Wednesday 6 November 2013

Pre-Market Brief

Good morning. Futures are moderately higher, sp +7pts, we're set to open around 1770 - a mere 5pts below the recent high. Precious metals and Oil are both initially higher by 0.5%. Equity bulls remain in control, and new index highs look viable today.


sp'60min


Summary

So much for even a move to the sp'1730s. That now seems unlikely, not least if we are trading >1775 sometime today.

For those who were bravely holding short overnight, this is a lousy start to the day.. well, aside from the TSLA shorts.

*there is sig' QE-pomo today, so..bears face serious problems.
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Video update from Mr Permabull.



Not surprisingly, Oscar is looking for Trans 7300, along with further downside in Gold...and I'm in agreement with both.
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Notable movers:  TSLA, -$21 @ $155.   The recent low of $153 is important. if that goes..then target zone is $110/100 within the 'near term'.