Archived IMT (2009.03.23)

The follow-through in oil prices to a fresh 3-month high of $54 per barrel approaches the $55.20 target raised in last weeks Hot-Chart as traders find little resistance in the way of the data or news announcements. NOK remains the preferred play on rising oil and general improved risk appetite rather than CAD, which remains unable to drag USD below 1.2300. 840-850 in the S&P500 and 8,200-8,300 in the Dow remain the key target levels to watch before any sharp conclusions can be made about the veracity of the ensuing rally.