Monday 11 November 2013

Pre-Market Brief

Good morning. Futures are flat, we're set to open around sp'1770. Metals are weak, with Gold -$4.


sp'60min


Summary

Well, here we are again, another week in the crazy casino.

I certainly noticed a great deal of bearish chatter this weekend, which was somewhat surprising considering the rebound on Friday.

We could still trundle lower to the 1730s - which was my target last week, yet..I continue to broadly see this market as simply untradeable on the short side.

Baring a break <sp'1700, I can't take any of the declines seriously, whilst the bigger weekly/monthly cycles keep pushing upward.

More on that later....
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Notable early movers:  RIG, +2.5% in the $54s., FB -1%, and TWTR is -1% in the low 41s.