Intraday Market Thoughts

Archived IMT (2010.01.11)

by Ashraf Laidi
Jan 11, 2010 22:59

A BULLISH GAP DOWN CHART IN THE VIX ? started off with a deep gap down (open well below prev close) but also ended higher. The last time this occurred was in Aug 2008, but we also witnessed similar occurrences yet not quite gap downs (as seen in chart). Today marks the official kickoff with US earnings season, with Alcoa showing narrower loss but missing Wall St estimates. A potential snapback in VIX this week would be USD-positive at the detriment of equities. When all said done today, USD Index remained well above its 76.20 support (closed at 77.01), while gold struggles to hold above 1,150. Watch out for more signs of creeping USD strength such as short-lived rebounds in EURUSD, GBPUSD & gold. DO NOT GIVE UP & ROCK THE VOTE AT THE SHORTY AWARDS WE CAN DO IT !


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