Monday, February 04, 2019

Market Alert - Pre-Market

Futures vs FV: SP -1.53; DJ -25.89; NASDAQ -3.77

Pre-Market action is about as dull as the Super Bowl. Futures trading in a range all morning just below the flat line. Basically a soft start after a move higher into the weekend. Rather typical and is not a threat to the recent rally in itself.

DJ30, SOX bump at the 200 day MA while the other indices are trying to catch up to their moves, though not much catching up early on.

China: Lunar holiday and China is closed for the week. Don't try going there; it is closed. Even more than usual.

M&A: TSLA buying MXWL. ULTI being bought by a private consortium.

Earnings beats: CLX (BL); ALXN

Upgrades: COP; YELP

Downgrades: MTCH (to sell by GS)

Politics: Sanders, Schumer proposing limiting buybacks for corporations unless they pay a minimum of $15/hour, offer 7 days of sick leave, etc.

Okay, it is clear the democrats are competing amongst themselves to see who is the most anti-corporation, anti-rich. From proposing 70% to 90% top marginal tax rates to dictating what corporations can and cannot do, the competition is full on. History repeats and once again new generations will have to learn the lessons of former generations as to the cause and effect of taxation and regulation on economic output.

Bonds: 2.711% vs 2.684%

USD/JPY: 109.98 vs 109.530

EUR/USD: 1.1447 vs 1.14553

Oil: 54.60, -0.66

Gold: 1315.70, -6.40

Futures continue to slog pre-market and likely the morning session is backfilling for the market rise WED to FRI. As often noted, this is not bad action for a market that is trending higher; gives the bids a chance to return.

Jon Johnson, Chief Market Strategist

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