Pre-Market Brief

Good morning. Futures are a little lower, sp -4pts, we're set to open at 2106. Metals are mixed, Gold -$3, whilst Silver +1.2%. Oil is sharply lower, -3.6% in the $48s, with the $43 cycle low still highly vulnerable to being broken under.


sp'daily5

sp'60min

Summary

*Gold hit $1190 overnight, which is a multi-month low, the Nov' low of $1130 looks set to be exceeded this spring.
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So.... here we go again. Unlike last week, we should see some much more dynamic price movement... and typically that would favour the bears.

Best case seems to be, a test of the 50dma... which will soon be in the 2050s.. that is only 3% lower. Considering the broader trends, even that will take until next week to achieve.
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Notable early weakness, oil/gas drillers, RIG -2.7%, SDRL, -4.3%. Both look to be generally weak into the summer, regardless of any continued broader market strength.
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Econ-chatter from Mr Long, with guest Rubino.



Highly recommended, with some great consideration of the implications of NIRP across the world, and the distortions that might cause.
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Good wishes for the week ahead!