Futures vs FV: SP +10.23; DJ +107.34; NASDAQ +34.97
BA is actually up as FAA finds no reason to ground the 737 Max, leaving the US and Canada as the holdouts letting it fly. Ethiopia says pilot radioed he was having flight control problems. The black boxes are going somewhere overseas. Some are saying it is a revolt against the FAA; who knows what will be 'found' in the black box recordings. Am I a skeptic? Sure.
PPI: 0.1 VS 0.2 EXP VS -0.1 prior (from 0.1)
CORE: O.1 VS 0.2 VS 0.3 PRIOR (2.5% vs 2.6% year/year
Durable Goods: 0.4 vs 1.3 prior (from 1.2)
Ex-transports: -0.1 vs 0.1 exp vs 0.3 prior (from 0.1)
Non-defense ex-aircraft: 0.8%. Good to see capital investment turn positive after 2 negatives.
Pelosi says no impeachment, Trump thanks her, says did nothing wrong in any event.
Massive college entrance cheating by celebrities, hedge fund managers, etc. provides another indication of the decay of the US in terms of character. Add it to the list.
Bonds: 2.623% vs 2.60%
EUR/USED: 1.1299 VS 1.1208
USD/JPY: 111.35 vs 111.31
Oil: 57.58, +0.71
Gold; 1307.40, +9.30
Stocks are hitting session highs as the bell approaches. A third day, or 3.5 if you count the Friday reversal). A good response to the Tuesday pause as the rally resumes. More than happy to let GOOG, FB and others run.
Jon Johnson, Chief Market Strategist
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