Pre-Market Brief

Good morning. Futures are moderately higher, sp +8pts, we're set to open around 1846. Precious metals are notably weak, Gold -$17, Silver -2.6%. Underlying hourly index cycles offer easy upside this week, with the bigger weekly charts offering the 1880s.


sp'60min

Summary

Well, the long weekend is over, and here we go again.

Naturally, market is pushing higher to start the shortened week. The only thing the bears do have in their favour today is that there isn't any sig' QE-pomo....that doesn't come until tomorrow morning.

The hourly chart is offering 1870 as a minimum near term target, and certainly, the weekly/monthly charts both allow that.

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Notable early movers:

STX, +1.3% in the $62s (upgraded by MS).
HAL: +1.9%..on good earnings
DRYS + 1.0%...battling to re-take the $4s.


9.06am.. sp +10pts in pre-market. New highs in the 1850s look very likely by 11am.

With QE tomorrow, a daily..and weekly close in the 1860s looks a pretty easy target to achieve.