Market Alert - Pre-Market

Futures vs FV: SP +2.33; DJ +9.94; NASDAQ -8.22

Futures flat all morning as global stocks are soft and US futures try to find a reason to rally after last week's NASDAQ large cap earnings and a data-intensive week ahead. NYSE large cap indices show modest positives as some money continues their way.

For a week loaded with data, the news ticker is thin this morning.

Earnings beats: CAT; FDS. At its prior earnings release CAT said that was the high water mark. Oh well, never mind. These results were stronger. Forecasting is apparently not one of CAT's strengths.

This week's data kicks off tomorrow with Personal Income and spending and goes from there with Chicago PMI, ISM, Construction, an FOMC rate decision, and the July jobs report.

AAPL reports earnings this week along with many other stocks as the season rolls on. Thus far the indices are holding up despite some big names with big misses, but some money has left NASDAQ and other growth indices in favor of NYSE large caps. While that tide can always reverse, I doubt it. Don't see AAPL as a catalyst to cause money to reverse course.


OTHER MARKETS
Bonds: 2.982% vs 2.958%

EUR/USD: 1.1698 VS 1.15668

USD/JPY: 111.05 vs 110.995

Oil: 70.04, +1.35

Gold: 1221.10, -1.90


Futures favoring the large cap NYSE -- but no blowout to those sectors -- very similar to last week. Will of course watch to see if the NASDAQ leaders receive some bids after the softer start. If they do and can rally back, great. Even so, you have to view the rally as one that may be sold, and frankly, we would use it to close positions and to pick up some downside if it does roll back over.

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Jon Johnson, Chief Market Strategist
InvestmentHouse.com

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