Thursday, 28 April 2016

Pre-Market Brief

Good morning. US equity futures are moderately lower, sp -11pts, we're set to open at 2084. USD is -0.6% in the DXY 93.80s. Metals are on the rise, Gold +$11, with Silver +0.9%. Oil is +0.1% in the $45s.



So.. the BoJ upset the cart overnight by not spinning the PRINT machine any faster. It seems they want to wait until after the G7 in late May.

As for US equities, it looks like the big bear flag will play out. First downside target remains the 2065/61 gap zone by the Friday/monthly close.

Things really only get interesting on a break under the two soft lows of 2039/33. Frankly, that seems out of range until late next week at the earliest.

early movers...

FB +10%... on earnings hysteria
INFN -16%... earnings ?

Overnight action...

Japan: strong downside,  -624pts (3.6%) @ 16666

* the following chart does not include last nights decline, but its useful to see...

So, with one trading day left of the month, the Nikkei is now fractionally lower for the month... and remains within a clear downward trend from last summer.

China: latter day recovery, -0.3% @ 2945
Germany: currently -1.2% @ 10175

Have a good Thursday

8.35am.. GDP: 0.5% growth... a little below consensus.... some could justifiably argue the number will get revised fractionally negative in May/June.

sp -13pts... 2082.

8.43am... re: AMZN. The chart (will highlight later) for the past year ain't so pretty. Earnings are due at the Thurs' close... and are worth keeping an eye on.

The setup looks more vulnerable than AAPL, so I'd imagine it'll implode.... but anyone writing naked calls... or puts will be at extreme risk.