Intraday Market Thoughts

Archived IMT (2009.05.12)

by Ashraf Laidi
May 12, 2009 21:14

Risky currencies made a late session bounce as stocks pared earlier losses but ended up mixed, with Dow edging higher negligibly, and S&P500 and NASDAQ -off less than 1.0%. Financial stocks (XLF) fell for the second straight day after failing to break above their 200-day MA last week. Markets turn to tomorrow's US April retail sales report on whether the rate of decline has indeed become smaller. Any improved optimism may give EURUSD fresh chance to retest the elusive $1.3740 and AUSUSD above $0.7710. Cable not yet out of the woods but today's close above $1.5230 signals a possible attempt to regain $1.5380.


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