Friday, 9 May 2014

Pre-Market Brief

Good morning. Futures are a little lower, sp -4pts, we're set to open at 1871. Metals are higher, Gold +$4. Equity bulls should be battling for a weekly close in the sp'1880s, although that could be difficult if some end week selling starts to spiral things.



Market has some soft rising support around 1865, with the recent low of 1859.

I would only get marginally bearish, on a weekly close <1860, which is of course, not that far down.

Update from Mr C.

Oscar is selling the rallies, and certainly is spooked by the weakness in the R2K.

I'm still open to picking up RIG again this morning, but only in the $41.50/30 zone. Anything below would suggest bigger problems than just a post earnings reversal. On the flip side, if it can open in the 42s, I have no interest in chasing it higher.

As it is, I still have to drop CHK and DO anyway, although that seems somewhat unlikely today, unless we get a close in the 1890s.

Its almost the weekend :)

9.45am... Eyes on SDRL....rather than RIG....

Minor index weakness...I can't take it seriously.

9.48am.. LONG SDRL, from 35.07     indexes look floored...