Intraday Market Thoughts

Archived IMT (2010.05.05)

by Ashraf Laidi
May 5, 2010 13:38

ATHENS VIOLENCE OVERSHADOWS TRADING despite April ADP payrolls growing by 32K, the highest since Jan 2008 and the March figure was revised to +19K from prev -32K. Intensifying violence in Athens, attempts to storm Greek Parliament and 3 people reported dead at the riots. These news give rise to fears about the political future of the current govt, thereby, driving down EURUSD BELOW $1.29 and weighing on overall risk appetite. USD and JPY extend their bounce, while Dow futures are down 55 pts. OIL tests $81, and nears the key $80.34 support, which is the 38% retracement from the Feb low. BOTH DOW & S&P500 Futures are now trading below their 55-day MA. Next key targets stand at 1152 and 10713 in S&P500 and Dow.


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