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Intraday Thoughts – November 10, 2008

Premium Market Reports by FXTechStrategy

Intraday Thoughts – November 10, 2008
Sunday, November 9th, 2008 @ 10:50 pm by Mark De La Paz

Markets continue to ignore weakness seen out of the US employment situation report which painted a very bleak outlook for the economy in the months ahead. With the strong close in US equities Friday we opened the week with some upside gaps going against the Greenback and Yen. So the question now is will this be an exhaustive gap or continuation, as of writing we seem to be retreating from that gapping open for what could likely be a classic pullback to Friday’s closing levels, from there we would have to look at equity market performance once again. On this note that investors are hearing good news with a new stimulus package being crafted in the US, a $586 billion plan of its own from China, and calls by the G-20 for more rate cuts and increased fiscal spending.

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