Wednesday, 11 November 2015

Pre-Market Brief

Good morning. US equity futures are moderately higher, sp +8pts, we're set to open at 2089. Sustained action above the 2100 threshold looks unlikely before a larger retrace completes, at least to test the 200dma of sp'2063.



So... we're set to open higher, and with no scheduled data/events today, there is little reason to expect any particularly dynamic price action.

A marginal net daily decline is certainly still possible though, but a test of the 200dma looks out of range until tomorrow/Friday.

notable early weakness: AAPL, -0.6% in the $115s... still weak in the short term, headed for 114/112. Sustained action <110 looks difficult.

Doomer chat, hunter with TF, aka, Hemke

The usual nonsense from one of the infamous gold bugs. There is talk of shortages, manipulation, the same old crap you'd expect to hear from someone obsessed with shiny things.

Lets keep in mind, the guy was bullish Gold from $1900 to the $1200s. Then takes a bite of his foam hat in an infamous capitulation of 'I was wrong'... and then flips his site to a subscription basis.

Naturally, a fair few hundred (so I gather) of the Gold bugs were more than willing to throw money at the once self titled 'Turd Furguson', who originated from the cesspool that is Zerohedge.

If you can stomach it, it is a fine example in just how batshit crazy the Gold bugs still are. Until people like him capitulate... the physical metals have not floored.


Overnight Asia action

Japan: +0.1% @ 19691
China: +0.3% @ 3650

.. and for those that watched the above video, to mentally cleanse yourself... I suggest the following...

Have a good Wednesday

9.37am.. opening reversal in progress.... indexes set to turn red.

Gold is already -$1.   No doubt.. the bugs will blame JPM for it.