Futures vs FV: SP +15.13; DJ +174.19; NASDAQ +53.37
Futures jumped Sunday as the Trump administration announced, just 20 minutes before futures opened, that the March 1 tariff deadline with China was extended. Those gains have obviously held and indeed have built into today's open. There was much speculation a deal would be reached after the 'more likely than not' comments late week, and the extension is, well, an extension of that belief. Trump and Xi still have to meet in March so this is as good as it gets for now, and of course, the market loves it.
It is Buffett morning on CNBC so that network is worthless in terms of news as they all slobber over Buffett.
M&A: DHR buying GE's pharma business. GOLD makes a hostile offer for NEM as gold wars heat up.
Oil: Trump says oil is too high, telling OPEC to 'relax' as the world ''cannot take a price hike.' Oil is down.
TGT: Inviting retailers to its website a la WMT in order to compete with WMT. And AMZN.
Week: Tons of data including Powell making his address to Congress on the state of monetary affairs. Loads of other data with Personal Income and Spending late week, always important, particularly after those retail sales.
Bonds: 2.682% versus 2.654%
EUR/USD: 1.1356 vs 1.1341
USD/JPY: 110.81 vs 110.68
Oil: 55.87, -1.39
Gold: 1332.40, -0.40
Futures continue to hit new session highs as the trade deal dam has burst. No cracks in the morning rise, just a steady move higher after the upside gap. Thus, the move may have some staying power and we will watch to see what kind of entries we can get after an upside gap open.
Jon Johnson, Chief Market Strategist
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