Thursday, 18 February 2016

Pre-Market Brief

Good morning. US equity futures are moderately higher, sp +5pts, we're set to open at a new cycle high of 1931. Metals are a touch lower, Gold -$2. Oil continues to climb - ahead of the latest EIA report, +2.0% in the $33s.



So, we're set to open higher for a fourth consecutive day, and the sp'1940s are very viable today.

Bears continue to get ground out of this market.. as the bigger weekly cycles are burning off the oversold condition.

On any fair outlook, the bulk of the gains have already occurred. Its arguably just a case of waiting for a key rollover by mid March.

Update from a bellowing Oscar

No doubt the Elliot wave people will be especially annoyed with him today.

Overnight action

Japan: +2.3% @ 16196
China:  -0.2% @ 2862
Germany: +1.6% @ 9523

Have a good Thursday

8.38am.. Phil fed -2.8... another lousy number for the macro-bulls.

Market doesn't care though... sp +5pts  1931.

notable weakness, GDX -1.5%