Pre-Market Brief

Good morning. Futures are moderately higher, sp +5pts, we're set  to open around 1557. USD is a touch lower, which is no doubt helping the Precious metals and Oil, both of which are seeing significant jumps higher. VIX will probably open 7-10% lower


sp'60min

vix'60min

Summary

Well, it looks like we're seeing sub'2 now playing out into the Friday close.

Primary target zone is the 1570/75 area where there are MANY levels of resistance.

Best guess, we close Friday around sp'1570, with VIX in the 14/13s.
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*I am long USO, and will seek an exit at the open - although I believe 32s are still likely by the Friday close.


UPDATE 9.31am..exited USO at the open.

Looks like market is cooling off a little already, everything slipping lower.

*anyone long needs to beware of two econ-data points @ 10am. We should briefly drop back into the 1540s., before probable latter day recovery/rally

 9.39am...indexes red..as I feared.

I can't see the lows from yesterday being breached. For anyone wanting to go long..it makes for an easy stop level @ 1543/42.
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