Friday 17 May 2013

Pre-Market Brief

Good morning. Futures are moderately higher, sp+6pts, we're set to open @ 1656. Precious metals are slightly weak, whilst Oil is +0.75%. USD is significantly higher, +0.6%. Today will likely be a choppy opex, fuelled by a very large QE of 5bn. Bears...beware.


sp'60min



SLV, daily


Summary

Those bears hoping for follow through from yesterdays closing hour will already be annoyed. I suppose will merely want to short the opening pop, but really, its opex..and the big pomo are going to be a real problem.

Frankly, there is little reason why we couldn't break new index highs today.
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*Looks like SLV will open moderately lower. Clearly nothing significant though. Silver bears need a break into the 21.50s for things to get interesting.

Oscar..on Gold



Its almost the weekend!