Intraday Market Thoughts

Archived IMT (2009.11.05)

by Ashraf Laidi
Nov 5, 2009 20:48

US stocks fired up partially by falling jobless claims and rising productivity as traders extend gains ahead of tomorrows Oct jobs report but oil prices remaining relatively shy, below 80 and that key 80.40 resistance. Dow rises +160 pts, facing resistance at 10,045, while S&P500 seen capped at 1,075. GBPUSD ended up being capped at $1.6640. CAD bias remains negative after prolonged FX jawboning from BoC and ahead of tomorrows CAD job figures (noon GMT) exp +10K from 31K and unemp rate seen at 9.5% from 8.4%. USDCAD stabilized at the 38% retracement of 1.0610, coinciding with the Sep 17 low. CADJPY capped at 85.96. Bias towards 84.20, 83.70.


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