Market Alert - Pre-Market

Futures vs FV: SP + 4.73; DJ +59.95; NASDAQ +2.25

Futures were higher an hour back with NASDAQ +12.50. Reports that QCOM is going to sue AAPL over the latter sharing QCOM IP with INTC, however, have dented the upside.

Other than that, the news front was rather quiet as the FOMC begins a 2-day rate meeting and Trump is to speak at the UN with Iran speaking as well. Could be entertaining.


M&A: KORS buys Versaci


Case/Shiller: Home prices in July rose at their slowest rate in 11 months as general slowing occurred everywhere. Again, no surprise. Housing is an early cycle leader that cools in normal expansions that are not juiced by Greenspan keeping rates a 0% long, long after they should have been.


Oil: Moving toward longer term highs for brent.


SBUX: Corporate shakeup with management reorg and layoffs.


FB: Instragram founders leave as Zuckerburg's phony public fa ade is not shown inside the company and the Instagram founders said he was trying to run that part more and more as a big part of FB's future. Recall Zuckerburg's words regarding people who put personal information on FB: 'they trust me. dumb f***s.' That says it all.


Earnings beats: INFO

Misses: FDS (tl, bl)


OTHER MARKETS
Bonds: 3.095 vs 3.085

Oil: 72.58, +0.50

Gold; 1205.40, +1.00

Futures up but off the highs over the past 1+ hours. Okay, not too strong upside, coming back some from the AAPL/QCOM story, we will see if again the bids return for NASDAQ names and how NYSE large caps are bid.
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Jon Johnson, Chief Market Strategist
InvestmentHouse.com

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