Day Trading 12 Jan Pre Market

Good morning all

A late rally in US markets may end a nasty seven session losing streak that saw our XJO lose around 7% since the New Year.
SPI Futures point 13 points ahead at 4879

European stocks fluctuated between gains and losses most of the day, finally trading at their lowest level since September after their worst weekly plunge in more than four years. The Stoxx Europe 600 Index erased its gain in the final hour of trading, falling 0.1 per cent at 4.34pm in London as commodity producers declined. Germany's DAX Index, which heavily relies on exporters and was among the worst developed markets last week, was little changed, paring a rebound of as much as 1.3 per cent.
DAX -.25%
FTSE -.6%

After rising in morning trading, the major U.S. indexes reversed course and were set for another down day before a late session rally dragged markets into mildly positive territory.
Fears continued over China's economy, and China's main stock indexes .SSEC .CSI300 each dropped more than 5 percent on Monday. Oil prices fell to new 12-year lows, as concerns over China hurt commodity prices broadly.
"The market has been looking for reasons to be negative and China and oil are two of the most convenient reasons today," said Michael Holland, chairman of investment company Holland & Co in New York. "That’s what happens in market cycles ... right now we people simply have searching for reasons to be negative."
"Hopefully this week we will get a bit more stability and proper direction in the market," said Patrick Spencer, equities vice chairman at Robert W. Baird & Co in London. "A decent earnings season could easily spark a revival in the market, but any disappointment or warnings about the future will be punished."
S&P +.15%
Nasdaq -.12%

Oil continued its' rout, dropping another 6% plumbing fresh multi year lows as a rapid appreciation of the US dollar may send Brent oil to as low as $US20 a barrel, Morgan Stanley said.
Oil $31.20 -$1.96

Copper prices plummeted to their lowest in 6-1/2 years as large losses on Chinese equity markets reinforced tarnished prospects for growth and demand in the world's biggest consumer of industrial metals. Benchmark copper overnight touched $US4381, its lowest since May 2009.
Three-month aluminium fell 2.1 per cent to $US1461 a tonne.  Zinc fell 1.7 per cent to $US1482 a tonne, lead lost 1.2 per cent to $US1601, tin slipped 0.5 per cent to $US13,675 and nickel was down 3.3 per cent at $US8270.

Gold prices ended the U.S. day session slightly down Monday, on a profit-taking and corrective technical pullback from recent gains that saw prices hit a two-month high late last week. The mild downside correction was not unexpected given the good advance in gold prices, which have rallied by about 4% so far in 2016. February Comex gold was last down $1.90 at $1,096.0 an ounce.
HUI -3.8%
AUD Gold $1567  -1.4%

AUD .6992

On today
US President Obama delivers his final State of Union address.
The US Energy Information Administration releases its monthly Short-Term Energy Outlook.
The 7th Gulf Intelligence UAE Energy Forum 2016 will be held in Abu Dhabi. Economy:
US NFIB small business optimism index; Japan current account;
France business sentiment, UK industrial production.
Earnings: Freeport-McMoRan, CSX. Richmond Fed boss Jeffrey Lacker to speak.

Remember the great David Bowie, well and truly ahead of his time