Wednesday, 2 October 2013

Pre-Market Brief

Good morning. Futures are lower, sp -12pts, we're set to open at 1683, a mere 8pts above the recent key low. Precious metals are bouncing, with Gold +$10. Oil is similarly a little higher. Equity bulls have a real problem to start the day.



*ADP jobs data came in somewhat weak, 166k gains.

So, all of yesterdays gains are going to be negated at the open. The only issue now is whether the recent low of sp'1674.99 is taken out.

I see a fair few out there touting the 1660s before the next up wave, but then, most of those are calling for massive declines this month.

For the bulls..this could be a long day. 

9.45am.. market looks okay, should have a fair chance to hold the 50 day MA of 1679/80. If it can hold that today, thats a strong sign that the opening declines are to be dismissed.