Friday, 2 November 2012

Pre-Market Brief

Good morning. Futures are flat, as the market awaits the monthly jobs data. It is pretty quiet out there.

UPDATE: Jobs data: 171k vs 125k expected..... market ramps sp 7pts on the news, we're set to open sp'1435




The only way I would be bearish about early next week is if we break below Wednesdays close sp'1412. Such a 'full reversal' would certainly be interesting, but I have to say, that seems unlikely today.

*factory orders data at 10am, still to come!

back at 10am

UPDATE 9.15am

Metals are especially weak this morning. Clown network says its due to 'deflationary fears', but I think they're just making that stuff up.

Indexes still look set to open higher by 0.5%..and thus confirming the baby bull flag.

If we're going to see the market not break new index highs, we need to see a strong reversal today..and at least a moderately red close.