Wednesday, 18 May 2016

Pre-Market Brief

Good morning. US equity futures are a little lower, sp -3pts, we're set to open around 2044. USD is +0.2% in the DXY 94.70s. Metals are under pressure, Gold -$6, with Silver -1.3%. Oil is -0.6% in the $48s, ahead of the EIA report.



So.... Monday saw sig' gains, largely negated yesterday.

Cyclically, a minor bounce this morning would not exactly be that surprising.

Broadly though, we're due to break <2039.. .and that will open up a move to 2000/1990... or the H/S target of 1967.

Daily/weekly cycles are both suggestive of increasing weakness for the rest of the week, although the fact opex is this Friday complicates things.

Doomer chat, Hunter with Kirby

I sure don't agree with all of it... but its still kinda interesting.

Overnight action

Japan: mild chop, settling -0.1% @ 16644
China: broad weakness, -1.3% @ 2807
Germany; currently a little weak, -0.3% @ 9861

Have a good Wednesday

8.45am.... sp -6pts... 2041.... things are indeed borderline.

As ever.... metals will be liable for a rebound... if market upset.