Monday, October 26, 2009

4am Globex-SOLD 1082 E-Mini S&P500

Sold a second unit at 1088 intraday signal. Market closed at 1066.50

Analysis was correct and worked as expected.
Financial Press Overview:
Investors may have become so used to the relentlessly sliding US dollar that they are perhaps ill-prepared for a sudden rebound in the greenback. However, the US currency has in fact gained ground steadily over the past three sessions, today for instance achieving its strongest single-session percentage climb in over a month against a basket of foreign currencies.
Much of today's market commentaries were thus focused on how a potential US dollar rally might stall price gains in commodities (and to a lesser extent in equities in general). Recent sharp swings in currency and commodity markets have introduced a great deal of volatility on the major stock indexes, with the Dow for instance trading in a range in excess of 220 points (from high to low) today.
Regardless of the impact of the strengthening US dollar, some market observers continue to maintain that some profit-taking is very tempting for investors given the prolonged run the broad market has had since March. According to commentators, the impact of the US dollar on the equity markets should remain strong over the next while.
In key earnings reports released today, Dow component Verizon - the second-largest phone company in the US - reported a drop in third-quarter earnings. In contrast, several earnings releases from the tech sector were more encouraging: For instance, Marvell Technology Group raised its fiscal third-quarter revenue forecast and RadioShack reported third-quarter sales exceeding analysts' expectations.

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