Pre-Market Brief

Good morning. Equity futures are flat, we're set to open around sp'1885. Metals are similarly flat, but with the potential for downside across the day. Equity bulls have another can of QE fuel today to help push the market higher, next upside target is the sp'1895/98 zone.


sp'daily5

Summary

Well, considering the QE, I'd be surprised if we don't see price action similar to yesterday.

Perhaps most important. If the R2K and Nasdaq can push just another 1% higher, they'll be on the border of breaking out of the key downward trend, and that would trigger all manner of buy signals.
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First major support for the bulls is the weekly 10MA, which is in the mid 1860s. Unless that is taken out, along with the 1850 cycle low, there is zero reason to be short.


9.24am.. market set to open sp -2pts or so....

Just like yesterday..look for an opening reversal...with a black candle on the VIX hourly cycle.

Considering the QE fuel...bears face the usual problem across today.


9.40am... so..the retail stocks are getting whacked now...I guess it makes a change from the momo/bio stocks.

QE money will be kicking in after 10am... bears....beware!