Friday, 10 July 2015

Pre-Market Brief

Good morning. Futures are sharply higher on yet more chatter that the Greeks might be close to a deal, sp' +23pts, we're set to open above key resistance (2068), at 2074. USD is on the slide, -1.0% in the DXY 95.60s. Metals are flat, whilst Oil is +0.9% in the $53s.



So.. here we go again.. we're set for another powerfully bullish open.

Unlike yesterday though, we're going to break straight above declining resistance.. and that is a much more positive situation than yesterday.

A net weekly gain is now viable, with a close in the sp'2075/85 zone... along with VIX 17/16s.

notable early movers (very similar to the Thursday open)

FXI (1x China long) +4.7%
YINN (3x long) +14%

TVIX/UVXY -10%...     XIV (1x short VIX) +4.7%

AAPL +1.4%.. in the $121s.
TSLA +2.7%.. as the momo stocks catch a bid.

Update from Oscar


Doom chatter from Hunter


Overnight China action: The market opened a little lower, but then soared, settling higher for the second consecutive day, +4.5% @ 3877. Further upside looks due into August... 4300/500.. .before renewed weakness after mid August.. into early Oct. Downside would be to either 3K.. or even 2500.

Have a good Friday

9.35am.. a clear break of the down trend.... first target the recent high of sp'2085.

VIX -12% in the 17.40s.. a weekly close in the 16s is now viable.. if sp'2080s.

*I am largely refraining from any comments on the latest absurb Greek deal/offer...  but yes... it IS bizarre that they are now looking to agree to something the people voted against last Sunday.