Futures vs FV: SP -1.22; DJ -90.42 NASDAQ +32.51
Big day Tuesday, a bit of a give back ahead of FOMC Minutes this afternoon. Futures holding in a steady range ever since the early morning open, trying to move up a bit into the open. A softer start when moving higher is okay. Lets things reset, bids return.
Housing Starts, Sep: -5.3% vs -4.8% expected
Permits: -0.6%. 2nd straight downside month, 5 of 6 months lower. Now that is starting to show a bit of a trend versus the month to month. Not as many permits, not as many starts. Duh.
Earnings beats: NFLX; CSX; USB, WGO (motorhomes)
Misses: IBM (TL); UAL (BL)
Downgrades: HD; LOW
EU: Auto sales -23% as new emissions standards kick in.
TSLA: Musk buys $20M in stock.
Bonds: 3.15% vs 3.165%
EUR/USD: 1.1536 vs 1.1578
USD/JPY: 112.24 vs 112.343
Oil: 71.32, -0.60
Gold: 1230.50, -0.50
Futures pensive after a big name, ahead of FOMC minutes in the afternoon session. Just a bit sluggish after a big rebound day and the premarket shows investors are willing to bid as the lower open is providing some room for bids and some are showing up.
NFLX is helping keep NASDAQ afloat positive early though it is well off its overnight highs that were 17 points north. If it can hold its gains that is a positive for the market overall -- earnings have to be received well for this market relief move to continue.
This is still a relief move. We picked up a number of positions on the bounce but limited them to stocks in good patterns as they are the leaders in relative strength and in breakouts and those tend to hold the line better. Want to see the slow open turn to bids once more of course, watching how the good breakout stocks hold and continue to move higher.
Jon Johnson, Chief Market Strategist
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