Futures vs FV: SP -8.64; DJ -28.30; NASDAQ -42.89
After that surge WED, as anticipated there is a bit of a pause, a bit of give back as a lot of pent up, pre-election noise and do-nothingness was expelled. Now the key is whether the bids return.
The bears are out quickly with a softer open. Gartmann says short this rally. Could be good advice, could be wrong as has been his more recent history. Our position is it can be a tradable rally because of 1) follow through occurred, 2) there are some leaders to take it higher for a year end move. After that, we will see.
Peter Schiff is ragging on the economy again, saying there is no boom.
Fed: 2-day FOMC meeting wraps today, a day later than usual, and no move is expected today with December being the next predicted hike.
China: Imports, exports both rise more than anticipated.
Earnings: 90% of S&P has reported and earnings +29.2% vs the +22% expected. But . . . TL misses are running much higher than the prior quarters.
Beats: CAH; QCOM; ROKU; TTWO; SQ
Misses: PRGO (TL); DHR (TL); PRTY (TL, BL); WYNN (BL); TRIP (TL)
COST: Same store sales 8.6% vs 7.7% expected. Nice.
EU: Will breach its debt limit. Surprise! -- said nobody.
Bonds: 3.217% vs 3.228%. Bonds rebound, yields drop, trying to move up as they tried WED on the open.
EUR/USD: 1.1425 vs 1.1433
USD/JPY: 113.66 vs 113.61
Oil: 61.72, +0.05
Gold: 1223.10, -5.60
Futures are off the early morning lows but stalled the recovery attempt just over an hour back. Sluggish open ahead, but not a reversal at the open. A softer start following such a rush higher is expected. Given it was a follow through session, a bit of a pause to rest and recalibrate is not a bad thing at all.
Jon Johnson, Chief Market Strategist
PLEASE DO NOT REPLY TO THIS EMAIL. USE THE CONTACT US PAGE ON OUR WEBSITE.
Customer Support: http://investmenthouse.com/contact_us.php
Post a Comment