Intraday Market Thoughts

Archived IMT (2009.04.13)

by Ashraf Laidi
Apr 13, 2009 12:52

Aussie traders continue to reveal the greatest show of improved risk appetite in currency markets at a time when equity traders may start profit-taking ahead of a flurry of financials earnings (Goldman Sachs on Tues, JP Morgan on Thurs, Citigroup and GE on Fri). Wells Fargo’s surprising decision last week to pre-announce better than expected earnings 2 weeks before its scheduled earnings call was effective in magnifying the stock’s upward run in a rising market—an effective way to absorb fresh optimism into the price. This leaves GS, JPM and Citi isolated in a week of returning market activity when players may be hesitant to add to the 27-28% rebound in global indices.


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