Tuesday 16 December 2014

Pre-Market Brief

Good morning. Futures are moderately lower, sp -12pts, we're set to open at a new cycle low of 1977. With a very weak USD, -0.9%, the metals are strongly higher, Gold +$24. Oil remains in collapse mode, -2.0%... having reached the $53s.


sp'daily5


Summary

Having broken yesterday's low.. the next level is clearly the 200dma, along with the 50% fib retrace around 1950. That is of course a full 2% below yesterday's close.

Considering the current mood in early market... it now looks like we'll get there.
--

Notable early strength: GDX +4.4%... naturally.. a result of the strong metal gains. Will be interesting to see how they are trading after the FOMC meeting.
-

Video update from Mr Permabull


--

Regardless of today, the window for the bears IS still due to close. If we do reach 1950 by tomorrow... I will indeed be surprised, but we'll still be due to rally from there.

Have an 'entertaining' Tuesday.
-

Update on Russia...

SEE here...  @ bloomberg

Incredible.. the Russian market was trading at 578 earlier.. that was almost a fall of -20% fall. We've almost tested secondary support of 550s.
-

8.27am... indexes recovering,, sp -4pts....  1985... Hmm

Meanwhile.... Russia -13% @ 625.... 75pts (12%) until next target.

--
9.32am.. well, there goes sp'1980... next level.. 1950...

VIX +8% in the 22s....


9.50am.. opening reversal underway!