Intraday Market Thoughts

Archived IMT (2009.11.06)

by Ashraf Laidi
Nov 6, 2009 17:41

ANOTHER MANIC FRIDAY FOR ECON REALITY: Just as last Friday markets tumbled on the most recent figures of personal consumption, showing a decline in October figures after the expiration of cash for clunkers, today emerged the latest Oct evidence of the unemployment picture. And just like last Friday, oil drops more than $3.00 per barrel, testing the 76.80 low. Key support stands at 75.50, which is the 200-week MA as well as the 38% retracement of the 65-81.92 rally. Expect Asian stocks to move lower on Monday, regardless of any rebound occurs in late Friday US. The 10.2% unemployment is too stark for the likes of the sluggish Nikkei-225. More Losses seen for CAD as per previous IMTs.


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