Futures vs FV: SP +2.17; DJ -43.87; NASD -0.99
It is Fed decision week with the usual Wednesday announcement. Some are actually expecting a cut, but of course they are the small minority. The Fed still has two hikes on the calendar according to its last 'dot plot.' That is down from 3, but still 2 more than most think the Fed will actually implement.
BA is a drag on the Dow again as reports circulate it had too much autonomy in the certification of the Max.
M&A: DB and Commerzbank in talks to merge.
Caesar's and El Dorado are talking acquisition.
FIS is buying Worldpay
IPO's: Lyft is prepared for its IPO ride. Estimations are from $15B to well over $20B.
Trade: Xi/Trump meeting pushed back to at least June.
Upgrades: DG; OKTA
Downgrades: FB; Aramark
AAPL: A pair of new iPads or at least the next generation of them.
Bonds: 2.604% vs 2.591%
EUR/USD: 1.1345 vs 1.13248
USD/JPY; 111.51 vs 111.47
Oil: 58.61, +0.09
Gold: 1305.90, +3.00
Futures up all morning (less BA), trading up and down but holding positive. As a refresher, SPY, NASD broke over the top of the OCT/DEC range Friday after one of the best weeks of the year. Again, even with some early softness and the indices bumping resistance, the sellers have not entered.
We thought there might be some weakness early this week, and this morning action does not dispel that, but it also shows no sellers. Thus we look for opportunity to pick up some good positions on good stocks as we also look for some of those big names that rallied well for a week or more to test some more for good entries.
Jon Johnson, Chief Market Strategist
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