Friday, 7 June 2013

Pre-Market Brief

Good morning. Ahead of the monthly jobs data, futures are flat, the sp' is set to open @ 1622. Hourly index and VIX charts are suggestive of further equity upside into the Friday close, if that is the case, then the daily charts will also show a turn back upward by the end of today.




Well..lets see what the latest jobs data is..

Net gains: 175k vs 167k exp.
monthly rate: 7.6%, +0.1%


Those numbers are arguably 'acceptable' to Mr Market.

Certainly, they are NOT high enough merit tapering, never mind that the underlying headline rate actually went UP 0.1%.

Indexes higher on the news... Dow +50pts.

Sp' now set to open 1627/28

UPDATE 8.55am... sp +8/10pts...looks like we could be opening in the low 1630s.

There is the 'small' potencial the current bounce is a minor wave'4, and we'll see a further drop on Monday - although not necessarily <1598.

In any case, I seek to exit longs at the open.