Wednesday 25 November 2015

Pre-Market Brief

Good morning. US equity futures are fractionally higher, sp +2pts, we're set to open at 2091. USD is on the rise, +0.4% in the DXY 99.90s. Metals are under pressure, Gold -$2. Oil is -1.8% in the $42s.. ahead of the EIA report.


sp'60min



WTIC Oil, daily


Summary

The sp'2070 low should comfortably hold.. and a break into the 2100s is clearly viable today.

In theory.. we should at least push to the 2110/20s next week/early December.

I realise some are looking for weakness into the FOMC of Dec'16th, but I'm highly suspicious the market might make a straight run for the 2150/70 zone.

re: Oil. Cyclically.. due to rally into next week. So.. even if today's Oil report shows another build... the price might well rally regardless. First target are the $45s.


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Update from Mr C



The issue on stops and GTC orders... its very important, and I'll get around to covering it soon. There are a great many implications that most haven't been considered.
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Doomer chat, Hunter with Mannarino



As ever.. make of that.. what you will.
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Overnight Asia action

Japan: moderately weak, -0.4%.. still close to re-taking 20K
China: strength into the close... +0.9% @ 3647.

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Have a good Wednesday
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8.31am.. Jobless 260k....

Durable goods orders, +3.0%.. much better than expected, with positive revisions.

Pers' income/outlays... inline.

equities pushing upward, sp +3pts... 2092... the 2100s look due today.

Metals weakening... Gold -$5 to $1069... the low to break is 1062. Higher rates bodes bearish for the metals... the giant psy' level of $1000 looms.