Wednesday 24 June 2015

Pre-Market Brief

Good morning. Futures are moderately lower, sp -4pts, we're set to open at 2120. Equity bears merely need a break <2117 to break the 7 day wide ascending wedge. USD is somewhat bizarrely weak, -0.3% @ DXY 95.10s. Metals remain weak, Gold -$1. Oil is -0.2% ahead of the latest EIA report.


sp'60min



Summary

*Q1 GDP rev'2: -0.2%.. exactly inline with market expectations. Certainly, Q1 was a failure for the econ-bulls.. now its a case of whether Q2 was also negative.
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The Greek drama rumbles on... with neither party so far willing to do as the other demands.

It'll probably drag into next week.. which will give the market an opportunity to see a washout.. before another 'last minute rescue'.
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A break of the wedge looks probable... rest of the week should be rather interesting for those in bear land.

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Doomer chat, Hunter with Ms. Brown



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Overnight action: China, +2.5% @ 4690, having been briefly lower in the early afternoon. The volatility continues, and it would seem the Chinese leadership want to keep the bubble going as there was talk of changing some of the lending/deposit ratios.
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Have a good Wednesday