Day Trading 26 July Pre Market

Morning all
Thanks Trees and crew

SPI futures show a flat opening today, 1 point higher after an o off night in US markets.
SPI +1 @ 5484
Yesterday the XJO beat on closing .65% higher at 5533

Energy shares weighed on US markets on talk of a glut, and investors braced for the coming earnings reports. It was enough to have punters heading for the exits, booking profits off the recent record closes.
The coming week will feature earnings from 190 S&P 500 companies as well as a Federal Reserve policy meeting.
"Earnings have provided an extension to the rally over the past week but we're a bit frothy," said David Schiegoleit, managing director of investments for the Private Client Reserve of U.S. Bank. "We're approaching extreme in terms of valuation. What we see is the market catching its breath a little."
Earnings of S&P 500 companies are expected to fall 3.7 percent in the second quarter. 1
However markets closed well off their session lows.
S&P - .3%
Nasdaq flat

Oil prices fell more than 2 percent on Monday, with U.S. crude hitting a three-month low, on rising concerns that a global glut of crude and refined products would pressure markets, delaying a long-anticipated rebalance in the market.
Inventories rose 1.1 million barrels.
A massive overhang in refined products, particularly gasoline, despite forecasts for record U.S. summer driving has made investors less optimistic about a quick market rebalancing.
"We've got gasoline stocks that are through the roof ... And you have the specter of turnaround season not too far in the horizon," Robert Yawger, senior vice president of energy futures at Mizuho Securities USA said.
He also cut his price target on U.S. crude to $40 from $45 a barrel. 1
Oil $43.05 - $1.14

Iron ore + 1.7% @ $56.86

Gold prices were ending the U.S. day session weaker Monday, but up from the daily low. No new bullish fundamental developments are allowing gold prices to languish in a sideways to lower drift. The recent rallies in world stock markets have also hurt the safe-haven metal, as such indicates there is not much risk aversion in the marketplace at present. 2
Gold $1315
HUI - 4%
AUD Gold $1761

AUD .7467

Have a good day

1 Reuters
2 *****