Wednesday 12 June 2013

Pre-Market Brief

Good morning. Futures are somewhat higher, sp +10pts, we're set to open around 1636. Metals are flat, Oil is a touch higher (ahead of EIA report). USD is similarly a little higher. Bulls need a positive daily close today, to get things back on track.


sp'60min



vix'60min


Summary

So, we're going to open a fair bit higher in the mid 1630s.

Certainly, the 1648 high doesn't look possible today, but I'm guessing it will be hit...and surpassed tomorrow, leading to a weekly close somewhere in the 1660/70s.
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Bears still appear largely powerless, and even when we do gap lower, the declines are never built upon.
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*I will consider an index and/or Oil (USO) long later this morning. I certainly won't chase the open higher. I'll wait for the next 15min down cycle.

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Morning video from Oscar...



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updates across the day


9.40am..market opens as expected.. a touch of weakness out there.. Oil..black candle

No reason why we won't cycle down to sp'1630 again within an hour or two.