Intraday Market Thoughts

Archived IMT (2010.06.30)

by Ashraf Laidi
Jun 30, 2010 2:00

JAPAN MAY BE out of the World Cup, but the yen is doing its usual cheer of the 3% fall in Wall Street. Portugal's World Cup team was outplayed and downgraded by Spain's marvellous Villa, while the euro finds its way below $1.22. Stocks' foray above their 200-day MA was as durable as England's hopes to reach the quarter finals of the World Cup. Wednesday's release of the June ADP survey and Friday's NFP will provide much attention for the market. But the real spectacle shall undoubtedly be Argentina-Germany and Brazil-Holland, which sounds like semi-finals but they are only quarterfinals. Argentina's coach Maradona was instrumental (understatement) in winning his country the WCup at the 1986 final over West Germany. 4 years later, Germany beats Maradona's Argentina at the World Cup in Italy. If this is no revenge then I don't know what is. Actually wait, Brazil-Holland will also be a revenge occasion for the Dutch who were eliminated by Brazil in unforgettable 1/4 and 1/2 finals of the 1994 and 1998 World Cups respectively. To those who were too young or busy to watch, you must get the highlights of Brazil-Holland of the '94 WCup in USA, when Romario, Bebeto and Branco placed the M on a "memorable" 3-2 game. In fact, those 2 Dutch goals were 2 of the only 3 goals conceded by Brazil during the 1994 WCup. And then came the '98 WCup in France when these same teams had a dramatic 1-1 match that was decided in penalties with the help of the brilliant Taffarel. 12 years later, the drama goes on.


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