Tuesday, 2 February 2016

Pre-Market Brief

Good morning. US equity futures are moderately lower, sp -17pts , we're set to open at 1922. USD is -0.1% in the DXY 98.90s. Gold -$4. Oil is again under major pressure, -3.0%, back in the $30s.



The market has seen an effective 50% retrace of the wave from 2081/1812, having climbed across 9-10 days.

It would seem we could now see at least 2-3 days of chop before resuming higher into next week, when the 1970s look viable.

Broadly, things look on track... not least on the far more important bigger weekly/monthly cycles.

early movers...

GOOG +5%, on clearly good earnings
CHK, -3%, RIG -3%, SDRL -6%
TWTR -3%
TVIX +5%, certainly far stronger than yesterday, relative to the current equity declines

Overnight action..

Japan -0.6%
China: +2.3% @ 2749
Germany: currently -1.2% in the 9600s. The 10K threshold looks out of range.

Have a good Tuesday