Intraday Market Thoughts

Archived IMT (2009.07.20)

by Ashraf Laidi
Jul 21, 2009 0:28

Comparing markets Now and Then (June 24 FOMC meeting). Bernankes testimony will likely echo the FOMCs position on the economy remaining weak, financial system further stabilizing and prices remaining subdued. Comparing MARKET POSITIONING between today & the last FOMC statement , 10-year yields are almost identical at 3.65%, equity indices and gold are about 3-5% higher, US dollar index is 3% lower and crude is 7% lower. These prices indicate a clear improvement in intermarket conditions as far as risk appetite and market stability. But could the absence of major economic data be replaced by the onset of earnings and guidance from more macro-economic-relevant corporations (as opposed to less economically relevant earnings from banks? Here's Apple's chart with a potentially bearish doji star http://twitpic.com/b1tqx

 
 

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