Monday 29 July 2013

Pre-Market Brief

Good morning. Futures are a touch lower, sp -3pts, we're set to open at 1688. Precious metals and Oil are slightly higher, with a fractionally stronger USD. Market will no doubt be focused on a very broad array of econ-data later this week, along with another FOMC.


sp'60min


Summary

Today will likely be the quietest day of the week, things really don't get going until tomorrow.

Considering the price action last Friday, we'll surely close higher today, and with QE of $3bn, the bulls could manage their first close in the sp'1700s.
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*I am still long SLV, and seeking an exit later this morning. I'm certainly looking to short the indexes, but no earlier than Wednesday morning, and preferably in the sp'1710/20s.
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9.04am... and the metals break to the downside. Hmm. Hourly charts are still suggestive of broader gains as the day progresses.