Market Alert - Pre-Market

Futures vs FV: SP +5.92; DJ +60.68; NASDAQ +17.21

Futures jumped about 4:00ET as china intervened in its currency sending the Shanghai shooting higher and pulling other world markets with it. This is not being widely discussed on the financial stations, but a clear cause and effect was generated. Indeed, futures were at best flat ahead of the news. Not soaring higher, but definitely improved.


TSLA: JPM cuts price to 195, down $113.


Trade: WHouse says Mexico deal 'even closer.'


M&A: PEP buying SODA


Week ahead: FOMC minutes, ECB minutes, Jackson Hole.


OTHER MARKETS
Bonds: 2.841% vs 2.864%

EUR/USD: 1.1427 vs 1.1437

USD/JPY: 110.45 vs 110.49

Oil: 65.90, -0.01

Gold: 1193.80, +9.60


Futures are artificially higher, but isn't that the case much of the time? They are holding in the range since 4:00AM ET. That is not a clear indicator: often the market can fade off of this kind of open.

Last week was not bad, finishing better than it started. The key has been rotation, and regardless of this bounce higher early, the rotation effect seen likely remains.

______________________________________
Jon Johnson, Chief Market Strategist
InvestmentHouse.com

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