Monday 24 June 2013

Pre-Market Brief

Good morning. Futures are significantly lower, sp -18pts, we're set to open around 1574, a clear break under the Friday morning low of 1577. USD is 0.5% higher, and that is pressuring everything lower, including the precious metals (Gold -$14) and Oil (-0.4%).


sp'60min



vix'60min


Summary

Well, futures saw some mild chop early last night, but I awaken to see them under the key low of 1577.

What now?

The 60min cycle remains on the low side, and still hasn't recovered from last weeks fall. On any basis, we could see a latter day bounce from these levels. Yet, from a count perspective, was Friday just a minor'2, with today a wave'3 to 1550/30s?

We'll likely know from the opening 30/60mins.
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I will not be chasing the open lower. In fact, I'll consider a small index-long position, but as noted, it really depends on the early price action, including the VIX.

If the VIX is spiking into the >22s, then we could indeed be in a very severe wave'3 lower.
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Good wishes, for what will indeed be a volatile and exciting week.

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9.25am...set to open @ sp'1577..

Lets see how the opening 30/90mins go. I'm still guessing these declines will not last.

1610/20s..before 1530s...yes?