Good morning. Futures are slightly higher, sp +4pts, we're set to open at 1638. Metals and Oil are both flat. USD is +0.5% though, and if those gains hold, that will be a pressure on the market across today. Bears need a daily close in the 1620s, whilst bulls need a push into the 1650s.
So, we're set to open a little higher, but its nothing significant, and is under yesterdays high of sp'1641.
Today is important, if we're going to see sub'1600s in the current wave, market needs to hold under the daily 10MA, currently 1650..but falling fast.
With no significant QE today (nor tomorrow), at least the bears don't have to worry about that.
Mr Market will be very vulnerable to any sporadic news reports about Syria today.
Mr Permabull is back on the gold bugs case again....
In terms of the metals, I have to agree
9.10am... indexes have turned lower..after weekly jobs and GDP data came in 'reasonable', and now the QE-taper fears are back.
sp -3pts, we're set to open at 1631.
For the bears, a fall of 1% would decisively set up Friday..and early next week for VERY significant falls..to the target zone of 1570/60s.