Thursday 18 September 2014

Pre-Market Brief

Good morning. Futures are a little higher, sp +6pts, we're set to open at 2007.Metals remain weak, Gold -$3. Equities look set for another day of gains, with the bigger weekly cycle offering the 2030s next week.


sp'60min


Summary

*weekly jobless claims: 280k... much better than expected

August housing starts -14.4%... pretty ugly number 
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Hourly equity cycles are clearly over-stretched. It won't be easy for the bulls to keep pushing higher across all of today. I'd still not be surprised if we pull a touch negative later in the morning.

Notable early weakness, coal miners, BTU -2.7%

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*I would like to go long-index, but finding an acceptable entry is going to be difficult.


9.11am.. sp +7pts... 2008... a mere 3pts shy of the historic high.

According to clown finance TV, the Alibaba IPO will price tonight, and so I guess the actual first trades won't be until tomorrow.