Pre-Market Brief

Good morning. Futures are significantly higher, sp +16pts, we're set to open around 1648. Precious metals are moderately higher, Gold +$6, whilst Oil is a touch lower, on reduced Syria war fears. Bulls look set for 2-3 days of gains..to the first gap of sp'1655/65


sp'60min

Summary

So..we're set to open as expected in the upper 1640s. and the 1650s look very likely by 10/11am.

VIX will probably be in the low 16s..perhaps 15.75 area.
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*there is $5bn of QE-pomo this morning and that should be more than enough to help sustain the gains, regardless of whether there is any buying volume or not.
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*I am content to remain on the sidelines until tomorrow..or mid morning Thursday. A re-short in the 1660s is the target, with VIX 15.0.