Participation: 62.8%. Not rising this month, unable to move past that 63% level.

Labor force: -236K and thus the 3.9% unemployment rate

Workweek: still at 34.5

Jobs:
Prof/Business: 54K
Manufacturing: 24K
Construction: 17K
Healthcare: 24K
Information: 7K
Government -10K
Wholesale trade: -10K


Earnings beats: BABA; NWL; VFC; ATVI; CBS; SHAK; P

AAPL: Buffett says Berkshire bought 75M shares in Q1. So, everyone rushes to follow and AAPL is up 1.75 clicks. Buffett buys, then tells everyone, they buy and drive his shares up. I laugh at the CNBC special on him they are airing, 'Buffett: investor, teacher, icon." Teacher? They mean it, of course, in his dispensing of his wisdom about healthcare, tax rates, etc. The REAL lesson he teaches is to cultivate an image people trust the USE that image to your advantage (and in the business he is in, that means to the 'students' disadvantage) whenever and wherever you can. He has never uttered one word that was not crafted to help him make money. If you understand that is what he is teaching, no big deal. The thing is, they idolize this fellow for something he is not. As a businessman, he has his model figured out perfectly.


SWKS: A major AAPL supplier is warning.


OTHER MARKET
Bonds: 2.927% vs 2.948%. Bonds are telling a story that is not necessarily market friendly.


Okay futures are at pre-market lows as no jobs pop, no pop. Stocks when from low to high Thursday. they are supposed to go high to low today. Perhaps that back and forth will be broken today.


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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