Futures vs FV: SP +11.12; DJ +167.23; NASDAQ +32.38
Earnings are not really blowout by any means, but there is renewed enthusiasm. News feeds are reporting it is due to earnings excitement and hopes China GDP out tomorrow will be positive. Okay. Or, perhaps, it is a resumption of the Friday move after a Monday pause for a breather. Stocks broke higher Friday after a week or more of consolidation then paused. At the open they are ready to move higher.
Earnings beats: BLK (BL), JNJ
Misses: BAC (TL); JBHT (TL, BL)
Upgrades: NFLX, WDC
Blackrock's Fink: Stock risk is to the upside, not downside as stocks could 'melt up from here.' That is the 'magnet of the old highs' I have discussed here many times.
ECB: A 'significant minority' -- still a minority -- of ECB governors believe growth projections are overly optimistic.
Bonds: 2.576% vs 2.556%
EUR/USD: 1.1307, flat
USD/JPY: 111.97, -0.06
Oil: 63.63, _0.23
Gold: 1286.80, -4.50
Futures gapped upside early morning and have held the moves since. While upside gaps have a propensity to be sold, this kind of move after a break higher and a pause test tends to have more staying power.
Industrial production, Capacity, and homebuilder sentiment still to come this morning.
Jon Johnson, Chief Market Strategist
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