Pre-Market Brief

Good morning. Futures are flat, sp is set to open at 1639/40. Precious metals are weak, with Gold -$13. Oil is a touch lower. Bulls should be aiming for another break into the 1650s by late afternoon, when the Fed beige book is issued.


sp'60min

Summary

Well, it has to be said, it remains an unsteady market...within a broader down trend.

Bears can comfortably tolerate another move into the 1650s..even 1660s without doing too much damage to the bearish outlook. So long as no breaks (and daily closes) in the 1670s...things are looking good.
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*I remain on the sidelines. I don't intend to get involved until after the next QE of early Thursday, although as ever...I will try to keep an open mind.

Certainty though, I won't be going long, whilst the bigger weekly charts are still pushing downward.
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Notable mover: AAPL, +$10 (2%) to $499.


9.44am.. sure is a choppy start, but bias is to the upside.

Bears have real problems today..and early tomorrow...baring another war-talk comment from Kerry..or someone.

I remain seeking a re-short..from the sp'1660s..with VIX 15s.