Thursday 27 June 2013

Pre-Market Brief

Good morning. Futures are moderately higher,  sp +7pts, we're set to open around 1610. This opening gap higher will open the door to the 1620s, which would seem the 'best the bulls can get' in this rather significant bounce. Precious metals and Oil are also a touch higher.


sp'60min



vix'60min



Summary

For those who are already short, this looks set to be something of an annoying open

Oh well, the 1620s were always a threat, and right now, it looks like we'll get there.
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The only issue is whether we'll see a sharp intra-day reversal from such levels, or if it takes a few days to level out, before a renewed wave lower towards the end of next week.
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*there is a rather large QE today, and if volume is indeed low, it'll allow the algo-bots to melt this nonsense across the entire day. Same goes for tomorrow.
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*I am heavy short of course, and looks like i'll be holding way into next week.