Archived IMT (2009.10.26)
US stocks extend damage after prominent banking analyst Richard Bove downgraded 3 US banks before the bell; US BankCorp, SunTrust Banks and Fifth Third Bankcorp. Two weeks ago, Bove downgraded Wells Fargo. EURUSD hits our morning target of 1.4950, while USDCAD hits 1.0630 target. GBPUSD fails at the $1.64 resistance while EURJPY fails at the 139 triple top. Oil sheds more than $3.00 hitting $78.30. Look for SP500 to test the 9-week trend line support of 1,055, US 10-yr note looking to retest 3.59%.
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