Thursday, 30 January 2014

Pre-Market Brief

Good morning. Futures are higher, sp +8pts, we're set to open at 1782. Metals are sharply lower, Gold -$25 (delayed reaction to taper?), with Silver -3.0%. Equity bulls have a very tough task, just to break back into the low 1800s.



*Q4 GDP came in 3.2%. slightly above expectations, whilst jobs data was not so good @ 347k.  As ever.. all such data is to be treated 'carefully'
--- we go again....

Near term threat of a move to the 1810/15 zone - although that will doubtless take at least a few days, but we should still see a broader down least to test the 1767/65 zone.

Considering the price action of last Friday, I'm still highly inclined to think the market has put in a key multi-month high already.

Notable strength: FB, +18% @ $63..on what were good earnings.

TWTR doubt a 'sympathy gain' FB.

9.05am.. sp +14pts...we're set to open 1788.  However, there is strong resistance around 1795..and it'll be tough to break that today.

However, bulls have $5bn of QE market can close in the low 1790s..the 1800s ARE viable tomorrow...with a test of 1810/15 early next week.

Metals sure are weak. Gold was -$31 just earlier, with Silver -3.5%.  Certainly, it seems a delayed taper reaction.

9.38am come the 1790s...but we've been stuck <1795 for days.

FB +14%..cooling down a little.  VIX set for the 15s.