Pre-Market Brief

Good morning. Overnight futures has been mostly muted, everything is largely flat, although the metals are one of the weaker areas. The $ is a touch higher, and that sure won't help take the underlying downward pressure off equities.


sp'15min

sp'60min

Summary

So....yesterday saw further significant weakness, and there really isn't any reason why today should be different. The only issue right now is that opex is tomorrow, and the market makers will be desperate to ramp the market to erase as many of the 'in the money' stock/index puts as they can.

As it is, I am holding to my primary target of sp'1345/40, and will seek to re-short, perhaps today, if we get a bounce of some kind, somewhere around 1365/70 would seem 'best case'.

*I highly recommend you read last nights closing post, if you have not already done so. There is a lot in there, concerning the bigger trends, and also a secondary count that I am keeping in mind.
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UPDATE - jobless claims 439k vs 376k expected, clown network immediately blames 'Sandy'.

*ohh, and the EU is officially back in recession. What a surprise, .../s

Recommended reading: 'toasted channel' - deflationland

back at 10am