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WJR January 2017 Reports



January 31, 2017

It’s been four years since we’ve seen the Dow Jones Industrial Average turn in a positive performance in January. We’ll go into the last day of the month hanging on to about a one percent gain, which may or may not last until 4 o’clock. If you missed the day the Dow rose above 20,000 – well you’ll likely get another chance. It looks like we’ll start the day right around 19,920.

Corporate earnings reports have been trending to about a 7 percent year-over-year increase, but we’re hitting some bumps in the road today. The biggest bump, or maybe we should call it a sinkhole came, from Under Armour. Those shares are about 24 percent pre-market after they hit the trifecta this morning: an earnings miss, a sales miss and lowered guidance.

Harley Davidson, Eli Lilly, Exxon Mobil and Pfizer all missed earnings targets today. UPS reported $1.63 per share. That missed a 6 cent miss, even after you ignore a big pension charge. UPS shares are off about 3 percent so far. ON the famous other hand, Coach reported 75 cents per share, versus the expected 74 cents and Mastercard was a penny ahead of estimates.

The Conference Board’s January Consumer Confidence Report comes at 10 and is expected to score a little lower than December’s 113.7.

Outside of China, Asian markets declined overnight. European markets are, on average, pretty much unchanged. Our futures have been sliding lower much of the morning.

At this point, adjusted for fair value, the S&P futures are lower 5½ points, the Dow futures are down 54 and the NASDAQ futures are 13 points below fair value.

January 30, 2017

It’s another huge week for earnings reports, as we wrap up the bulk of the S&P 500 company reports. So far, in general, it appears that the fourth quarter wasn’t bad at all. Nevertheless, the market >

Somewhere between 5 and 10 percent of all Fitbit employees will soon know exactly how many steps it takes to get to the local unemployment office. However, traders are viewing this as more than just an expense reduction move. Fitbit shares, which lost almost 3 percent Friday are down nearly 9 percent pre-market today.

We’ll see if shares of mattress maker Tempur Sealy can bounce back to original form. Tempur Sealy announced that all contracts with Mattress Firm are canceled as of last Friday as the two firms could not agree on a revision of terms. 21% of Tempur Sealy’s sales were to Mattress Firm, and Tempur Sealy shares are about 27 percent lower this morning.

Asian markets were mixed overnight, but European markets are, on average, almost one percent lower at this hour. Our futures have been on a mild slide lower much of the morning. At this point, Adjusted for fair value, the S&P futures are lower by almost 8 points, the Dow futures are down 65 and the NASDAQ futures are nearly 18 points below fair value.

January 27, 2017

It’s no secret that stock prices have been on a run in hopes of lower regulation, lower taxes and higher Gross Domestic Product in the future. At 8:30, we’ll get the Government’s first guess at the baseline against which we’ll measure that GDP growth. Expect that fourth quarter 2016 GDP grew at 2.2 percent. That would be a marked slowdown from the third quarter’s 3½ percent. Also at 8:30, the December Durable Goods Orders are expected to have been up 2.6 percent.

Another mixed bag of earnings reports have come since yesterday’s market close.  Microsoft shares are up almost 2 percent on an earnings beat and growth in cloud services. Intel also higher on an earnings beat. American Airlines matched estimates.

Alphabet shares are taking a rare step lower today. $9.36 missed the $9.64 profit forecast, but the miss was the result of a tax charge due to a change in the accounting rules. Without that more-than-half-billion-dollar charge, Google would have beaten its bogey by 55 cents per share. Google shares are off less than one percent pre-market. Honeywell shares are also off a bit on a sales miss.

Wynn Reports is more than 7 percent higher and VM Ware are up more than 4 percent on good earnings reports.

Asian markets were mainly higher overnight. Europe is, on average about a half percent lower, with the Greek market taking it on the chin by about 3 percent. Adjusted for fair value, the S&P futures are higher by more than 2 points, the Dow futures are up 24 and the NASDAQ futures are just about 2 points above fair value.

January 26, 2017

Okay, now that the Dow 20,000 thing is out of the way, we can get down to more interesting things, like growing earnings, mounting inflation, building walls and The Celebrity Apprentice.

Let’s focus on the earnings thing this morning. Southwest Airlines is out with a pretty good report, earnings 75 cents versus the expected 70 cents. Caterpillar was 17 cents ahead of the 66 cent estimate, although sales fell short.

Comcast same up with a new version of the triple play. They beat earnings by 8 cents, announced a 15% dividend increase and a 5 billion dollar share buyback. If you want to make that a four-play, you can throw in news of an upcoming 2 for 1 stock split.

Johnson and Johnson will pay $280 per share for Actelion Pharmaceuticals. That’s Europe’s biggest biotech company. The 280 bucks is about a 23 percent premium to recent trades in Actelion.

Ford Motor shares are about one percent lower after adjusted earnings missed by a penny per share. Fiat-Chrysler doubled its profit from a year ago on reduced costs and their shares are almost 3 percent higher pre-market.

There are at least a half-dozen economic reports coming by 11 this morning. Asian markets all rose overnight. Europe is mostly higher as well. Our futures are off their earlier highs. Adjusted for fair value, the S&P futures are up a fraction, the Dow futures are up 14 and the NASDAQ futures are almost 6 points above fair value.

January 25, 2017

If the futures are any indication of what will happen at 9:30, it’s likely that we’ll open right around the 20,000 level on the Dow and probably shoot a little higher than that. So if nothing else good comes out of today, at least people can stop fixating on the 20,000 level a being something important.

More important is the future economic, political and regulatory landscape. And traders have seemingly decided that things are moving in the right direction. Heck, this morning, even a European Central Banker called for a gradual end to the bond buying program in Europe which has resulted in negative interest rates, which are proving to be the economic equivalent of pushing on a string.

There are a string of good earnings reports this morning. Boeing’s $2.47 of profit beat the $2.35 estimate. Seagate Technology beat their bogey by 30 cents on a successful shift to cloud services. Seagate shares are up over 11 percent pre-market.

The stinker of the morning is restauranteur Brinker. Those shares are off more than 8 percent on an earnings miss.

Textron is buying Arctic Cat for $18.50 per share. Arctic Cat shares are up 40 percent on the news. Cisco Systems is buying privately held Appdynamics, which was about to go public.

Major overseas markets are all higher. Adjusted for fair value, the S&P futures are higher by almost 8 points, the Dow futures are up 76 and the NASDAQ futures are about 24 points above fair value.

January 24, 2017

Fourth quarter earnings reports are pouring in. And the big boys and girls that have reported this morning have given us a mixed bag of news.

Beating earnings estimates included 3M, whose $1.88 beat by only a penny, and Johnson & Johnson, reporting two cents ahead but lowering guidance. Lockheed Martin’s sales and profits were better than expected, but they warned about the quarter to come. Dupont may have the best report of the morning, with 52 cents of adjusted profit versus the 42 cent estimate. Even so, Dupont shares are slightly lower pre-market. 

Travelers checked in with $3.20, which was a 47 cents ahead of expectations.

Existing home sales, the PMI Flash and Richmond Fed Manufacturing surveys come by 10 this morning.

And the “I wish I were a fly on the wall” award has to involve President Trump’s breakfast chat with automotive leaders. Maybe the Russians will be listening – who knows?

There’s not a lot of movement in overseas markets today. Our futures are well off their overnight highs and are suggesting flattish prices at 9:30. Adjusted for fair value, the S&P futures are higher by a little more than a point, the Dow futures are up 9 and the NASDAQ futures are about 6 points above fair value.

January 23, 2017

If those involved in international trade were thinking that President Trump would soften his protectionist tone, they were sorely disappointed in last Friday’s Inaugural speech. Although the speech was long on bluster and short on specifics, the fact that the new President appears to be moving a lot faster on trade issues than on tax reform is giving the stock market some indigestion this morning.

There’s no indigestion with McDonald’s shares this morning. They just reported $1.44 per share of quarterly earnings. That beat the $1.41 expectation, on sales that were better than expected.  Earlier, Halliburton checked in with adjusted earnings of 4 cents, which beat estimates by two cents per share. However, if you’re one of those old stick-in-the-muds who pays attention to unadjusted earnings, well, there were none of those. Halliburton’s actual losses increased over a year ago on sales that were short of estimates. Halliburton stock is off slightly in pre-market trade. Yahoo will report after 4 o’clock today.

Before the week is done, about one-third of all S&P 500 companies will report earnings, as traders look for some support for the recent rally in stock prices.

Overseas markets are mainly in the red. Adjusted for fair value, the S&P futures are lower by about 4½ points, the Dow futures are down 27 and the NASDAQ futures are about 10 points below fair value.

January 20, 2017

Welcome to Inauguration Day. Stock traders are looking forward to the prospect of significant economic stimulus, which should foster economic growth. After eight years of relying solely on economic stimulus in the form of depressing interest rates, optimism for the change in approach is palpable, even if worries about Mr. Trump’s future tweets gives one pause.

Last night, IBM actually announced earnings that beat expectations. That doesn’t mean that earnings went gangbusters – it just means that IBM is getting better at lowering expectations. Revenue fell for the 19thconsecutive quarter as IBM tries to convert from a hardware company into a cloud business. Perhaps they should ask Watson how to speed that up. IBM shares are off almost 2 percent this morning.

Procter & Gamble shares are 2 percent higher after beating the $1.06 estimate by 2 cents. Sales fell less than expected and they raised earnings guidance. General Electric matched the 46 cent estimate. Bristol-Myers Squibb may be the disaster du jour. They will not seek fast-track approval for a new lung cancer treatment and Bristol-Myers shares have dropped about 6 percent pre-market.

Nothing on the economic calendar today as the focus falls on our new President’s speech and, of course, that first dance at the Inaugural Ball tonight.

Adjusted for fair value, the S&P futures are higher by 7 points, the Dow futures are up 39 and the NASDAQ futures are about 18 points about fair value.

January 19, 2017

Within the past hour The European Central Bank announced no change in their negative interest rate policy, keeping the deposit rate at a negative four-tenths of a percent. They still plan to dial down their bond purchasing program eventually – just not quite yet.

The good news in financial stocks rolls on this morning. Morgan Stanley reported 81 cents per share in quarterly profit, well ahead of the 65 cent estimate on better than expected sales. Key Corp reported earnings, if you exclude merger-related costs, of 31 cents, two cents ahead of estimates. And Bank of New York Mellon shares are about 1 ½ percent higher pre-market. Managed assets fell, the strong dollar hurt, but net income still rose compared with a year ago. Union Pacific beat the $1.33 estimate by 6 cents per share.

The Housing Starts numbers have been pretty volatile lately, and at 8:30, we’ll find out about December Housing Starts, which are expected to rise to an annualized run rate of 1.2 million units. Jobless Claims and the Philly fed Index also come in less than 20 minutes.

American Express and IBM both report earnings after 4 o’clock today. 

Overseas markets are mixed, and really not moving much in any particular direction.

Adjusted for fair value, the S&P futures are lower by about 2½ points, the Dow futures are down 18 and the NASDAQ futures are less than a point below fair value.

January 18, 2017

There will be a lot of speeches for the 24-hour news hounds to cover today which may or may not be market movers. President Obama will take one more opportunity to share his wisdom with us in a press conference today before the screen door swings behind him tomorrow. Fed head Neel Kashkari speaks at 11 o’clock and Fed Chair Janet Yellen at 3 o’clock. In between, the Federal Reserve’s Beige Book, their survey of regional economic conditions, hits the internet at 2 o’clock.

Goldman Sachs just reported $5.08 in quarterly earnings, which was 26 cents better than expected. Citigroup also beat the bogey, $1.14 versus $1.12.

Earlier this morning, US Bancorp came in a penny ahead of the 81 cent estimate. Target reported that Holiday sales were 1.3 percent lower than last year. As a result, they have lowered full-year fiscal 2016 guidance and Target shares are missing the mark by almost 5 percent pre-market.

The downer of the day is British publisher Pearson PLC. They publish the Financial Times paper. Lousy earnings news has the stock lower by almost 30 percent in London trade.

December Consumer Prices and Industrial Production numbers come before 9:30.

Asian markets were mixed overnight. Europe is mostly lower at this hour. Our stock futures have picked up nicely just in the past twenty minutes or so. Adjusted for fair value, the S&P futures are higher by about 4 points, the Dow futures are up 28 and NASDAQ futures are about 10½ points above fair value.

January 17, 2017

It’s a short trading week that leads up to the inauguration of The Donald as Tweeter in Chief.” And, like just about every week since the election, we have big companies lining up with announcements designed to “make nice” with the incoming Administration. 

Today, Walmart is trumpeting plans to create 10,000 U.S. jobs over the next 18 months, even though it’s just the result of expansion plans that were already in place. At 9 o’clock, General Motors is expected to announce an additional $1 billion investment in U.S. plants.

Not making new investments will be Limited Stores. They have filed for Chapter 11 protection and are planning to sell what’s left over to a private equity firm.

Morgan Stanley more than doubled quarterly profit compared to a year ago, raking in 81 cents per share versus the expected 65 cents. And this morning, the famous other hand wears a big ring and carries a little blue box. That would be Tiffany. Those shares are 5 percent lower. Same store sales at their flagship Manhattan store (inconveniently located near Trump Tower) were lower by 14 percent. 

Asian markets were mixed overnight. European markets are mostly lower after British Prime Minister Theresa May hinted at a sort-of-hard-Brexit this morning. Stocks in London lower by more than three-quarters of one percent on a 2 percent rise in the pound. Our futures started to recover from a long-weekend slump a couple of hours ago, but they’re not back to the flatline yet. At this point, adjusted for fair value, the S&P futures are lower by about 5 points, the Dow futures are down 22 and NASDAQ futures are about 11 points below fair value.

January 13, 2017

Happy Friday the 13th! No reason to be scared just yet. However, by 10 o’clock this morning, we’ll get news about Producer Prices, Retail Sales over the Holiday season, and Business Inventories. But perhaps the most intriguing report of the morning will be the University of Michigan’s first guess at January Consumer Confidence. The NFIB small business confidence survey spiked higher last week. It will be interesting to see if the average consumer feels a big swell of confidence as we head toward Inauguration Day. Most are expecting a slight rise to 98.6 from November’s 98.2.

Bank of America and Blackrock both reported earnings that were a little better than expected this morning, but both saw revenue fall a bit short of estimates. Shares of both are a little lower this morning, with Bank of America moving the most, down about three-quarters of one percent.

JP Morgan just reported earnings of $1.71, which was well ahead of the expected $1.43.  JP Morgan shares are about a half percent higher pre-market. Wells Fargo, fresh off their internal sales incentive scandal, rounded out the big bank reports, announcing 96 cents per share of profit, which fell short of the one dollar per share estimate. Revenue also missed and Well shares are missing about one-half of one percent of value so far. The star of the morning may be Pandora. Shares are 9 percent higher on upbeat guidance.

Asia was mostly lower overnight, but Europe is trending a bit higher. Our futures have bounced a bit higher on the bank earnings reports. Adjusted for fair value, the S&P futures are higher by a point and a half, the Dow futures are up 19 and NASDAQ futures are almost 6 points above fair value.

January 12, 2017

The Artificial intelligence that runs the machines that move stock markets had a lot of trouble figuring out what to make of yesterday’s President-to-be press conference. So maybe artificial intelligence isn’t that different from the real thing.

Anyway, drug-maker stocks were pummeled early on, before recovering somewhat through the day. The overall market shook and shuddered but finally rose nicely, with the Dow Jones Industrials ending the day less than 50 points away from the interesting but rather meaningless 20,000 mark.

This morning, Delta Airlines reported quarterly earnings that were in line with the estimate, on sales that beat expectations. Delta’s comments sounded fairly upbeat about prospects for the next couple of years. Fourth quarter earnings really start to roll tomorrow morning.

If you’re looking for stock tips today, know that one brokerage firm downgraded shares of Disney, while another raised its price target for Disney shares. You know what the brokers say -- “often in error, but never in doubt.”

Four Fed heads give speeches during market hours today, and then Chairperson Yellen speaks at 7 o’clock tonight.

Japanese stocks declined by more than one percent overnight on a sharp rise in the value of the yen. Most, but not all overseas markets are moderately lower. Adjusted for fair value, the S&P futures are down about 4½ points, the Dow futures are lower by 31 points and NASDAQ futures are 12½ points below fair value.

January 11, 2017

Earnings season really kicks in to gear on Friday. Traditionally, Alcoa would lead off the quarterly earnings parade. However, Alcoa has divided itself into two parts and the survivors, now known as Alcoa and Arconic, won’t issue statements until the later this month.

Well before any of that, at 11 o’clock this morning, we’ll get Donald Trump’s first news conference as President-elect. What gets said there could move the markets with the force of a hundred tweets or maybe more.

Ethan Allen Interiors and Signet Jewelers lowered their earnings and sales guidance this morning. 

Supervalu, a grocer that is kind of stuck in the middle between high-end grocers and wholesale clubs has decided to cast its fate in wholesale. A quarterly loss of 10 cents per share was a big surprise, as analysts expected a 13-cent profit. Supervalu will sell off a major piece of their retail operations and focus on the wholesale market. Shares are marginally higher pre-market on that strategy shift.

Mortgage applications rose almost 6 percent last week, but are about 25% lower than a year ago.

Chinese and Indonesian stocks were lower overnight, but other Asian markets rose. European stocks are marginally higher.

We’re looking at mixed and muted emotions in the futures market right now. Adjusted for fair value, the S&P futures are down about 2½ points, but futures on the Dow are higher by 7 points and NASDAQ futures are just a fraction of a point below fair value.

January 10, 2017

The march toward Dow 20,000 hit a little speed bump yesterday, but our futures are indicating a slight recovery for stock prices this morning.

Not recovering particularly well will be shares of WD-40. Those shares are slipping as quarterly profits were hit by a stronger dollar. WD-40 shares are looking to open about 5½ percent lower.

On the flip side is the report from Barracuda Networks. The cyber security and storage device provider reported stronger results and the stock is looking about 9 percent higher pre-market.

Also on the rise is small business optimism about economic policies of the new Administration and Congress. The National Federation of Independent Business survey of small business sentiment rose to a 12-year high in December. The reading of 105.8 came in way above the November level of 98.4 and well ahead of expectations.

Another lifeline going out to embattled firm Valeant this morning. They will raise a little more than 2 billion dollars on the sale of some cosmetic lines to O’Loreal and the sale of their Dendreon drug business. Shares of Valeant are almost 10 percent higher pre-market.

Asian markets are mixed. European stocks have pretty much recovered earlier losses caused by renewed worries about the Italian banking system. Adjusted for fair value, the S&P futures are higher by about a point, futures on the Dow are up 7 but NASDAQ futures are almost 2 points above fair value.

January 9, 2017

The big post-election stock market surge has been built on expectations of improved corporate earnings, which in turn is founded on the prospect of less regulation and lower taxes. We still don’t know if ANY of that will really happen or how soon it will happen. But, stock prices tend to reflect what traders think WILL happen six months from now.

Starting this week, we’ll get reports on what DID happen last quarter with corporate earnings. Those reports start to dribble in today, with the big banks reported much later in the week.

This morning, Urban Outfitters reported that sales rose three percent at their stores, but that’s far less than expected, and Urban Outfitters shares are looking to open about 11 percent lower.

Fiat joined the parade of auto companies trying to make nice with the incoming Trump Administration this morning, announcing a one-billion-dollar investment in Michigan and Ohio operations.

Goldman Sachs is out with some surprising downgrades this morning, including Coca-Cola and Procter & Gamble. They did grant Dr. Pepper/Snapple an upgrade from “sell” to “hold.”

The Labor Market Conditions Report and a couple of Federal Reserve speeches are on the schedule for later today. Oil prices are about 2 percent lower this morning.

Chinese stocks were higher overnight, but Europe is rather decidedly in the red. Adjusted for fair value, the S&P futures are lower by about a point, futures on the Dow are down 11 but NASDAQ futures are almost 4 points above fair value.

January 6, 2017

It’s the first Friday of the month, and with it comes our first Employment Report of the year and the final Employment Report from the current Administration. Expect that the economy produced 183,000 new non-farm jobs in December, with an Unemployment Rate ticking a little higher to a rate of 4.7 percent. Also, keep an eye on the average hourly wage, which is expected to rise three-tenths of a percent. Any sustained surge there could be a harbinger of future inflation.

No inflation in the same store sales at JC Penney. They fell eight-tenths of a percent in December, as Penney joins the host of big-box retailers suffering from the Amazon effect. Penney share are off about 4½ percent pre-market.

The famous other hand belongs to GAP. A four percent rise in same store sales and higher earning guidance have the shares gapping higher by more than 8 percent this morning.

And, if you’re a bio-tech fan, or even if you’re not, know that Novartis will join with anti-sense drug designer Ionis to develop cardiovascular treatments. Ionis shares are more than 8 percent higher on the news.

The direction of the overall market this morning may well be determined by the Employment Report at 8:30, but as for now, adjusted for fair value, the S&P futures are lower by about a point, futures on the Dow are down 26 and NASDAQ futures are about 2 points below fair value.

January 4, 2017 - Guy Gordon Show

If there is a good time to own automotive stocks, it’s traditionally this time of year as we ramp up to the Detroit International Auto Show. But this week has been a bit more interesting for the car stocks than usual.

We kicked it off yesterday with The Donald’s tweet threatening General Motors with a “big border tax” on Mexican made Chevy’s imported to the U.S.   That pushed GM shares lower in the pre-market, until GM responded with a presser of their own pointing out that Chevy Cruze production in Mexico is primarily sold elsewhere and not imported back to the United States. GM shares wound up gaining ground by Tuesday’s close.

Not waiting around to take another shot as a Presidential punching bag, Ford then announced yesterday that they would pull the plug on a big new Mexican production facility and create another 700 jobs in Detroit.

Then this morning, GM blew away December sales estimates with a 10 percent increase, versus expectations that sales would be pretty much flat with December 2015. Ford reported retail sales up 5 percent, which is its best December since 2004. Ford’s shares gained 4½ percent today, while GM climbed about 5½ percent. 

So, while we’ve been hearing the theory of “peak auto” for a while now, total 2016 sales will come very close to the very good year of 2015, with no slowdown in sight. Of course, just because you can’t see something doesn’t mean it’s not out there. 

The release of the Federal Reserve minutes at 2 o’clock did nothing to disrupt the overall momentum from yesterday, as the S&P futures closed the day higher by 13 points which is about six-tenths of one percent. The Dow 30 Industrial Average, which is now about 58 points away from the entertaining but pretty much meaningless 20,000 level was about a third of a percent higher, and the NASDAQ Composite finished higher by about 48 points and the Russell 2000 small cap index rose more than one and one-half percent. At starfireinvest.com, Ron Humenny for the Guy Gordon Show on WJR.

January 4, 2017 - Paul W. Smith Show 

The new Congress has been seated, and investors appear enthused about Washington’s prospective tax cuts, regulation cuts and the slow-motion death of Obamacare. So much so, in fact, that interest rate worries have moved into the background, at least for now.

But at 2 o’clock, we’ll learn more about the Fed’s thinking from their most recent Open Market Committee meeting. We do know that they foresee a few more hikes this year. But then again, we’ve heard that story before.

One of the most important factors in interest rate policy is the country’s employment situation. In just a couple of minutes, ADP will give us their guess as to how many new jobs were created in December. Expect that November’s 216,000 will cool down to somewhere around 172,000 new jobs.

Mortgage applications dropped by over 12 percent over the past two weeks, due mainly to a 22 percent drop in refinancings. Marathon Petroleum and Marriott Vacations are enjoying broker upgrades this morning. Anthem and WellCare Health suffer downgrades.

Japanese stocks rose more than 2 ½ percent overnight. Europe is more of a mixed picture, but our futures are pointing higher again after yesterday’s nearly one percent rally.

Adjusted for fair value, the S&P futures are higher by 4½ points, futures on the Dow are up 21 and NASDAQ futures are about 6 points above fair value.

January 3, 2017

Santa Claus missed his expected appearance on Wall Street last week, as the traditional year-end rise in stock prices failed to get traction. However, traders appear to be unwrapping a little New Year’s rally as we get 2017 underway today.

Of course, a lot of the recent enthusiasm in stocks is driven by expected earnings improvement in the coming years due to less federal taxation and regulatory interference. While 2016’s fourth quarter earnings won’t benefit from any of that, those reports and related guidance will start to dribble out later this week.

But speaking of government interference, General Motors and Ford shares should have an interesting day after President-elect Trump issued a tweet this morning suggesting that General Motors should pay a “big border tax” when importing Chevy Cruze vehicles made in Mexico. GM shares were almost 1½ percent lower earlier. They’ve now recovered about two-thirds of that loss.

December Auto sales results came tomorrow, but today, oil prices are higher by more than 2 percent.

Meantime, the November ISM Manufacturing Report at 10 o’clock this morning should hit a one-year high level of 53.8.

Most major markets overseas are higher, and our futures have been pointing strongly higher all morning. Adjusted for fair value, the S&P futures are higher by 19 points, futures on the Dow are up 165 and NASDAQ futures are a little more than 40 points above fair value.

WJR February 2017 Reports
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