Market Alert - Pre-Market

Futures vs FV: SP +2.63; DJ +26.98; NASDAQ +14.25

Futures trading in a range all morning from flat up to about where they are now. Nothing major but some bids are hanging in to try and push the indices higher off of the Tuesday gaps to doji. We questioned if they were continuation doji or indications of a test after a decent break higher. The morning action does not answer that question, but there are positive stories.

GOOG: President attacks again, but at the same time MS ups its price target. GOOG is up 7 clicks.

AMZN: MS also ups its price target here as well and AMZN is trading 20 clicks higher.


GDPQ2 2nd: 4.2% vs 4.0% exp vs 4.1% prior.


Trade: Canada is apparently warming up to the US/Mexico deal, liking the labor aspects.


Earnings beats: EXPR; HPE; HRB

Misses: DKS (TL); BOX (BL)


OTHER MARKETS
Bonds: 2.880% vs 2.887%

EUR/USD: 1.1674 vs 1.1691

USD/JPY: 111.37 vs 111.19

Oil: 69.18, +0.65

Gold: 1210.10 -4.30


From flat to modestly higher, futures are not blowing out and that is good. Like a build into the session and there is good leadership from AMZN, GOOG -- if they can hold the good news moves the upside still looks good.

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Jon Johnson, Chief Market Strategist
InvestmentHouse.com

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