Intraday Market Thoughts

Archived IMT (2009.01.28)

by Ashraf Laidi
Jan 28, 2009 14:10

Correction: The S&P500 index is on its way of posting its 4 straight daily gains (and not 6th straight day as originally mentioned). Nonetheless, the VIX is posting its 6th consecutive daily loss as well as touching an intra-day low of 38.09 (lowest since Jan 6th). Also watch the 200-day MA of the VIX, which is currently at 36.28. The VIX has not closed below this VIX since September 3rd. Bottom fishing at the lows of the VIX could be accompanied with the usual inverse relation in stocks, thus, prompting renewed reduction in risk appetite (JPY positive). FOMC decision at 19:15 GMT (14:15 EST) not expected to announce purchases of LT treasuries but coudl provoke knee-jerk USD selling as Fed renews need to keep rates at ultra low levels.


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