Tuesday 23 July 2013

Pre-Market Brief

Good morning. Futures are moderately higher, sp +3pts, we're set to open around 1698/99. The sp'1700s look likely in the opening half hour.  Metals are weak, with Silver -1.4%. Oil is similarly weak again, -0.75%.


sp'60min'3


sp'daily5


Summary

Well, its been a very stormy night/morning in London city, perhaps that is good bear weather?

To see the market higher again...is most certainly not a surprise.

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Equity bears should be VERY concerned about today. A break over 1700 will no doubt get the mainstream at least marginally hysterical, and the sp'1710/20s are viable by the close of today.

There is sig' QE of $3bn, the bears really don't have any hope today..either.
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*I am considering an SLV long.

It had a good run yesterday, and its been cooling off since late Monday afternoon.

With the break outside of the weekly down channel (for Gold, not yet Silver) metals look set for higher levels later this week.
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Good wishes for Tuesday!