Pre-market Tour (only summary / no recording)

Unrelated to the bandwidth issue that is now resolved, the recording facility did not engage for this morning’s pre-market Tour.

The discussion began by noting that Friday’s session was unremarkable to the naked, mainstream eye. We know of the new high close on a Friday that entrenches the rally by committing it to at least one eventual higher close. But we also know that need not be produced today.

We also know of the bullish WedEX influence on Friday afternoon’s recovery. Regardless of where today opens or exits the open, the balance of the morning should rally aggressively. This WedEX setup is being threatened by the pre-open slide back down into negative territory, so that will be our initial focus.

Elsewhere, the long bond is confirming my suspicions that Thursday and Friday’s strength was weak-handed and that new lows are required to finish forming a bottom. Gold is confirming its break under 1262.00 to 1250.20 support is not bullish. Crude Oil is trying to recover from overnight weakness, but probably only to retest Friday’s opening gap at 42.00-42.30 (basis May). And Natural Gas is gapping down, but not under a prior low so the 1.99 target remains intact.