Futures vs FV: SP -3.31; -13.70, -9.7
Futures started the session lower and have remained in the same range all morning. Very much status quo, very much sluggish as the markets wait for the election outcome. Many close congressional seats, several in California. The outcome could be known quickly or it could be late. Even Wed, Thurs . . .
Somewhat quiet on the news front, more earnings, JOLTS to come.
AAPL: the story reported Monday re shutting down additional manufacturing lines for its XR phone confirmed by many suppliers and those suppliers are getting whacked again.
Earnings beats: LLY; CVS; ELF; P
Misses: MYL (TL); BKNG (BL); MAR (TL); AVIS (TL, BL); TM (BL)
LOW: They go low . . . LOW closing 20 US stores, 31 in Canada.
Retail sales: Estimated they will top $1T this season for the first time ever. HD is in full Christmas regalia. As soon as Halloween was over, indeed, even on Halloween, HD had big Christmas displays up and . . . Christmas music was being piped in. Yesterday in the car a local station was already playing back to back to back Christmas songs.
AMZN: Said to be planning two new HQ2's. Would that be HQ2 and HQ2 prime?
Bonds: 3.195% vs 3.201%
EUR/USD: 1.1428 vs 1.1409
USD/JPY: 113.16 vs 113.244
Oil: 63.19, +0.09
Gold: 1235.80, +3.50
Futures sluggish into the open and the elections. Likely a bid returns at some point today in an a pre-election result move. Do we buy in ahead? We already have some good positions working and picked up some more Monday. We have other plays ready to go if they show the moves, but today could be a head fake. We will see how strong the moves are and gauge our entries accordingly.
Jon Johnson, Chief Market Strategist
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