Intraday Market Thoughts

Archived IMT (2010.10.13)

by Ashraf Laidi
Oct 13, 2010 15:20

DJIA-30 EXTENDS BREAK ABOVE its 200-week MA of 10987, now at 11090 we have seen this in the week of April 22, Aug 7 when the Dow did have an INTRAWEEK-break of its 200-week MA only to fall back below later in each of those 2 weeks. Meanwhile, S&P500 never broke above its own 200-week MA during those occasions (April & Aug). S&P500 currently trades at 1177, which is 1.8% below the 200-week MA of 1197. Incorporating further equity gains with USD weakness has been sided on by my CAD-positive calls, repeatedly calling for parity on USDCAD, based on improving technical formations in crude oil (see current article on DIAMOND UPSIDE BREAK-OUT & DIAMOND DOWNSIDE breakout in USDCAD). Thus, I still call for 0.9970, 0.9920 in USDCAD, with prev trendline resistance of 1.0180 now sliding to 1.0140. GBPCAD FINALLY FALLING BELOW 1.6 as BoE's Miles talked down GBP. Im in Madrid for Seminars & Conferences so updates are less frrequent than usual. Please tune in to my quick/brief markety insights on TWITTER


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