Wednesday, 9 October 2013

Pre-Market Brief

Good morning. Futures are moderately higher, sp +4pts, we're set to open at 1659. Equity bears merely need to contain the minor bounces, and keep pushing lower this week to break <sp'1627. Precious metals are lower, with Gold -$11.Oil is similarly weak, -1.1%.



So, we're set to open a touch higher, but really, this is a very minor bounce.

Hourly index cycles are certainly on the low side, so..we could easily just trade largely sideways..before renewed weakness late today (FOMC minutes?), and make a break into the 1640s tomorrow.

What is absolutely clear, until an agreement on the shutdown and debt ceiling provisionally agreed..and announced..this market is going to be just continue to broadly slide lower.

Considering the speed of the trend...we'll should at least be testing the 1627 low no later than middle of next week.