Pre-open eMini SP 500 Morning Report 6.4.10

This is a guest post from Precision Capital Management

The Precise Take – Risk off, ahead of and after Employment Situation

Big Picture Analysis:  The big caveat yesterday was the Club Med states keeping out of the news; however, contagion spread to Hungary and now Austria overnight, with the Euro currency again leading the risk markets down.  While the Employment Situation number disappointed this morning, with the previous month revised for the worse, the headline numbers were within consensus.  Based on proprietary research and that of Bespoke Investment Group, this sets up a strong possibility for an up day.  Looking out over the next week, it’s difficult to imagine an equities rally getting off the ground in the face of a strong Dollar rally.  As the Dollar is prone to false breakouts, it is possible today is a one-off, sucking in new longs only to reverse next week.  However, any continuation of the up move Monday will likely…

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