Monday, 17 August 2015

Pre-Market Brief

Good morning. Equity futures are flat, we're set to start the week at sp'2091, a mere 7pts from key resistance. USD is +0.2% in the DXY 96.70s. Metals are a little higher, Gold +$2, whilst Oil remains weak, -0.2% in the low $42s.


Dow, daily


Well, its opex week, and there is a high possibility we'll just churn around.

I realise many are seeking the sp'2110/20s.. but if we do break above resistance (>2098), then why would it stop there, rather than go to the 2150s.. or even higher?

As a collective, new highs in the main market look extremely unlikely.. and I'm rather dismissive of sustained strength >2100.

notable early mover: TSLA +4.5%... did they sell two cars this weekend? If so.. thats another $8000 loss.

Update from Oscar


Doomer chat, Hunter with Mannarino

I am no fan of the Mannarino, but there are some interesting points made in this.

Overnight China action: after some morning weakness, the Shanghai comp' battled higher into the afternoon, settling +0.7% @ 3993. Again, its clear there is resistance around the 4K threshold. Most agree, there will be heavy resistance in the 4000/4500 zone. I remain of the view that 3200/3000 looks a relatively easy target... given another major wave lower by early October.

Have a good Monday

8.31am .Empire state manufacturing:   -14.9,  vs. +4.75 expected.

.. the lowest level since April 2009 (according to Bloomberg). I'm not sure what to make of it, other than 'economic boom'... sure ain't the case.

sp -3pts... 2088.

8.33am... Market seems to be increasingly upset at the number....  sp -6pts.... 2085.

A break <2080 would be rather important for the bears...  but especially so.. a daily close in the 2070s.

9.36am.. a break of 2080.... next stop 2070/65 zone.   

VIX jumps 13% to 14.50.... marginally interesting.