Market Alert - Pre-Market

Futures vs FV: SP +1.0; DJ +9.25; NADSAQ +1.21

A most modest upside ahead of the bell, and that is in line with the recent slow move higher by the indices the past three sessions after a good jump to end the prior week as they moved up off support.


Earnings are not bad at all with the TL misses fading.

Beats: GOOS; VIAB (BL); BKNG; ROKU; ELF (BL) YELP; JACK

Misses: PRGO (TL)


Trade: Reports of cracks within the communist party re the trade stance. Supposedly the belief is the trade stance is too hard line and that leadership has 'clearly' misjudged the situation. Winnie the Pooh has become a symbol of resistance to Xi in China because the leader is said to feel he looks like the bear and doesn't like it. Can't make this stuff up.


PPI: 0.2%, less than expected. First cooling in s few months.


OTHER MARKETS
Bonds: 2.937% vs 2.962%

EUR/USD: 1.1587 vs 1.1609

USD/JPY: 110.98 vs 110.93

Oil: 67.06, +0.12

Gold: 1223.60, +2.60


The slower action remains, but note the uptrend remains as well. When in doubt, thus far the indices are rising. Still have to watch to see if sellers reappear, but thus far they left after the late July selling and have not shown back up.

______________________________________
Jon Johnson, Chief Market Strategist
InvestmentHouse.com

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