Intraday Market Thoughts

Archived IMT (2010.05.18)

by Ashraf Laidi
May 18, 2010 18:41

GERMANY BANS NAKED SHORT SELLING against certain stocks and European government bonds (and their credit default swaps) tomorrow according to preliminary reports. This would mean that shorting stocks that people own will be permitted via the borrowing of shares. The news coincided with a deeper sell-off in the euro as the measures could be interpreted as a last ditch effort by German authorities to stem a broader attack on Eurozone financial markets. EURUSD hourlies eye a decline to as low as $1.2240. USDCAD held up at the 1.0170 support mentioned in earlier IMT, eyeing 1.0390, followed by 1.0415-20.


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