Market Alert - Pre-Market

Futures vs FV: SP -0.50; DJ -6.00; NASDAQ +7.00

Futures basically flat with NASDAQ showing a slight lead. Quiet morning after a Monday continuation, more or less, of the Friday break higher by NASDAQ and SOX. Still waiting for SP500, DJ30 to make their breaks higher. Monday SP500 put in a bit of effort though not enough to make a difference.

A soft start can be good for an uptrend, so we will see if the bids come in.

Trade: Mexico to institute retaliatory tariffs against the US consisting of a 20% tariff on pork.

Oil: Trump asking Saudi Arabia to increase production by 1M bbl/day to offset any decrease in supply due to Iran sanctions.

AAPL: Announcing upgrades including an improved mobile operating system. Yawn.

SBUX: Schultz stepping down as executive chairman this month. Likely has a political ambition.


OTHER MARKETS
Bonds: 2.917% vs 2.944% 10 year. Bonds rebound some.

EUR/USD: 1.1672 VS 1.1697

USD/JPY: 109.71 vs 109.82

Oil: 64.42, -0.33

Gold: 1297.00, -0.30


As noted last night, there are still some very good setups that could provide entries as the move is still relatively young. Okay, today it is time for SP500 and DJ30 to throw in to the upside -- there are some good industrial patterns, e.g. HON, CAT, plus it worked before with NASDAQ and SOX.

Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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