Futures vs FV; SP +7.01; DJ +114.12; NASDQ +18.50
Even Chinese stocks markets are up today as the world is green. Ironically, China said today that the drop in its stocks markets does not mean the US is winning the trade war. Our markets at highs, China having a dead cat bounce after a mauling. No, markets mean nothing. Just ask the Fed and the bond market/yield curve . . .
Trade: Other than the stock market comment, China must have a new public relations manager (the other one suddenly disappeared most likely; that happens there). China announced it will not 'surrender to trade blackmail.' Then it says AAPL may be a 'bargaining chip' in the 'trade war.' All I can say is remember ZTE, and if you want all of those people back out of work and the company dead overnight, go ahead on. Make my day as Eastwood said in 'Sudden Impact.'
Oil: Iran sanctions are in effect and Trump says anyone playing with Iran will suffer. Oil is higher.
GOOG, FB: S&P is going to create a communication services sector and move these two into it and out of the tech sector. ETF nightmare, at least for those who 'invest' that way.
Earnings beats: BHC; DF (TL, slashed 2018 guidance re dairy); HTZ; WWT; EMR
Misses: MAR (TL); ETSY (BL); Z (TL)
OTHER MARKETS
Bonds: 2.956% vs 2.945%
EUR/USD: 1.16 vs 1.1554
USD/JPY: 111.05 vs 111.33
Oil: 69.73, +0.72. Iran sanctions now in effect.
Gold: 1221.30, _3.60
After bumping at new highs it looks as if SP400 will hit one, NASDAQ is a real possibility, and SP500 could be right there as well. New High Anxiety? We will see. For now they have overcome the volatility, the misses from the market's main leaders, held support, and are trying it again.
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Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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