Pre-Market Brief

Good morning. Futures are a touch higher, sp +2pts, we're set to open at 1794. Precious metals are sharply lower, Gold -$13, Silver -1.5%. Equity bulls have the hourly cycles on their side, and a daily close in the sp'1800s looks very viable.


sp'60min

Summary

*lots of econ-data this morning...should give mr market an excuse to pick a direction..and keep going all day.
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So..we're set to open a bit higher, certainly...no giant gap.

Just look at the MACD (blue bar histogram) on the hourly chart. We could easily battle upward for the entire day, and that will be easily enough to get us into the sp'1800s again.

Equity bears should be VERY concerned that new highs are possible tomorrow, if the market decides it likes the jobs data.
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There are a lot of interesting movers in pre-market..

AAPL +$8 @ 573. - now brushing the upper channel on the daily..and a mere $7 from my end  year target zone of 580/600.

FB -1.7% - will be interesting to see if the buyers come in again, and turn it positive.
GDX -1.6% - no doubt pressured by falling metal prices again.
TSLA +1.5%, but really, that could reverse to the downside at any point, regardless of main market
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Video update from Mr C.


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updates across the day!


8.35am... we're back to the good news is bad news situation.

GDP Q3 ... 3.6%...highest since spring 2012.
Weekly jobless 298k...

Market selling a little lower...along with metals. 

Just another minor down wave

The recent few days of weakness is almost certainly just another little tease to the equity bears. The market has offered sporadic little multi-day drops across this year..and they never last long. There remains opportunity for further upside of 3-4% into end year.


sp'weekly'8 - mid-term outlook

Summary

The rising weekly 10MA - currently 1763, is first key support. As we saw some months ago, even if that breaks...the market should be able to quickly whipsaw the market back higher.

Frankly, I see no reason to change the original outlook from early summer. Broad upside into late spring 2014...somewhere into the sp'1950/2050 zone.
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Looking ahead

There is the weekly jobless, factor orders, corp' profits, and the third reading for Q3 GDP.  There are also two Fed officials on the loose, notably Fisher in the afternoon, and he might be enough to inspire the bulls if he doesn't mention the T word.

*next sig' QE is on Friday.
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I remain content in my latest RIG position, but am keeping a close eye on the precious metals. SLV is already a tempting re-short, but I'm going to give it some more time to get stuck in the 19s. Regardless, in the meantime, I will watch the main equity indexes, but I sure won't trade them!

Goodnight from London

Daily Index Cycle update

The main indexes closed moderately lower, with the sp -2pts @ 1792. The two leaders - Trans/R2K, closed -0.4% and -0.2% respectively. Near term outlook is a little messy, but with broader upside into late Dec/early 2014.


sp'daily5

Dow

Nasdaq

Summary

The fourth consecutive daily decline for the sp'500, but really, the recent series of declines are VERY minor. We are a mere 20pts - barely 1.2% from last Friday's historic high.

Rather than see any significant downside, as usual, all the bears can manage are minor declines.

The market looks set for another rally into year end. Monthly charts continue to offer dow 16500 and sp'1840.
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a little more later...