Wednesday, 1 May 2013

Pre-Market Brief

Good morning. Futures are largely flat, sp' is set to open around 1597/98. USD is notably weaker again, although that isn't help precious metals or Oil, the latter of which is down 1.5% already. ADP data came in somewhat weaker than expected @ 119k, vs 155k exp.




Welcome to May, thats one third of 2013 done already

So, ADP was weaker, but it certainly wasn't negative. More data to come at 10am, and also an Oil report at 10.30.

If the Oil report is bad, perhaps we'll see a -4% day?

USO is set to open -40 cents @ 32.75

I am seeking the mid 31s by this Friday. Today will no doubt see a confirmed rollover on the MACD cycle..and there is very considerable way to fall.

..and don't forget..its a Fed day. FOMC announce at 2pm.

 9.22am... precious metels snap lower...Silver is in trouble of breaking the recent low.

Oil continuing to weaken ahead of the oil report.