Thursday 25 April 2013

Pre-Market Brief

Good morning. Futures are moderately higher, sp+6pts, we're set to open @ 1584. The USD is significantly weaker, -0.7%, and this is no doubt helping to take the lid off precious metals which are over 1.25% higher. Oil is set to open flat.


sp'60min



vix'60min


Summary

So, we're set to open higher (yet again), and I can understand if some of the bears are now really getting rattled, and wondering if a new cycle high >1597 is about to be put in place.

Arguably, the bears need to see a STRONG intra-day reversal today, with a close in the sp'1560s. That is possible, but I realise to many that now looks improbable.
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We shall see.

*awaiting weekly jobs data from the dept of lies.... 339k  vs 350 exp.

Isn't it great that everyone in the USA is employed now, along with all of those in southern Europe.
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9.22am... I'm not sure why, but Oil just snapped lower, from +0.2% to -0.5%.  Sp' still set to open in the mid 1580s.. a mere 10-12pts away from breaking the April'11 high.

9.34am...indexes UP... VIX...holding flat.

I think the VIX is the tell.

Baring a ramp across the morning, I'm still holding to the original outlook. 


9.40am... Is the CBOE even open ? I mean, the VIX is utterly flat...problem with the VIX quotes?