Friday 28 December 2012

Pre-Market Brief

Good morning. Futures are moderately lower, sp -7pts, we're set to open around 1411. Most notable so far this morning is the move in the dollar, USD +0.3% @ 79.85. If this trend continues, we will indeed close the year in the 80s.


sp'60min



sp'daily5


Summary

*special note... Intra-day updates will remain sporadic today. I might be back up to full speed for Monday trading.

So, futures are lower, and those bull maniacs getting excited about yesterdays ramp are buying at bizarrely high levels. I could almost understand if they were buying @ 1390/80s..but 1420, really?
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Bears should be seeking...

VIX weekly close >20. That would be a massive confirmation of yesterdays break through.
A close <1413 would be important to see, preferably...<1405/00.

On the flip side, a close >1420 would be a victory for the bulls.

re: Sunday. I'm not sure anyone yet knows what the US Govt' has in mind for Sunday. Is there a vote, or ?

What is clear, overnight futures trading on Sunday will be crazy wild. We could (again) be lock limit down on the ES, or see some insane (even if brief) hyper ramp 2-3%.

Regardless of 'news', I will hold to my original targets.

Good wishes for Friday!