Intraday Market Thoughts

Archived IMT (2009.03.24)

by Ashraf Laidi
Mar 24, 2009 9:19

From today's Financial Times: " There was no stopping US equity markets on Monday. The S&P 500 closed 7.1 per cent higher, marking a 20 per cent retracement from the 12-year low of 666 points reached this month. Ashraf Laidi, chief market strategist at CMC Markets, noted that the S&P had broken above its 50-day moving average for the first time since January 28.

He added: Well have to see gains of another 7-10 per cent to 840-865 before we can think about removing bear from market rally. " Equity market rallies of the current bear market as well as that of 2000-02 have extended between 20-25 per cent, with 27-29 per cent rallies deemed rare.


Latest IMTs