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Wednesday, September 26, 2018

Market Alert - Pre-Market

Futures vs FV: SP +2.24; DJ +11.79; NASDAQ +10.06

Futures are up but steadily eroding all morning, now trading at the morning lows as the FOMC gears up for its 2:00ET rate decision announcement.

The FOMC dominates the economic news while world leaders are still at the UN managing that body's corruption. More accurately, the leaders bicker and then make grandiose statements and do nothing about the theft, rape, violence in its field operations. Just ask the poor people of Bosnia how great the UN is after that UN war. The aggressor Serbia got all it wanted, the people of Bosnia are living in a UN created prison. But, I digress. I LOVE the UN . . .


AAPL: RBC upgrades it on . . . demand for pricier phones, demand that we were all told on the date of the product announcement that would not be there.

Upgrades: IBM, GPRO. Yawn.


Earnings beats: NKE, CTAS

Misses: KBH (TL). Another top line miss.


China: Reduced imports on certain goods starting 11/1, something reported here last week. China says it will impact certain US producers and block access to China's markets and make those producers mad at Trump. Okay, so China 1) has tariffs already in place, 2) will manipulate them to get its way. How is the US doing what China is ALREADY doing somehow wrong but with China it is just fine? Hypocrisy. China is so hung up on losing face but its arguments cannot even pass the smell test. Gosh, China is hypocritical about its hypocrisy. Unlike Doc Holiday in 'Tombstone,' apparently China's hypocrisy knows no bounds.


Insider Trading: This September sees the most in 10 years. Hmmm. That marks the start of QE. Insiders selling more because the Fed is now out of the stimulus business?

OTHER MARKETS
Bonds: 3.085 vs 3.098

Oil: 71.85, -0.43

Gold: 1199.40, -5.7


Futures continue edging lower into the open. The modest bump likely goes to flat, then we see if bids return. Often stocks rise modestly into the FOMC, then some volatility as traders dissect the Fed's statement.



______________________________________
Jon Johnson, Chief Market Strategist
InvestmentHouse.com

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