Archived IMT (2009.03.10)
The jump in risk appetite comes as no surprise to a market standing at 16 and 17 yr lows in the major US indices, lacking major US economic data and providing bottom pickers to mount what may be the first real signs of a bear-market raly since January. While pundits are discussing the importance of closing above 700 in the S&P, the next major resistance stands at 775, followed by 805 until we're likely to see renewed downside. As signalled in today's morning IMT, Aussie and Nokkie respond best to today's rally (see AUDCHF in today's HotChart), while GBPUSD sends a negative signal by failing to close above $1.3850 in London trade. Such a failure in NY close would cast prolonged negative dynamics on GBP.
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