Archived IMT (2009.01.12)

I reiterate that 950 in the S&P500, 92.20 in USDJPY and 35 in the VIX each continue to pose major obstacles for any marked improvement in risk appetite. S&P500 remains consolidated between the 950 and 830 levels as well as its failed attempts to garner more than 25% gains from the lows. VIX remains well supported at the 35, which is both the 200-day MA and 50-week MA, each key technical trend measures. USDJPY right shoulder at 92.20 and translates to a ST target at 86.