Pre-Market Brief

Good morning. Futures are up..again. Sp is set to open +5pts to around 1367 or so. Once again the bears are starting the day...somewhat badly.

If Mr Market decides the econ-data is 'good' - even if the actual data is pretty lousy, then a breach of 1380 is a real possibility.

Q2 GDP 1.5%... vs 2.0% Q1

This is NOT good for those looking for QE3 either next week, or Sept'13th.

Look for market to sell off later.


sp'60min

sp,daily5

Summary

I'm still short from1340, and this is starting to get really annoying.

With the FOMC next week, I have the fear that next Mon/Tue will be moderately higher. Even another 1% higher across 3 days gets us at the borderline of another new high for what many called the 'big wave 2'.

So...how we close today will be important. Right now, a close under 1350..is a distant dream.