Thursday 19 September 2013

Pre-Market Brief

Good morning. Futures are moderately higher, sp +4.5pts, we're set to open around 1730. Precious metals and Oil are both broadly flat. USD is a touch lower. After strong Wednesday gains, bulls can sustain any move back down to 1710 without any real trouble. Bears....can forget it.


sp'60min


Summary

So, we're set to open a little higher, nothing dramatic, but still...anyone hoping for a major reversal today, tomorrow..or next week is surely going to be seriously disappointed.

Market clearly BROKE out yesterday, and we're probably looking at 1750/75s within the next few weeks.

The only issue is what then. Considering the past few years..and QE continuing at maximum, I can only assume we'll battle up into the spring.

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Notable early mover... AAPL +$6, @ 470s. Reclaiming the $500 level will be important for the tech bulls in Oct/November.

What am I doing?

I'm on the sidelines, having avoided being smashed to pieces by the FOMC. Frankly..its been a tough week, I probably won't be getting involved until next week, and that will be on the long side.