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.


sp'60min

vix'60min

Summary

Welcome to May, thats one third of 2013 done already
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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.
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..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.