Market Alert - Pre-Market

Futures vs FV: SP -5.67; DJ -64.48; NASDAQ -10.82

Futures are on the comeback trail after gapping lower to start the morning session.

There is not a lot of news to move stocks, and after hitting new highs they are testing. Held the 10 day EMA Tuesday with doji, SOX broke higher. As noted then, not bad action, and setting up potential moves even higher.


Trade: US/Canada resume their talks today. Canada's PM Trudeau says Canada will not bend on key NAFTA demands. We will see . . .

Trade deficit: Deficits with EU, China hit records.


Earnings beats: WDAY, COUP

Misses: RH (TL)

WMT: Barclays resumes coverage with an overweight.


FB, TWTR, GOOG: Hearings, testimony in Congress regarding privacy, security, etc. GOOG didn't show up because it was going to send a less senior person and congressional members said that was not good enough. So, no GOOG present. Kind of funny, and if the DOJ and FBI can ignore Congress, why not companies and individuals?


OTHER MARKETS
Bonds: 2.899% vs 2.897%

EUR/USD: 1.1614 vs 1.1582

USD/JPY: 111.57 vs 111.46

Oil: 69.04, -0.83

Gold: 1201.50, +2.40


Futures are putting in a good recovery attempt pre-market and we will see if that continues. If you were wanting to get into AMD on a post-surge dip, that isn't happening as it is up 1.39 pre-market. Watching how GOOG tries to rebound from support, if the more 'industrial' stocks can rebound from 2 weeks of testing good moves.

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Jon Johnson, Chief Market Strategist
InvestmentHouse.com

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