Pre-Market Brief

Good morning. Futures are moderately higher, sp +8pts, we're set to open at 1882. Metals are continuing to climb, Gold +$4. Oil remains weak, -0.7%. Despite the daily close well below the 200 dma, an equity bounce still seems very due.


sp'daily5

Summary

So, we're set to open a little higher, but clearly, the market is having some real problems. A rally to 1950/60 seems very viable - across 2-3 weeks, before a more severe wave lower.

For me, min' target by late November are the low sp'1700s... along with VIX 30s. 

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Update from a typically loud Mr Carboni



I'd agree with Oscar that this is not the start of a 2008-esque crash, but I would argue it is more of a summer 2011 intermediate correction.

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Good wishes for Tuesday