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Thursday, September 6, 2018

Market Alert - Pre-Market

Futures vs FV: SP +0.65; DJ +9.01; NASDAQ +6.29

Stocks are in a modest recovery pre-market, trading up and down in a range since the open. Toward the bell futures are in the upper half of the morning range.

Not making too much of this rebound. A one-day rotation is not likely, and frankly the nice rally in tech needs a few more days to run its course while the shift to more 'industrial' stocks is set up well and would need a few days to make its next run as well.

ADP, August: 163K vs 186K exp vs 217K prior (from 219K)

Productivity Q2, REV: 2.9 vs 2.9 vs 2.9

Unit Labor Costs: -1.0 vs -0.9 exp vs -0.9% prior

Jobless claims: 49 year low.

Earnings beasts: DOCU; CLOUD; VRNT; Mongo DB

Misses: NAV (TL); LE (TL, BL)

TSLA: Musk retweets a favorable sales report and TSLA is up a bit.

DC: Allegations Pence authored the NYT Op-Ed because of the use of the word 'lodestar' in referencing John McCain. Pence is said to have used the word 8 times in speeches. Of course, the person penning it likely knew that and was setting up Pence as well -- a person who would author such an anonymous letter would of course try to set someone else up for the fall, particularly one who lionizes John McCain as some great man. Total deep state drone at work, and the media, actually trying to be investigative for once, is falling for the breadcrumbs the author has left for them to get them to the wrong conclusion.

NFL: Starts tonight. They have yet to invent the device that can measure my apathy.

Bonds: 2.897% vs 2.904%

EUR/USD: 1.1642 vs 1.1632

USD/JPY: 111.17 vs 111.49

Oil: 68.94, +0.22

Gold: 1209.00, +7.70

Stocks are sluggish and frankly not expecting a tech upside renewal today, instead anticipating the rotation to the drugs, etc. to continue and let them bounce modestly.

Jon Johnson, Chief Market Strategist

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