Futures vs FV: SP +8.63; DJ -167.26; NASD +33.08
Dow futures lower on the Boeing 737 max aircraft crash (-350 Dow points). Otherwise, futures are up on China markets rising 2% (-4.2% Friday) on talk of even more Chinese stimulus. Hey, if you cannot naturally grow it, inject drugs.
Retail Sales, Jan: 0.2 vs -0.1% exp vs -1.6 Dec (from -1.2)
Worst two months in sales in 10 years
Ex-auto, gas: 1.2
Control Group: 1.1% vs -2.4% Dec (from -1.7%)
Ugly revisions, but at least they are recovering.
Fed: Powell says the interest rate policy is correct. Says Trump cannot fire him. Maybe he cannot, but who can? He is appointed - by the President - he is unelected, his position is not in the Constitution, so just how does he leave other than leaving at the end of his term? Can't be fired; give me a break.
Brexit: A vote is coming. May is facing another loss.
Upgrades: AAPL; FB; FEYE;
M&A: NVDA to buy MLNX
Bonds: 2.634% vs 2.632% 10 year
EUR/USD: 1.1242 VS 1.123
USD/JPY: 111.11 vs 111.14
Oil: 56.45, +0.38. Holding the gains
Gold: 1295.10, -4.10
Futures outside of BA are holding some decent gains. Friday the indices tested the 50 day EMA on their fifth session of selling back from the recovery highs off the December low. They hit near the 50 day EMA and bounced off the lows and today that momentum continues.
The key is how long the move holds and we will see what kind of ammunition is left after the initial move higher.
Jon Johnson, Chief Market Strategist
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