Monday 11 June 2012

Pre-Market Brief

Good morning. Futures are currently showing sp+9pts, so that would be an open around 1334. That is somewhat off the highs of 1341.

I hold to my original target zone of 1350/60 for this week, however, after a lot of consideration, I think there is the real risk to bears that wave'B has not occurred yet, in which case, I would look for a move from 1350 to 1300..and then a final high in the 1360/70s later next week.


Primary outlook



A secondary outlook

sp'60min


Summary

I think it will be fine to re-short in the 1350/60 zone, although that seems not likely to be hit today. The plan remains to short late Tuesday or early Wednesday 1350/60. Certainly, I won't be shorting today, its still too early in price and time.

Good wishes for the week ahead