Thursday 3 January 2013

Pre-Market Brief

Good morning. Futures are slightly lower, sp -5pts, we're set to open around 1457. Most notable aspect so far today, the USD, which is +0.4% @ 80.19. The metals and Oil are thus naturally somewhat weaker.


USD, weekly



Sp'daily5



sp'60min


Summary

Lets be clear, there is no point re-shorting right now. We've just seen two massively strong up days, and even if we close moderately lower today, we'll probably still be churning in the 1450/60s early next week.

The dollar, if it starts to pick up some momentum could be a real problem though, USD 81s would be a key level to watch for next week.
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So...I won't be hitting any buttons today..nor likely tomorrow.

I'm still wondering if the 'fourth MACD tower' - see daily chart, will indeed occur. If we do see a rollover, then I'll re-short, but I'll be VERY cautious.

There remains a significant chance we'll hit the upper bollinger/Keltner band on the monthly charts, which is somewhere around sp'1490/1510...within 2-6 weeks.

Good wishes for Thursday trading!