Wednesday, 21 August 2013

Pre-Market Brief

Good morning. Futures are a touch lower, sp -3pts, we're set to open around 1649. Precious metals and Oil are similarly moderately lower. Bulls should be seeking another positive close, at least in the 1650s, if not 1660s, with the FOMC minutes due at 2pm



So a little weakness in early morning, but I have to believe the market will rally in the latter half of the day.

The FOMC minutes should be the excuse the market bulls want, to push for a close in the 1660s, and that will open up the 1680s for Thur/Friday.

*I remain on the sidelines, but it will be somewhat tempting to launch an index long position, and ride the bounce to the sp'1680s.

Lets see if the market can hold together around 10.30/11am.

Video update from Mr Permabull.

Not surprisingly, he is..bullish.

UPDATE. 9.33am.. VIX is up significantly..but is VIX opex at this mornings open.

New month for VIX..thus the jump.