Futures vs FV: SP +7.56; DJ +97.36; NASDAQ =23.62
Futures rising all morning and picking up a bit more steam ahead of the open. The solid performance from Monday carries over.
Nomura explains the new highs as the Market 'sniffing out' a Fed 2019 rate hike pause.
Market his higher even as GOOG is off 3 or so clicks as the President attacks the company for manipulating search results against conservative viewpoints, etc. This was reported a few weeks back as well. That is why many call GOOG, FB, AAPL the 'masters of the universe' in terms of information. The history of governments is the fight to control the narrative, to control the information the masses receive. As Newman said on 'Seinfeld,' when you control the mail, you control . . . information. Same idea, not so comical.
Trade: Mnuchin 'hopeful' the US can reach a deal with Canada, but regardless will move forward with Mexico.
Mnuchin also applauded China for intervening in its currency to support it. Seems the US does not view supporting currency as manipulation, but devaluing is. Hmmm.
Wholesale inventories, July: 0.7% vs 0.01 prior (from 0.0). This should improve Q3 GDP.
OTHER MARKETS
Bonds: 2.873 vs 2.846
EUR/USD: 1.7221 vs 1.1676
USD/JPY: 111.07 vs 111.03
Oil: 68.94, +0.07
Gold: 1217.60, +1.60
Consumer confidence still to come today at 10:00ET.
So, new highs on most indices, DJ30 and SOX still to go. SOX will struggle a bit as some big names in the group were downgraded. DJ30 looks good enough with its components getting good bids tech and industrial.
Good moves, new highs. At some point they will test after a pretty solid 2 weeks upside. Will continue looking for opportunity to pick up some positions and of course to take some gain.
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Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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