Pre-Market Brief

Good morning. Futures are largely flat, sp'500 is set to open around 1852. Precious metals are starting weak, Gold -$8. Equity bulls have some QE to help today, but yesterdays price action bodes for at least a test of the 50 day MA of sp'1833, with the R2K already having closed under that.


sp'daily5

Summary

*awaiting jobs, GDP Q4 data, with homes data at 10am
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Again, bears have to endure a sig' QE today, of $3-4bn, that will be a problem, but once we're past today, its a clear run into next Tuesday at least.
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I see many touting a bounce, yet we're only 31pts from the high. The declines in the Trans/R2K were very significant yesterday, and it'd surprising if we don't see some follow through - at least during part of today.
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I remain short, but will look to drop a secondary short block, if sp'1845/35 today/tomorrow.


8.32am.. GDP Q4 final reading. ..2.6%... make of that..what you will.

Market remains flat...very vulnerable to falling to the low 1840s by 11am.

8.59am.. indexes slipping, sp -3pts.. we're set to open at 1849...

The low 1840s look pretty easy target by 11am.

9.35am.. minor weak opening chop.. awaiting a down wave to the low 1840s.

9.37am.. EXITED secondary short block.  

Holding core SDS block....

*will seek to re-short a secondary short block on any 'stupid bounce' today.