Futures vs FV: SP -9.90; DJ -100.16; NASDAQ -20.06
Sluggish from the get go after a weak overnight session. Futures gapped lower and have posted a modest recovery. Softer open, many saying the move is 'fatigued,' worry about trade, world economies, earnings are said to weigh upon stocks.
Trade: WSJ reports US to press charges against Huawei for theft of trade secrets. Lots of talk about that den of thieves and now some action at last.
Economics: TSM warns, citing iPhone issues.
China economics: Shipping rates for goods imported into China are falling rapidly, suggesting China is not buying as many commodities.
Further, PBOC injected another 380B in yuan into market liquidity, bringing the weekly total to 1.1T yuan. Obviously a serious slowdown.
Singapore: Exports suddenly and unexpectedly fell.
Earnings beats: CSX (but warned); AA; Becton Dickinson
Misses: MS (TL, BL). Big surprise and a wet blanket on the market today as much as GS was gasoline for the rally.
Downgrades: EA
Upgrades: CRM
Philly Fed, Jan: 17.0 vs 10.5 vs 9.1 prior (from 9.4). Okay, a decent report after a disappointing Empire State PMI Monday.
OTHER MARKETS
Bonds: 2.729% vs 2.727%. 10 year flat.
EUR/USD: 1.1397 vs 1.1394
USD/JPY: 108.81 vs 109.06
Oil: 51.43, -0.88
Gold: 1290.80, -3.00
Futures struggling into the open as the rally and attempted start of a third leg will have a softer open to use to bring in bids. I don't have to restate what an important level this is, right? Will see if this sluggishness brings in some bids.
______________________________________
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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