Thursday, 16 May 2013

Pre-Market Brief

Good morning. Futures are flat, we're set to open around sp'1658. Yet again, the real action is in commodities, with the precious metals sharply lower, Gold -$16, Silver -15 cents. Oil is also a little weak. An array of econ-data is due across the next few hours.



Well, futures are indeed flat. The smaller 15/60min cycles are certainly suggestive that we'll slip lower this morning. Whether that last into the afternoon is too difficult to say.

Tomorrow is opex, and its also a very big pomo of 5bn.
*I seek to go long Oil again, later this morning.

Update from Mr Permabull...

As ever..updates across the day

8.33am... econ-data not pleasing the market. Sp -5pts, 1653

USO is -11 @ 33.50.. I think it might get to the 33.20s again by 11am, which is where I will be looking to pick it up.