Day Trading 29 Mar Pre Market

Morning all
Hope a relaxing Easter for all

SPI futures are 12 points weaker this morning after a very quiet Easter Monday session in the US overnight.

Wall Street was mixed on Monday as weaker-than-expected U.S. economic data reduced concerns about potential interest rate hikes and a dip in oil prices pushed down energy shares.
U.S. consumer spending barely rose in February and inflation retreated, suggesting the Federal Reserve could remain cautious about raising interest rates this year even as the labor market rapidly tightens.
Trading was choppy and volume was low, with markets closed in Europe.
"I don't think we're out of the woods," said Frank Gretz, a technical analyst at Wellington Shields & Co, a brokerage in New York. "I've noticed some loss of momentum in the last week."
Investors will pay close attention to Fed Chair Janet Yellen's speech in New York on Tuesday for clues about when the central bank might raise interest rates.
"We'll be watching her to see if there is any change in her language or views, but the Street does not expect her to do anything to surprise the markets," said Warren West, principal at Greentree Brokerage Services in Philadelphia. 1

Oil futures fell 7 cents to settle at $39.39 a barrel in New York, amid speculation that a meeting of crude-producing countries next month won't ease a global supply glut.
As crude has soared more than 50 per cent since February 11, the number of bets on increased prices has barely budged. Upward pressure on oil prices appears to have come from traders cashing out of bearish wagers at an unprecedented pace. The liquidation of short positions during the last seven weeks covered by data from the US Commodity Futures Trading Commission was the largest on record. 2

Gold $1220 +.3%
AUD Gold $1617

AUD .7543

On Today

Janet Yellen speaks at the Economic Club of New York


Have a good day

1 Reuters
2 *****