Pre-Market Brief

Good morning... from a windy city. Futures are higher, sp +14pts, we're set to open at 1918, well above the 200 dma of 1906, and just a little under the old broken 1926/25 floor. Metals are a touch higher, Gold +$2, whilst Oil is flat.


sp'daily5

Summary

Well, I'm frankly exhausted.. I've had a long day already... and its been a bit of a stormy morning in the great city...

see: BBC news: remnants of Gonzalo

I will endeavour to be around, but if I miss an hour or two..... its because I'm asleep.
--

As for Mr Market, well, futures were sp -14pts earlier, and now we've swung 28pts.. for seemingly no reason.

It would seem we'll just keep clawing higher into next week, before the next major rollover... but more on that later.

-
TECH NOTE...

Firefox has just issued a new v.33 update, and it completely FAILS unless you also update the graphics card driver (well, at least for Nvidia cards).

Maybe one or two of you out there might find that useful this week.

--
*notable strength, post earnings... AAPL, +1.9% in the 101s

The bounce continues

US equities continue to climb from last Wednesday's low of sp'1820, and we're now a clear 4% higher in the low 1900s. Even a bounce to the 1950/60 zone will not do enough to reverse the technical damage recently done to the bigger monthly cycles.


sp'weekly7

Summary

... slow day.... suffice to say.. despite the daily net gains, we start another week with a red candle on the weekly 'rainbow' cycle.

It should be a clear reminder of the underlying price momentum.
--


Looking ahead

The only data due is existing home sales (10am).

*there is QE of around $1bn
---

Goodnight from London

Daily Index Cycle update

US indexes closed significantly higher, sp +17pts @ 1904. The two leaders - Trans/R2K, settled higher by 1.0% and 1.1% respectively. Near term outlook is inclined to the upside, with continued gains into the 1920/50 zone.


sp'daily5

Dow, daily

Summary

Little to add, on what was a rather tedious day.

Next resistance is the 200 dma of sp'1906, but rather more important, the 50dma (1966) which is rolling over, and as many recognise, will be offering a death cross in November.
--

a little more later....