Pre-Market Brief

Good morning. Futures are moderately lower, sp -2pts, we're set to open at 1826. Metals have swung higher, Gold +$6, with Silver +1.2%. Equity bears should be gunning for a test of the 50 day MA this morning, but that will be difficult.


sp'60min

Summary

So..we've broken lower overnight, but it is nothing significant.

With the small high of sp'1826 being broken, next target is obvious..the 50 day MA, currently 1813.

There is VERY heavy QE this morning of $4-5bn...bears face a massive wall to break through.
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Notable mover: TSLA +12% @ $217 on 'disneyland earnings'.
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Update from Mr C.



It is always a little bizarre when Mr Permabull is more bearish than yours truly.
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9.00am markets flip higher.. with better than expected PMI of 56.   sp +3pts,...1831.

*especially amusing to see FB -2%...on news of spending 16bn for an app.  


9.33am... well, we're a mere 1% from breaking a new historic high.

With heavy QE this morning..bears face too tough a task.

All thats left now..10am...leading indicators and phil' fed survey.