Monday, 1 December 2014

Pre-Market Brief

Good morning. Futures are moderately lower, sp -9pts, we're set to start the last month of the year at 2058. Metals have swung strongly upward from overnight lows, Gold +$15. Oil remains weak, -0.4%



*awaiting ISM/PMI manu' data around 10am.

Welcome to December... just 22 trading days left of what has been another bizarre and twisted year.

So, we're set to open a little lower, but its clearly nothing significant. A retrace.. best case sp'2000 or so. Maybe a brief foray under.. but really.... anyone still touting sub 1900 is just crazy.

re: metals...  strong overnight drop.... but turning to sig' gains in early morning

The opening gain still only retraces just half of the Friday fall. The gold bugs should still be concerned at what is a giant bear flag on the daily chart.

The weaker USD, -0.4% is no doubt partly helping.
Notable early mover: CHK, -1.3%.. as energy prices remain weak.