Intraday Market Thoughts

Archived IMT (2009.09.02)

by Ashraf Laidi
Sep 2, 2009 23:06

What proved to be an inconsequential day in US equities, was in fact the 4th consecutive daily decline in the Dow and S&P500, a pattern not seen since end of May. OIL breaks below 68 and looks to close below the 50-day MA, while the DOLLAR INDEX has yet to break above its 50-day MA (even thought it did break above its 5-month trend line). One sign of deteriorating appetite is RISING BONDS as 10 yr yield dips to 3.30%, eyeing a double bottom at 3.28 from mid July. This could well be be broken by payrolls. The employment component of the manufacturing ISM edged up by 0.8, showing the smallest increase among all other components of the index. HOT CHART ON NZDGBP IS NOW IN THE MONEY, while the short AUDCAD is expected to stabilize at 0.9250s.


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