daytrading 18 july pre market

Good morning traders.

The local market can look forward to a positive open with the ASX SPI futures showing a print of +26.

U.S. stocks rose, after the Standard & Poor’s 500 Index snapped an eight-day rally yesterday, as Federal Reserve Chairman Ben S. Bernanke said the central bank’s asset purchases are not on a preset course.

“The market is responding to the fact that the Fed is not going to create an arbitrary definition of when and how the QE program is going to end,” Stephen Wood, the New York-based chief market strategist who helps oversee about $174 billion at Russell Investments, said by phone. “They want to maintain flexibility in their policies.”

Bernanke said the central bank’s bond purchases “are by no means on a preset course” and could be reduced more quickly or expanded as economic conditions warrant.

“We’re going to be responding to the data,” Bernanke said today to the House Financial Services Committee. “If the data are stronger than we expect, we’ll move more quickly” to reduce purchases. If data “don’t meet the kinds of expectations we have about where the economy’s going, then we would delay that process or potentially increase purchases for a time.”

Dow +18

S & P 500 + 5

FTSE + 15

DAX + 54

European stocks rose, rebounding from their biggest drop in more than a week, as Federal Reserve Chairman Ben S. Bernanke said that the pace of the recovery will determine when the central bank reduces its asset purchases.

Gold was up in early US trading, touching $1300 before taking a $30 dive to 1270 before closing at $1275.

The GDX took a 3 % haircut inducing a Dark cloud cover formation on the candle stick chart.

WTI crude added 51 cents to 106.51

USD index 82.66 + 0.05 from yesterday

Copper fell 5 cents ………3.13

Good luck