Pre-Market

Last night I thought the $AUD might participate in sending the market higher TODAY or at least part of it, but RBA Governor Stevens said Q2 inflation data retains RBA's scope to ease and that the AUD drop makes sense and that it is no major surprise if it falls further and fell further overnight it did, yet we are still gapping up, so I guess all of those other little indications taken together were more than enough, this has nothing to do with overnight action. this likely is all about pre-F_O_M_C action, get what you can, while you can.

That being said, it's movement, movement is good, it allows us opportunities and good analysis. I'll be looking for distribution of higher prices as we have seen a continuos trend of recently or confirmation of them, I suspect I'll find distribution, if so, we'll be looking very closely at the stocks that have the best risk / reward profile.

So far we are exactly on track from yesterday's analysis.

MCP is on the early radar.