Thursday, 10 May 2012

Pre-Market Brief

Good morning. Marginal overnight weakness in the market has slowly turned around, its looking like we'll open +0.5% across the main indexes. Weekly jobless claims came in at  367k vs 366k expected.

Sp'60min - count'2

With yesterday making a new low, I've updated the simple Fib' chart...

The SP'1380/85 level sure looks like it'll be a key barrier to further upside into opex next week

If the market does open up, I'm not chasing at sp'1360, as upside could be very limited today. We could yet go red after an early up move. I'd be more comfortable to sit back in cash across the weekend, and re-short at 1380. So, unless we cycle a little lower to around sp'1352/50 today...I won't be hitting any buttons.

Oh, and we have Bernanke speaking at 9.30am. Doubtless the clown channel hosts will be looking for some words to to use as proof that 'everything is gonna be okay..Benny will help some more...real soon'.

Good wishes for Thursday trading!