Futures vs FV: SP +12.20; DJ +153.24; NASDAQ +46.18
Futures started slightly higher and accelerated ever since though toward the open they have topped out and are testing. Still, quite the move and predictions of DJ30 at a new high are on the airwaves.
Trade: Of course, lessening tensions are credited, but tensions have not lessened, the market just got over the latest trade barbs.
Dimon: Not a trade war but a trade skirmish.
China: Lowers its tariffs on imports, making US goods relatively more expensive. It makes China look better with the WTO as well in a clever move.
Oil: Trump tweets to OPEC (and everyone else) that the 'monopoly' (cartel?) needs to get prices lower now.
Earnings beats: DRI (Olive Garden, Red Lobster)
Misses: THOR (BL); RHT (TL)
Upgrades: RL
Downgrades: SFIX (valuation); SKX
NVDA: MS says its new graphics chip is 'disappointing' and NVDA is down 4 clicks pre-market.
OTHER MARKETS
Bonds: 3.087 vs 3.076. Bonds continue to sell in the US and the world, pushing yields higher. Gundlach 'warns' of higher interest rates says a CNBC headline. Duh. They SHOULD be higher.
EUR/USD: 1.1763 vs 1.1672
USD/JPY: 112.12 vs 112.23
Oil: 71.23, +0.11. Trump tweets OPCE needs to get prices down now.
Gold: 1211.60, +3.30
Market set to try for new highs as the techs are re-engaging in the upside along with the NYSE stocks. We will see how powerful the NASDAQ big names are as they try a rebound, small caps as well.
New positions: A gap open upside as some stocks continue moves higher from WED while others rebound from recent tests. We may pick up some early and then others when we see how they test/hold the move.
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Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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