Intraday Market Thoughts

Archived IMT (2009.06.30)

by Ashraf Laidi
Jun 30, 2009 15:38

Stocks deepen selloff, offering fresh boost for USD and JPY. Oil extends losses by nearly $2 to 69.40s, lifting USDCAD to 1.1640 trend line resistance. Expect a breach and prelim target to 1.1670, followed by top of June channel at 1.1740s. Cable extends sell-off beyond our $1.6470 target to $1.6420s, suggesting $1.6375-80 as next goal. Gold is vulnerable to $905, while key support stands at 890. 200-day MA at $877.00. S&Ps high profile failure to close above the 930 right shoulder could give in to 55-day MA of 903, followed by med term support at 880.


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