Archived IMT (2009.08.21)

Broad selling in USD and JPY as soaring oil is further extended by a higher than exp 7.2% jump in US July existing home sales (highest in 10 years). S&P500 +16 pts to 1,023, well above the 1,014 resistance, which is the 38% retracement of the decline from the all time high of October 2007 high to the 12-yr low of March 2009. Maintaining our bearishness with GBP as GBPUSD made a quick bounce towards $1.6622 after the US data before shedding a full cent w/in 45 mins. A close below $1.6470 and $1.4280 in cable and EURUSD remains a possibility, while USDCAD aims at holding above the 1.0740 support.