Intraday Market Thoughts
Archived IMT (2010.02.19)
Feb 19, 2010 19:02
Markets recover as US equities are able to absorb yesterdays discount rate hike with most of the damage emerging in Asia and Europe. Golds rebound looking similar to Tuesdays advances, which peaked at 1123-25, These were the congestion low of Jan 8-13 now acting as a high/resistance. Daily stochastics also pointing to a negative crossover. GBPUSD upside seen capped at $1.5480-90, but only a break above $1.5530 would get us to reconsider renewed losses towards $1.5430s. CADJPY testing the Oct 15-16 highwhich was attained when oil broke above 75. WATCH ASHRAF TODAY on CNBC's Closing Bell at 15:15 EST (20:15 GMT).
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