Monday 6 May 2013

Pre-Market Brief

Good morning. Futures are flat for...just about everything. Sp' is set to open at 1614. Precious metals and Oil set to open flat. There are no major econ-data points at all this week, so those HFT algo-bots look set to reign over this market the entire week.


sp'60min



vix'60min


Summary

Hourly charts are offering a bull flat on the indexes. We could certainly see a little minor weakness in the morning.

All else being the same, we'll then see a latter day recovery/melt.

Baring some news event, could be a rather boring week of melt.

There seems little reason why we can''t break into the 1630s at least, by the Friday close.
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USO, gap fill @ 33.60 ?



I'm tempted to go long Oil if we can pull back a bit this morning.