Day Trading 11 Apr Pre Market

Morning all
Thanks weekend crew

SPI futures are 20 points firmer this morning after a 6% surge in crude prices lifted energy stocks in the US, offsetting losses in the biotech sector. The market finished off its' highs late in the session with heavy selling among retail and consumer stocks after gap fell clothing chain Gap fell 14% on softer retail sales.

The S&P 500 climbed 0.2 per cent in New York, after being as much as .9% higher, remaining in a range it's held since the Federal Reserve's last policy meeting on March 16. Equities have swung between gains and losses in the five days as investors search for clues on the strength of the American economy ahead of what is forecast to be the worst earnings season since the financial crisis.
"You still have a lot of uncertainty surrounding earnings," said Peter Jankovskis, who helps oversee $US1.9 billion as co-chief investment officer of Lisle, Illinois-based OakBrook Investments. "There was definitely a risk off trade yesterday. People don't want to jump in and take a big position either way in front of an earnings number that people expect to be down." 1
Alcoa kicks off earnings season tonight US time.
Crude rallied 6.6 per cent to $US39.72 on speculation that Russia and OPEC members can reach a deal to freeze oil output when they meet in Doha on April 17. Saudi Arabia has said it will only agree if it's joined by other suppliers including Iran, while Kuwait said a deal can be done without Iran's support. An surprising fall in US crude inventories in data last week also helped crude recover. 1

Market sentiment for gold has dramatically improved as prices have managed to hold above key support levels, with expectations that prices could test the top of their recent range at $1,250 an ounce next week.
One key bullish indictor for some analysts is the fact that price managed to push above the 20-day and 50-day moving averages on Thursday.
Phillip Streible, senior market strategist at RJOFutures, said that gold is rebuilding its technical momentum because there are still a lot of unknown factors looming in the background.
“People are getting more worried about Greece again and then there is the Brexit vote that is quickly approaching and we still don’t know where interest rates are going,” he said. 2
Gold $1239
HUI +4.5%
AUD Gold $1642

AUD .5743

Have a good day

1 SMH
2 *****