Tuesday 9 July 2013

Pre-Market Brief

Good morning. Futures are (yet again) moderately higher, sp +6pts, we're set to open at 1646. Precious metals are showing similar strength, whilst Oil is again failing to participate, and is a touch weak. USD is slightly higher.


sp'60min


Summary

So, market is going to open higher again, and the 1650s are easily within range today.

Bears face a mid-size QE both today..and tomorrow. So, any intra-day weakness won't last for long.

What is clear, there is absolutely no point in attempting to re-short this today, tomorrow, and probably not until early August.
--

*I was looking to pick up an index-long block, but I won't chase it higher at current levels. Hourly charts are very high, and I'm content to just sit back and wait. At least I'm no longer on the short-side.