Monday, 3 August 2015

Pre-Market Brief

Good morning. Futures are a touch lower, sp -1pt, we're set to open at 2102. USD is starting the month on a positive note, +0.2% in the DXY 97.50s. Metals are weak, Gold -$3, with Silver -0.2%. Oil remains broadly weak, -0.9%.



Welcome to August.. the next 8-10 weeks should see the market experience the loss of sp'2000. which in theory.. should result in a further spiral lower.

Equity bears should be seeking a daily close under the sp'2100 threshold.. but there will be particular clarity if <2090... and VIX 14s.

To be clear.. I do NOT expect new highs in the remainder of this year. This market looks damn tired.. and we're sure as hell due a significant correction.

notable early movers..

GDX -1.1%.. as metal prices remain weak

DIS +0.4%... with earnings at the Tue' close.

Monday morning Greek masssacre.

With the Greek market finally opening for the first time since June 26th, the Athex hit an early decline of -23%.... currently -17% or so. Outlook is for the 400s, and that doesn't even assume a GREXIT.

China. Despite the Govt' buying and threats against anyone who might dare sell, the Shanghai comp' continues to slide, settling -1.1% @ 3622. The key low of 3373 is easily within range.. and sustained action under 3K looks increasingly likely.

Doomer chat, Hunter with Martenson


*awaiting a lot of econ-data this morning....
Have a good Monday.... and indeed.. August :)

9.33am.. Indexes a touch higher...  VIX +6%...      first chance of sig' upside tomorrow.. but more so.. Wednesday.