Intraday Market Thoughts

Archived IMT (2009.04.24)

by Ashraf Laidi
Apr 24, 2009 18:06

Smaller than expected loss from Ford and decline in US durable goods orders help fuel equities further and stabilize risk currencies such as GBP, EUR, CAD and EUR. The announcement on US banking stress tests is due out in about one hour and could prove a turning point in appetite. S&P500 stands at 867, 8 points away from last Fridays high. Recall, the 2 month cycle has yet to unfold until the first week of May, which could prove an essential time threshold for the current equity bounce. Cable recovered above the $1.4730 trend line resistance and could eye the next target $1.4830. EURUSD posts its 4th straight gain, eyeing $1.3380. Support climbs to $1.3120.


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