Futures vs FV: SP =2.34; DJ -35.21; NADSAQ -11.95
Futures are on a slow crawl back toward positive after over the past 4 hours after an early morning bottom. World markets are lower though not crashing, just their same sluggish trade. US futures are even picking up the upside speed toward the bell.
A relative dearth of news for a market flooded with news of late.
IMF: Lagarde comments that the clouds on the horizon she saw several months back have turned to 'drizzle' as it appears that 'growth has plateaued.' Yep, that is the situation. Not sure about the drizzle analogy. Europeans seem to have a fixation on drizzle.
AMZN: Raises minimum wage to $15/hour. 250K employees will be impacted.
NFLX: GS says Wall Street is underestimating NFLX' growth rate.
Ford: Sales -11% vs -9.1% expected
Have you noticed how so many financial websites, stations are not covering nearly as much financial news? Just throwing that out there. More and more politics and non-financial stories are included. Interesting. And annoying -- if I want the other news I will go to those kind of sites and stations.
In any event, somewhat a dearth of news today, a lull in a fairly busy week leading to the Friday jobs report.
OTHER MARKETS
Bonds: 3.071 vs 3.087 10 year
EUR/USD: 1.1537 vs 1.1578. Dollar continues to strengthen.
USD/JPY: 113.77 vs 113.94
Oil: 75.38, +0.08
Gold: 1201.40, +9.70
Futures on that steady albeit slow rise to the opening bell. They picked up the pace then backed off, but the trend heading into the bell is a slow steady recovery. Thus, we could easily see the modest negatives at the open turn to positive.
NASDAQ, SP500, DJ30 are at or near the prior highs after a pretty good week upside, more if you look at their leaders. As noted last night, a bit of a test would be normal and not bad. Either a doji pause or a 1-2-3 type pullback. Would prefer the latter as a better ramp upside, but the market will do what it does.
We will still look at well-positioned stocks and if they can deliver moves we will participate.
______________________________________
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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