Thursday, 15 October 2015

Pre-Market Brief

Good morning. Equity futures are moderately higher, sp +10pts, we're set to open at 2004. USD is trying to rebound, +0.2% in the DXY 94.00s. Metals are cooling, Gold -$4. Oil is -0.8% ahead of the latest EIA report.




Equity bulls should be aiming for a daily close >sp'2110... although it is certainly not absolutely necessary.

The 2030/40s look highly probable within the next 2-4 trading days. Last line of defence for the bears is the 200dma in the 2060s.

Of course.. that is just the sp'500, other indexes, and even more importantly, other world equity markets will be offering their own important signals.

Early mover...

NFLX -3% in the $107s... post earnings reaction. It is notable that the stock was in the $93s yesterday evening... but did manage a powerful rebound and stabilise around 106.

Earnings were a miss, but broadly, subscriber outlook is superb. I would not be surprised to see a net daily gain >$112.

Update from Oscar


Overnight Asia action

Japan:+1.1% @ 18096

China: a very strong day of building gains, +2.3% @ 3338. Just another 2% to key resistance of the 3400 threshold. A few daily closes >3400 would be highly suggestive the down wave from 5100 is complete...  and be a bullish sign for other world markets.

Have a good Thursday

8.36am.. CPI m/m -0.2%... no sign of higher prices in the short term.

Empire state manu' survey, -11....  a lousy number, but not entirely surprising considering the capital market upset from Aug-Sept.

notable weakness, Seagate (STX) -12% in the $41s, after previewing its next earnings report will disappoint (why do they do that?).