Friday 23 August 2013

Pre-Market Brief

Good morning. Futures are fractionally higher, sp +1pt, we're set to open around 1657. With a $3bn dose of QE today, along with Yellen speaking at Jackson Hole. today is a prime opportunity for the bulls to close the week in the sp'1660/70s.


sp'60min


Summary

So..a likely quiet open.

Given a few more days, bulls look set to hit the target zone of sp'1680/85, with VIX back in the 13s.

Weekly charts remain very weak, this is surely just going to be a small bounce. With the 10yr yield set to break into the 3s (3.25% is an easy target), within the next few weeks, everything looks okay for the bears, at least down to sp'1600/1575.
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*with the weekend ahead, I have no interest in taking any positions, and besides, I am waiting for the sp'1680s anyway.