Day 13
Situation:
U.S. Markets: Finished in the red … could have completed an ABC-Type correction … which could spark buying today. Fed seems to be trapped to deliver on a rate cut … 50bps seems a real possibility … even a bigger cut for the discount rate seems possible … OMG … Merill announced that they implemented a new CFO … Chai … former CFO of NYSE Euronext.
Asian Markets: China up, despite a “warning of Goldman, that China has more way to (possibly) fall. Hongkong rising for 5th day in a row. Japan down on Yen strenghth.
Commodities/Currencies : Yen firming slightly on Fet cut “fears” … Oil keeps trades a bit above 90 $ as OPEC considers to keep quotas unchanged.
Events: US … only ABC Consumer confidence late in the day … Canada … decision on rates … Europe … ECB’s Trichet speaks
Ideas/Strategy: … Dax possibly completed a ABC-type correction yesterday … could/should try for the so far missing 
high … situation a bit difficult as short- and longterm picture are not moving in sync. Will try to buy early but … if the high evolves … will sell rallies …
supports: 7840 … 7820/25 … 7760 … 7720 … 7707 … 7660/70
resists: 7860 … 7885 … 7900 … 7920 … 7934 … 7955 … 7990/8000
Tags: China, daily outlook, FED, Oil
