Futures vs FV: SP +10.75; DJ +109.49; NASDAQ +38.13
Futures are up in an attempt to continue the Friday surge off support by the indices. Anything new? No. It is the lack of anything new that is helping, i.e. nothing new on trade over the weekend, wars, the usual. Indeed, now 3 judges are questioning the Mueller investigation's parameters and indeed the absence of facts. The market likes certainty, and it views that as moving the needle back toward status quo versus unknowns around impeachment, etc.
Oil: One of the big stories of the morning as it crosses 70/bbl for the first time in three years. This even with a stronger dollar (stronger dollar means less dollars to buy a barrel). Concerns of the US pulling out of the Iran nuclear assurance deal (as in ensuring Iran gets a bomb) are helping spike prices as Iran might get mad and cut off supply -- only making it better for US producers. Good move!
FOMC: Plenty of speakers today and this week to go along with a bumper crop of treasury auctions.
M&A: ATHN is the target of Elliott Management
Nestle is paying SBUX $7.15B to market SBUX products around the world. Okay you get paid to let someone else sell your stuff for you. Deal!
TSLA: Filings indicate Musk is, as usual, full of bluster. The company indicates it likely will need to raise capital this year.
Dollar: Gains continue, pressuring emerging markets.
OTHER MARKETS
Bonds: 2.94% vs 2.952%. Bonds continue to hold a bid, testing resistance again.
EUR/USD: 1.1917 vs 1.1958
USD/JPY: 109.26 vs 109.11
Oil: 70.65, +0.93
Gold: 1313.50, -1.20
Futures opened higher, moved to a morning high about 2 hours back, working laterally since. Looks as if the Friday move is getting some morning bids. No volume Friday so will see if the move holds and can generate some trade. Some good patterns in several sectors and we will see if they can make the breaks higher and hold the moves.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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