Market Alert - Pre-Market

Futures vs FV: SP -9.10; DJ -68.13; NASDAQ -49.45

A brilliant pre-market alert was lost due to a system failure just as it was being sent. I will try to reconstruct it later. I was on a great anti-Fed roll.

Jobs beat a bit but revisions were sharply lower. Wages gains 2.9% year/year, best since 6/2009. That means Fed worry is front burner (along with China tariff worries as $200B are set to go into effect and China promises retaliation). The Fed always overshoots and wrecks things, and the market always overshoots near term, meaning it is down today even if it is not going to end its downtrends right now. It is a process, but in the interim everything overshoots.

Thus, this morning is lower, futures trying to bottom but not convincing yet.

The key for us today: as money continues out of big tech (AMZN -25, GOOG -10, AAPL -2) will it rotate into the more industrial side? The rotation Thursday was tepid at best, convincing no one there was serious movement. Will the money seek them in true rotation, or is money just out of the game today and we have to see if it returns to AMZN, AAPL next week?

TSLA down again as it continues the slide from 'we are going public!' tweet to last night's whiskey sipping, pot smoking podcast. TSLA 027 pre-market.
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Jon Johnson, Chief Market Strategist
InvestmentHouse.com

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