Friday 2 August 2013

Pre-Market Brief

Good morning, futures are a touch higher ahead of the jobless data. Notable movers though are the precious metals. Gold -$25, Silver -27 cents, with the miners ETF - GDX -2%. Oil is effectively flat.


sp'60min


Summary

*monthly jobless:162k gains, 7.4%. pretty lame figures, but only a touch under what the market was expecting.
--

I have to say, with the daily charts as they are, I'm inclined to wait another few days before I get involved on the short side.

Certainly, I won't feel comfortably shorting anywhere <1720, and a few out there are suggesting 1740/60s..although I find >1730 unlikely..even given another 2-3 weeks.
-

8.33am...Metals are seeing the strongest reaction, Gold claws back $18 in seconds, and Silver swings 45 cents, to go +15 cents net.

Indexes are a touch cooler, sp-3pts, but thats noise....we'll probably close slightly higher.
--

Finally, someone whacks the permabull....



Welcome to the 'new economy' a pretty weak 162k job gains...and the rate drops to 7.4%

-

UPDATE 8.53am.. sp -5pts.. but the real action remains in the precious metals.

Gold is now +$7, with Silver +60 cents - a swing of 90 cents from just 24mins ago!

If those gains hold...that'll make for some rather impressive gains on the jobs news.