Intraday Market Thoughts

Archived IMT (2009.03.10)

by Ashraf Laidi
Mar 10, 2009 13:25

Oil is extneds gains to +40% from its Feb lows, trading at $47.47, and $1.00 below its 100-day moving average, a trend that hasnt been broken since August 2008. The simultaneous advance in US bond yields along with oil prices is especially curious as the erosion in global economic growth deepens further. But increasing supply of US on the US debt front and mobilized stocks of US crude oil are the main forces behind the ensuing price dynamics in Treasuries and WTI. Further advances in AUD, NZD and EUR as well as WTI remain intact. WTI eyes $51.00 as the next key target.


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