Pre-Market Brief

Good morning. Futures are moderately lower, sp -4pts, we're set to open around 1693. All the smaller cycles are offering broad downside across the day. With no QE to be concerned about until next Thursday, bears have a window of opportunity.


sp'60min

Summary

So..moderate declines to start the day. Certainly nothing dramtic, but its a start, and it won't be easy for the bull maniacs to claw back over 1700.

The hourly MACD cycle should be rolling over across the morning, with more significant downside later this afternoon.

Frankly..everything is set up for the bears, so they had better not waste today.
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Metals are a touch lower, but Oil is higher again, although $110 looks off the agenda for some weeks, perhaps a few months.

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*I am short the indexes..and seeking to hold until the sp'1670s. That sure won't be easy today, but is very viable early next week.