Intraday Market Thoughts

Archived IMT (2009.07.15)

by Ashraf Laidi
Jul 15, 2009 23:34

CIT, the struggling lender to thousands of small businesses announces that all discussions with govt agencies have ceased, further escalating chances of its bankruptcy. The news is dragging stock futures from their explosive Wednesday session, which saw the testing of key resistance levels in the S&P and Dow at 930 and 8,600. The CIT news is supporting USD and JPY off their lows vs all other main currencies, but such a retracement may be limited ahead of Thursdays earnings from Google and JPM and the al-important figures from BoA and Citigroup on Friday. US jobless will also be seen whether they remained below 600K after their sharp 52K decline, which was largely attributed to July 4th holiday. SEE CHARTS ON AUDUSD & EM AND


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