Pre-Market Brief

Good morning. Futures are moderately lower, sp -4pts, we're set to open at 2118. The USD is again attempting to rally, +0.6% in the DXY 93.70s. Metals are a touch higher, Gold +$2. WTIC Oil is building moderate gains, +0.5% in the $61s.


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sp'weekly7

Summary

Another week.... moving into the latter half of May..

This week I will be keeping a close eye on the USD and bonds. Both were offering initial signs of a turn last Thurs/Friday. A net weekly gain in the USD would surely at least stall recent strength in the precious metals.
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*the weekly chart might see the upper bol' get close to the 2150s today. Even more important, by the next FOMC of June 17th, both weekly and monthly cycles will offer the 2170s.

I would at least consider an index short at such a level, but for now... there is no hurry. nor at these price levels.

Early weakness: BABA -1.2%, but still well above the $80 threshold.
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Good wishes for the week ahead