Friday, 15 June 2012

Pre-Market Brief

Good morning. After yesterdays closing hour madness, I'm not sure what to expect today.

Futures are showing sp+6pts though right now, that will take us to around 1335 - equal to the recent high. So...just a little more..and the door will be OPEN to 1340s..even 1350 if the market really wants to go crazy today.

I will be sorely tempted to re-short if we are over 1345 near the close of today  ahead of the Greek elections.

Empire state survey:  2.29 vs 13.8 expected -  urgh! That is BAD..worse number since last November.

Two further pieces of econ-data later before 10am...if they come in good, market will be given the excuse to rally.



The closing hour was a crazy way to break over the bull flag, yet it does look we are getting the follow through so far in pre-market trading.

The primary target remains 1350/60. There is very clear fib' resistance around 1345, but the inverse H/S formation would target as high as 1380/90 next week.

Good wishes for Friday trading!