Futures vs FV: SP +8.32; DJ 95.24; NASDAQ 30.68
Futures start higher once more, continuing a late rise from Tuesday night. SP500 set to open above the 200 day MA for the first time since 12/18.
The main drivers of the recent action, trade and budget talks, continue positive.
Trade: Xi is said to meet with Mnuchin and Lighthizer Friday in an unexpected visit. China needs the deal; its economy is tanking. We can hold firm as ours is not. We need to realize this. It is not about just getting any deal. It is about a deal that helps us and moves China from its ways of stealing to increase its economy, aka moving away from communism and the domination goals that go with that form of government.
Budget: Trump is reported to be willing to sign the compromise and move for the wall with an executive order. That won't please either side.
CPI: 0.0 vs 0.0 vs 00 prior (from -0.1); YR/YR 1.6%
Core: 0.2 vs 0.2 vs o.2. 2.2% year/year
Slowest overall rise since 9/2016.
Gasoline plunged 5.5%
Bonds: 2.706% vs 2.686%
EUR/USD: 1.1284 vs 1.1332
USD/JPY: 110.83 vs 110.43
Oil: 53.72, +0.62
Gold: 1313.50, -0.50
Futures slowing trending higher all morning and we will see how leg four continues. Thus far a good start.
Jon Johnson, Chief Market Strategist
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