Thursday, 14 June 2012

Pre-Market Brief

Good morning. This week is moving along pretty fast, we're getting real close to the big Greek election weekend, with the FOMC next Wednesday.

*Greek market is up almost 8% today, on rumours that Syriza (leader of one of the main parties) will hold to the current bailout plan. Although 8% up sounds great, its not so great when your market is down 91% since 2007.

Weekly jobs data: 386k vs 375k expected. That number still sucks, CPI up slightly, current account deficit lousy.

Futures are indicating a flat open.



We have a clear bull flag still on the indexes, along with what is arguably a giant inverse H/S formation. Primary target remains 1350/60, which is now not likely until at least next Wednesday.

Who dares go long across the weekend? I'm tempted - considering the giant bull flag I am seeing, but...I think I'll sit this out. I'd rather keep it simple and just short at the top of wave'2 later next week...after the Fed have done something...or nothing.

More across the day.!