Intraday Market Thoughts

Archived IMT (2009.07.16)

by Ashraf Laidi
Jul 16, 2009 13:49

Equity futures extend gains after US jobless claims show greater than exp decline to 522K from 569K, while 4-week mov avg is slashed to 584K, showing first sub-600K reading since Feb. But such positive economic news is pushing up S&P500 futures to only 929 and Dow futs. are only +12 pts, while bond yields are in fact down to 3.55% from yesterdays high of 3.63%. EURUSD did break above 1.4120 to 1.4165, now eyeing $1.4198 high-- 76% retracement of the $1.4338-$1.3744 decline. While the data are negative for both USD and JPY, USDJPY remains below 93.80s from earlier session high of 94.44. JOBLESS CLAIMS CHART


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