Monday 8 June 2015

Pre-Market Brief

Good morning. Futures are a touch lower, sp -2pts, we're set to open at 2090. USD is cooling, -0.2% in the DXY 96.10s.. there is viable downside to the 92/90 zone within 3-5 weeks. Metals are battling to bounce, Gold +$2, whilst Oil is -0.4%.


sp'60min


USD, daily2, outlook


Summary

*China, +2.2% @ 5131, another new multi-year high... pretty incredible.
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Overnight action was minor weak chop... certainly, new lows were not broken..

I expect last Friday's low of sp'2085 to hold, with new highs viable across the next few weeks.

Whether we max out at 2140s, 50s, or even higher... difficult to say.. we'll know nearer the time, and there will be other aspects to watch, most notably.. the USD.

re: USD. I am seeking renewed downside to secondary target zone of 92/90, sustained action <90 looks highly unlikely. A bigger move/trade will be from the low 90s to the 120s.... that will likely take until 2016 to fully play out.

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Weekend update from Walker, highly recommended...




Doomer chat, Hunter with Pollock


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Good wishes for the week ahead
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9.35am... VIX opens +5%.... in the 15s, but opening candle set to turn black-fail....  equity bears beware!

9.36am.. VIX black-fail candle.. with a spike top.....  market wants to go UP

USD is -0.5%....  and that is going to help the metals/oil.. at least a little.