Futures vs FV: SP +14.03; DJ 138.90; NASDAQ +38.97
Slow news morning. FOMC 2-day meeting starts and some talk about what the Fed may do in the future. No talk about this meeting as no change has been widely broadcast by the Fed. The end of the year is the question as 2 hikes are still there heading into the meeting. THAT will be the focus on the post-announcement analysis -- how many are still anticipated.
You know it is slow when the biggest story is how Bezo's mistress' brother received $200K for the texts/pictures published.
Earnings beats: MIK
Upgrades: DPZ; FIVE
NATO is 70 years old today. News or not?
Bonds: 2.632% vs 2.601%
EUR/USD: 1.1348 vs 1.1342
USD/JPY: 111.41 vs 111.39
Oil: 59.38, +0.29
Gold: 1307.90, +6.40
Futures started higher after rising after the Monday close, and they have trekked steadily higher all morning. No pause to start this session, no backfilling by SP500, NASDAQ to test the break through resistance.
So, we look for those well-positioned leaders to make solid upside moves and see if we can get some solid entries. Not much else to say this morning given the sellers remain on the sidelines as the market moves toward the Wednesday FOMC decision that is so foreshadowed that it is not really a decision.
Jon Johnson, Chief Market Strategist
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