Market Alert - Pre-Market

Futures vs FV: SP -0.50; DJ +11.00; NASDAQ +1.00

Earnings season is not off to a rousing start thanks to poor bank results. JPM beat, but WFC missed on the top and bottom line, C missed on the top line. It must be tough not to be able to make money while still receiving free money from the Fed.


US/UK trade: the two countries announce an "ambitious" trade deal as the President says that whatever Brexit plan the UK works it will be able to trade freely with the US. Press conference ongoing and the two leaders are making nice for the cameras.


Import prices: -0.4% vs 0.9% prior (from 0.6%)

Export prices: 0.3% versus 0.6% prior.

Import prices tank while export prices continue their rise. Biggest rises in export prices the past two months since 2011.


OTHER MARKETS
Bonds: 2.834% vs 2.844%

EUR/USD: 1.1643 vs 1.1667

USD/JPY: 112.51 vs 112.53

Oil: 70.60, +0.27

Gold: 1242.10, -4.50


After the NASDAQ breakout and SP500 clearing its next resistance, stocks are off modestly, trading in a range the past three hours.

A soft open in a move higher is good. It allows the bids to regroup and return at a 'better' price.

We will see how stocks continue the move. There are some good patterns and some good moves in progress. Don't love buying on Friday, but we will see what the market presents.

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Jon Johnson, Chief Market Strategist
InvestmentHouse.com

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