Pre-Market Brief

Good morning. Futures are lower, sp -12pts, we're set to open at 1691. Precious metals are significantly higher, with Gold +$16, Silver +30 cents (1.5%) Oil is holding up relatively strong, just 0.3% lower. After last weeks stark reversal to the upside, equity bulls are pretty much back in control.


sp'60min

Summary

So...a lower open to start the week, but even 1685 won't do too much damage to the recent hyper-ramp.

I certainly do not anticipate the recent gains all being given back this week, not least with some pretty major QE due.
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*I would guess many of the chartists out there this morning will be labelling today's price action as a pull back/retracement, and a fair few will actually be going long.

Video update from Mr Permabull..who is not surprisingly...bullish.



A green omni, I guess he is buying the lower open then. If I were him, I'd at least wait until 11am, give the market some time to level out.
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9.39am... black candles on the hourly/daily VIX charts. Bears...already in trouble.