Pre-Market Brief

Good morning. Futures are moderately higher, sp +3pts, we're set to open at 1692. Precious metals are a touch weak, Gold -$5, no doubt pressured by the stronger dollar +0.5%. Bulls are going to have serious problems breaking sp'1700.


sp'60min

Summary

So..we're set to open a little higher, but its still far short of what the bulls need.

Arguably, the only way they are going to clear 1700..or even more importantly, 1709, is with a giant gap higher, and I sure don't expect that this week.
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*retail sales come in a touch lighter than expected, +0.2%...pretty lame for summer.
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I remain on the sidelines, and have no real inclination to re-short the indexes until after the QEs of Thur/Friday...and opex.
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VIdeo update from Mr Carboni




Hmm, it would seem Permabull is still on the 'Europe is coming online/recovery' nonsense wagon..

*Hey Oscar want to come visit this side of the Ocean, how about Greece, Spain, Portugal, Ireland..ohh, or maybe Italy too ? Or perhaps the 'we don't need to manufacture anything' UK ?