Thursday, 27 February 2014

Pre-Market Brief

Good morning. Futures are moderately lower, sp -6pts , we're set to open around 1839. Precious metals are a touch higher, Gold +$1. Mr Market will doubtless be curious to hear what Fed chair Yellen has to say to the US Senate. With rather heavy QE of $3-4bn, bears face major problems.



*awaiting jobs, and durable goods orders data (due 8.30am)

So..early minor equity weakness, but it is not significant.

First soft support is the 1840 floor. If that does fail at the open, there is viable downside to 1830/25 zone.

On no basis though, can I see the market breaking <1800 for another few months. Price action continues to be very much in favour of the bulls

Notable movers

TSLA +3.9% @ $263 (yeah...up again, huh)
RIG +1.6% - on earnings, which frankly, weren't that good

8.31am... econ-data comes in somewhat mediocre..nothing particularly terrible..or great.

Market trying to rally back... sp -3pts... takes us back to 1842.

8.46am.. the turn continues.... sp -1pt....back to 1844.    Metals picking up, Gold +$4

9.24am.. market set to open -3/4pts... so..bears have a bonus chance to break <1840.

All things considered...I don't think they can do it.

9.37am.. opening reversal.... 1840... holds..yet again.

awaiting the Yellen..due around 10am.......