Tuesday, 24 November 2015

Pre-Market Brief

Good morning. US equity futures are moderately lower on the news of Turkey shooting down a Russian military jet, sp -12pts, we're set to open at 2074. A brief foray to test the 200dma (2065) looks probable... as the market has a serious excuse to wash itself out.



*overnight futures low, sp -18pts, equiv' to 2070.

So... Turkey shoots down a Russian military fighter, accusing the Russians of violating their airspace.

This is geo-political true doomster stuff. Were I in Turkey right now... I'd be on DEFCON 4, not least with Erdogan in charge.

As for equities... best guess... a washout to 2065... more viable today than tomorrow.

Other issues...

Gold, +$10, a clear fear bid... although the lower USD is no doubt helping
Oil +1.7%.. clear geo-pol' fear related. Related oil/gas drillers are benefiting.

awaiting GDP data..............

8.30am... Q3 GDP rev'1:  2.1%... inline...

Futures increasingly weak, sp -15pts.. .2071.

So... 2065 by late morning, and then UP.

... unless the Russians want to start shooting back.