Friday, 16 August 2013

Pre-Market Brief

Good morning. Futures are flat..for just about everything. Sp'500 is set to open unchanged at 1661. Today is opex, and with $3bn of QE, the bears face something of a challenge to close the market lower. The obvious target is the 50 day MA, just a little lower @ 1656.



So... a flat open...and that will give everyone a chance to re-position.

Considering the last few trading hours, along with 5/15/60min MACD cycles that look floored, bears should probably have already exited, ahead of the weekend.

At best, a hit of the 50day in early morning, before a general recovery into the 1670s.

*I remain on the sidelines, and I don't expect to trade today either. Doesn't seem any point, with sig' risk of upside into the Friday close..and possible follow through early next week (to the upside).

Frankly, I'd only feel comfortable with a re-short in the sp'1680s or higher..and that sure doesn't seem likely for a few days.

9.34am... market testing the 50 day MA . sp'1657.. hmm

9.40am.. looks like a floor at the 50 day.

If I could stomach it, I'd be going long now, but I can't.  Absolutely tired of this market.

Target upside remains the 1680s.