Intraday Market Thoughts

Archived IMT (2009.09.23)

by Ashraf Laidi
Sep 23, 2009 21:39

TODAY's OIL SPILL of nearly $4.00 was temporarily put aside by the pre and post FOMC volatility, but swift profit-taking of dollar sales in the aftermath of the FOMC statement risks accelerating oil's spill below $67. FOMC issued another wait-and-see statement without ommitting to reducing liquidity. Regardless of equities and FX, oil technicals are increasingly suggesting the wedge formation of the past 2 weeks could break on the downside. CAD technicals vs. USD and JPY also suggest 1.0850 and 84.00 remain within reach of the nest 24 hrs.


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