Intraday Market Thoughts

Archived IMT (2010.09.08)

by Ashraf Laidi
Sep 8, 2010 11:44

EUROPEAN EQUITIES ATTEMPT to stabilize the risk aversion from Asia after fresh yen strength weighted on the Nikkei. The Hang Seng dropped 1.4% after Vodafone sold its stake in ChinaMobile, dumping fresh supply into the market. GBP extends rally on tech buying at the 55 and 200-day MAs, with rising July Indus production sustaining the rally. Yet immediate resistance stands at the 3-week trendline resistance of $1.5. EURGBP accelerates losses after Mondays failure to break above the 100-day MA of 0.84, now facing 0.8177 target, which is the trendline support from the Aug low. Daily stochastics pointing to further losses, towards a possible break of 0.8150.


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