Pre-Market Brief

Good morning. Futures are moderately lower, sp -6pts, we're set to open at 2101. Metals are seeing a minor bounce, Gold +$2. Oil is fractionally higher, +0.1%.. and set to climb to the $60 threshold.


sp'daily5

WTIC, weekly'2

Summary

*Oil is net lower on the week, but the weekly cycle is pretty clear... trend remains bullish, and the $60s look due.
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So, equities are set to open a little lower, but as ever, there is little reason why we won't see things turn higher into the afternoon. New historic highs look highly probable in the immediate term.

notable weakness, INTC -1.5%... struggling a little since earnings, but should be able to battle higher.. soon.

strength: EBAY +4.7%.. after what were very good earnings.

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Update from Oscar



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Have a good Thursday
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9.37am... I EXITED TWTR-long.. from $51.95... fractional gain... and a tedious trade....  oh well.

Eyes on Oil, but I ain't much interested in chasing the opening gap higher.


9.39am.. TWTR plunging like a rock... 52.20s to 51.50s in a matter of minutes.

I'll consider picking it up for earnings next Tuesday... maybe it'll cool to $50 again.

Two percent to go

US equities saw a day of moderate gains, with the Nasdaq comp' +21pts (0.4%) @ 5035. The tech' is just under 2% away from breaking the bubble high of March 2000 of 5132. A monthly close in the 5200s will offer clarity of a straight run to the 6000s... before any chance of a sig' retrace.


Nasdaq comp', monthly'2

Nasdaq comp', daily

Summary

*Nasdaq comp' came within 2pts of the March 20th high of 2042
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Suffice to say, I think many are still overly dismissive of the looming significance of a Nasdaq at new historic highs will mean.

Simply put... if we see a Nasdaq monthly close in the 5200s.. whether May, June.. or July... it will be strongly suggestive of a straight move to the next psy' level of 6K.. before year end... if not by Sept/Oct.

Perhaps the market will see a 15/20% correction this autumn.. from around Nasdaq 6K.. but certainly.. not from 5K.. or even 5500.

In any case.. I can't be short the broader market.. or any given stock.
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Looking ahead

Thursday will see the usual jobs data, PMI manu', and new home sales.
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Goodnight from London

Daily Index Cycle update

US equity indexes closed with moderate gains, sp +10pts @ 2107 (intra low 2091). The two leaders - Trans/R2K, settled higher by 0.5% and 0.1% respectively. New historic highs look due for all indexes in the coming days, at least to the sp'2125/35 zone.


sp'daily5

R2K

Trans

Summary

*Trans remains notably weak, and new highs sure won't be easy.
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Little to add. Broader market looks set to climb higher into May.
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a little more later...