Intraday Market Thoughts
Archived IMT (2008.09.25)
Sep 25, 2008 19:03
The intensifying dollar rally predicted earlier on Tuesday is materializing further (breaching 106.50 yen, sub $1.46 vs EUR and sub $1.84 vs GBP). Despite the dismal US data trifecta (jobless claims, durables and new home sales), the move is primarily led by equities, which found an excuse for bargain hunting on what seems to be Congress/White House consensus on the bailout package. This is very much a bear market rally, where Dow and S&P500 resistance stand at 11,380 and 1,260. See todays article for EURUSD chart. USDJPY seen retesting 107 and onto 107.40.
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