Futures vs FV: SP -7.27; DJ -52.22; NADSAQ -33.72
Sluggish after a somewhat up, somewhat mixed expiration. The weekend news was not helpful with the US/China dust up at APEC between Pence and Xi. Now everyone is looking to the Trump/Xi meeting after Thanksgiving. Lots of hope for a deal there. Not.
Eco: GS calls for economy to move to a 'slow crawl' in 2019, using its globalist view of things, i.e. the US cannot do well if the world is not doing well. Not true, but it becomes true when the Fed feels it has to slow the US economy from getting what it views as too far ahead of the rest of the world. Did it in 2000 and we know the result. That is my greatest fear right now: the Fed makes that mistake yet again.
AAPL: Cuts production orders again for iPhone. Will AAPL have to slash prices? You may get that $1,000 iPhone for not 1,000. A Christmas miracle!
Bankruptcy: David's Bridal. Marriage not what it used to be, or at least perhaps weddings.
Upgrades: BIG, BKNG.
CVX, WBA: Sued by Florida for opiod sales.
Bonds: 3.088% vs 3.085%
EUR/USD: 1.1625 vs 1.1418
USD/JPY: 112.84 vs 112.92
Oil: 54.88, -0.80
Gold: 1220.70, -2.30
Futures very sluggish all morning, bouncing some toward the open. A sloppy start is not necessarily a bad thing though NASDAQ start is weak and AAPL and its suppliers are big players on NASDAQ. Once again growth struggles while likely the Dow-like stocks perform.
Jon Johnson, Chief Market Strategist
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